Posted on 8/13/2018

Benefits of Home Renovations - A Case Study

Renovations to Increase Vacation Rental Bookings

Benefits of Home Renovations ? A Case Study

At Finger Lakes Premier Properties, we strive to meet both guest and owner expectations. Guests expect an enjoyable experience while owners expect to receive a return on investment. One way we help our owners maximize their revenue is by suggesting home renovations that cater to guests. Through our reservation software, website analytics, and guest reviews, we are able to determine what amenities guests desire and drive revenue.

New Renovations

One of our owners decided to act on our renovation recommendations to a newly purchased home that had been in our vacation rental program. Before the rental season began this year, they made some improvements to Seneca Shores. They started simple by adding new bedding and paint throughout the house. In the kitchen, they installed new wood floors, marble countertops, and white cabinets which have given it a nice modern flair. The largest project was turning the basement into a furnished game room so guests have something to do at night or during rainy days. Outside there was more emphasis on the guest experience by adding a lake view fire pit area and additional lounge chairs on the deck. After the renovations were completed, here?s what one guest had to say:

?This was our 2nd time staying at Seneca Shores and everything was magnificent. We really enjoyed the new updates & bedding along with the game room and hot tub. Excellent job. We hope to stay again in the future.?  ? Kimberly S. from Pittston, NY, 04/25/2018

BeforeKitchen Before RenovationAfterKitchen After Renovation

Renovations Results

After we examined the numbers, we found these renovations improved bookings and revenue significantly. The following table illustrates the increase in 2018 bookings compared to 2017 year to date.

Year Nights Reservations
2017 92 21
2018 113 29

With the improvements to the home, we found that guests booked more nights and we charged a higher rate. To see the average rate per night, check out the figure below.

Not only did these renovations meet owner expectations with increased revenue, they met guest expectations as well.

In addition to Seneca Shores, we performed case studies on two other rentals that were renovated late this spring. However, these rentals opened their calendars late in the summer. This makes it difficult to compare year-over-year data. However, based on their booking patterns so far this summer, the potential for increased revenue is high for 2019.

Get Recommendations to Renovate Your Rental Home

Investing money to renovate your rental home can be risky. Let us help you make an informed decision. If you would like recommendations for renovating your rental home, contact Owner Services. With over twelve years of experience, our Owner Services Department knows what guests want and how owners can meet those expectations. We always include recommendations for our owners in their post-season inspection. If you would like more information about joining our property management program, contact Owner Services today.

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