December 10, 2018

Whether you are new to vacation rental property management business or you have been in the industry for some time, you will need to retain homeowners to remain in business. A recent study has revealed that it will cost your business seven times more to acquire a new customer than to retain one. Therefore, ensure you have a solid plan to maintain your customers. Homeowner recruitment is an unending venture and you have to keep on re-recruiting before the contract renewal. Here are some simple strategies to help you as you create your vacation rental property management business retention marketing plan.

Provide Care to Your Homeowners Property

Because your vacation rental property management business is local to your clients unit, you are better placed to provide better care than an owner who is miles away. The care you provide to the unit is key to selling your services. The ability to check for damage when vacationers are checking out to avoid unneeded expenses to the owner is valuable to your clients.

Provide Tools to Help your Homeowners Grow their Vacation Rental Property Business

When your vacation rental property owners do better, your vacation rental property management business also does better. As a key player in their business, you can directly help to grow their business. You can start by providing them with quality tools that they can’t easily get elsewhere. Simply put, be their Expertise-as-a-Service (ExaaS) provider.

To determine the best tools to help their businesses grow, ask them what major challenges they face in their vacation rental properties. Through their feedback, you will discover some hidden sore points, for example, some of your clients may want to know more about what’s happening in the community, and others may be struggling with their contractors. As a vacation rental property management business owner, you can easily provide them with solutions, but only when you are aware of them.

Communicate Expertly

“What do you do for my property?” Almost every vacation rental property management staff gets this question. While what your business is doing for one client is what it’s doing for the rest, customers want to feel that you’re paying attention to their home. This will go a long way in retaining them in your program. Communicating expertly will show your clients that your vacation rental management business is paying attention to them.

Track and Report All Bookings

Tracking and reporting everything in your vacation rental management business is important. The more information you have on vacationers and how they booked, the better for both your financials and for reporting to your homeowners.

Homeowner re-recruiting strategies often revolve around offering them reasons to remain loyal to your vacation rental property management business. You can enhance your communication with them, assist them to grow their businesses, and care for their homes to increase retention rates. This will also get you new clients through referrals. If you’re serious about growing your vacation rental property management business, put these few tips into practice today.