The short-term rental industry is a competitive one, and the competition being the big players as well as the small, independent owners. Despite this, you can still shine and boost your short-term rental revenue with a well-thought-out strategy and some customer service love.
First Things First
If you want to increase the profit of your short-term vacation rental, you need to attract customers so they will book your property. Thus, you need to be as clear and straightforward with your property description.
That means choosing pictures that best represent your short-term rental property to customers. Don’t forget to mention the attractions and other important places in the area. However, you should also be honest if there are some less desirable aspects like a bit far from the beach or there’s a construction going on. Guests hate getting disappointed on arrival, and there is nothing worse than a grumpy guest!
Monitor Your Calendar
Do you know that having an efficient property management system can boost your short-term rental revenue?
You have to keep in mind that customer experience does not begin when guests arrive at your short-term rental property. It starts when they book your vacation rental home.
A system with an automated channel manager keeps your calendar updated in real time across different channels to prevent overbooking.
Look at this example: you have one property listed on two different channels – Expedia and booking.com. Two different guests are looking at the same property simultaneously on the same channel. And as luck would have it, they booked at the same time. Imagine the disappointment of the guest if you need to cancel one of the reservations.
You won’t have just bad reviews if that happens. It’s like digging your own grave or you have just pronounced a death sentence to your business.
Why risk such things to happen when you can avoid it?
Nuevah’s property management tool addresses these needs and issues. You can easily synchronize it with all booking channels, like Booking.com, Expedia group, Agoda, and many other major travel agencies. It has an interactive interface which allows vacation rental owners to receive real-time updates, check daily departure/arrival statistics, and follow-up on any unfinished bookings in just one place.
Engage Your Customers
According to statistics, 70 percent of the buying decision comes from how customers feel how they are treated. So if you want to boost your short-term rental revenue, you’d better start engaging your customers. It would take a bit of work but doing so reflects good customer service that results in more bookings.
Creating and Offering Promotions
Here’s the fun part of building a strategy to boost your short-term rental revenue. Yes, it will take a lot of brainstorming, but you get to unleash your creativity as you think of different promotions to offer your guests.
Here are a few ideas to get your brain going:
Special events during the off-season:
Summer and Christmas are usually two of the busiest times for hotels, property owners, and travel agencies. However, there is a great number of people who travel on less popular days, and not a lot of hotels or rentals have something special for their guests during these days. Why not be one of the few who offers it?
Bundle it with an itinerary:
Creating an itinerary can take the hassle off the guests who prefer to relax during their vacation. Try offering this, and if it works, you have a revenue booster in your hands.
Have free upgrades:
Surprising your guests with a free upgrade will pay off. Wait till they rave about it on social media. So don’t hold back because love begets love.
Capitalize on local events:
Local events are crowd drawers, and event organizers would appreciate it if you link your short-term rental promotion with them. Just ask some permission first before you do.
Give incentives to direct bookings:
Ramp up your direct bookings by giving incentives to customers or guests who do. Make them happy, and they will be your evangelists on social media.
There are many ways how you can boost your short-term rental revenue. Do not just focus on the aesthetics but also on the feeling you give to your guests. Be creative and don’t be afraid to test your ideas.