If you are an owner who has recently purchased property near the Jordanelle Reservoir, it’s safe to say that you’ve made a sensible long-term investment, as ongoing gentrification is likely to enhance your Jordanelle rental property’s resale value over the next decade. However, have you considered how the continually increasing home supply might impact your vacation rental revenue potential?
Historically, the supply and demand ratios for this area have been largely neutral, with a segment of vacationers seeking rental properties that offer better aesthetics, higher quality finishes, and larger square footage at reasonable prices compared to options available in downtown Park City. Typically, these visitors have been families looking for a more appealing product for their money, which has also been the core purchasing demographic in this area.
However, in recent years, there has been a significant increase in supply due to new developments, yet commercial growth has not kept pace to create the necessary infrastructure for a larger influx of guests. For instance, the grocery store and gas station planned for the Kamas side of the Jordanelle have yet to materialize, and there is a similar pattern of delays of eagerly anticipated amenities on the Mayflower side of the reservoir. Additionally, the expansion of public transportation in the area has been limited, which is a key requirement for many vacation rentals.
As a result, in the near term, owners seeking vacation rental revenue should be mindful of the surplus supply in the area and approach vacation rental investments near the Jordanelle with appropriate expectations.
To maximize vacation rental revenue in this competitive geographic area, consider the following when listing your property:
Dynamic Bedding Configuration
Dynamic bedding configuration refers to having a variety of bed types and the ability to adjust the number of beds in a property to meet the needs of different guest groups. For example, offering a mix of king, queen, twin bunks, pull-out couches, and daybeds is a great way to diversify your property and utilize its square footage effectively. By providing a dynamic bedding configuration, your property will attract a wider range of potential guests, enhancing its visibility in search results. The more individual beds available, the broader the audience that may book your property.
“Self-Sustaining” Amenity Offerings & Activities
Given the lack of nearby amenities and the increased distance to downtown Park City, it is important for Jordanelle Reservoir homes to provide self-sustaining amenity offerings and activities that allow guests to enjoy themselves at home after a day of skiing, boating, or hiking.
Great options include hot tubs, billiard or game tables, electronic entertainment devices, fire pits, and multiple living spaces tailored for both adults and children. These features contribute to a more complete guest experience. The more thoughtfully you approach your offerings, providing guests with reasons to stay on the property, the more likely you are to create memorable experiences that lead to repeat bookings. This is critical for reducing competition with other properties in the area and minimizing concerns about uncontrollable variables from year to year, such as snow conditions.
The Human Element in Management
Choose wisely when selecting a property manager who truly understands the nuances of management in this niche area and its evolving growth. This region is very dynamic and requires a human touch to achieve success. While many large property management companies offer strong data and analytics, technology may not be the most important tool in your manager’s toolkit when you own a property in the Jordanelle area.
Given the unique circumstances of the region, you should choose a manager who not only utilizes top-tier technology to compete with larger firms but also values personal relationships and the human touch necessary to stay ahead in this distinctive locale. Most importantly, select a partner who can educate you on the continual changes in the area and provide suggestions to help ensure your property’s rental success. For these reasons, consider Mountain West Vacation Rentals as your property manager of choice!
Photo Credit: https://www.flickr.com/photos/usbr/34624600334
