March 11th, 2019
Owning a vacation rental property management business is challenging. It demands keeping up with industry trends, best practices, and balancing countless priorities and responsibilities. You are constantly trying to keep up with industry-tested tools and experimenting with new technology. Here we’ve outlined 5 tips that will help vacation rental property management companies operate an efficient business and maintain profitable market share.
1. Plan Ahead
Vacation rental property management companies serve a demographic that plans months in advance, therefore, so should you. It’s important to take note of projected occupancy within your region and set your pricing and minimum stay requirements to match peak demand.
Use online tools to take the stress out of staying competitive. AI-driven tools keep track of regional demand and pricing, allowing your vacation rental property management team to easily evaluate and adjust rental pricing.
2. Have A Visible Advantage
The Internet has forever changed the way you attract guests to your vacation rental properties. Virtual tours, up to date photography of units, and area insights all influence the potential guest’s decision to book. Photography experts highly suggest staging photo sessions for a higher ROI. This includes tactics such as incorporating an unopened suitcase, careful positioning of the light (or time of day) and micromanaging image details. Attract visitors by showing them what they want to see overlaid on your vacation rental properties. Similarly, maximize your listings by using keyword guidelines with a focus on adjectives and specific wording which have proven results.
3. Spread the Word
Your marketing and growth strategies will perform better with increased distribution. Online markets displace traditional markets in many ways and the competition is already looking at branching into these newer markets. Use proven booking tools and market analyzers to expand your market reach. Direct bookings and direct customer relationships provide higher revenue. Diversifying your marketing approach builds more relevant brand recognition for your vacation rental property management staff to work with.
4. Automate and Upgrade
Embrace modern technology as an extension of your marketing and operations strategy. Partner with leading industry solutions providers and encourage your team to use online marketing and communications. Interactive websites reduce your workload while providing potential guests with suggested activities to maximize their perceived value of staying with you. Positioning your company as a one-stop shop for trip planning builds consumer confidence and boosts return business.
5. Networking in the Vacation Rental Field
Conferences, tradeshows and other industry-specific events keep you up to date on new developments and emerging tools. Vacation rental property management is more productive when it has ample resources to draw from. Attending a trade show may not look profitable, but it can provide you with insights and incentives you may have overlooked.
Driving direct bookings for your properties will have a dramatic impact on your revenue stream. Do not be afraid of partnering with sites that add value to your business. The way potential guests find your properties and services you offer is changing and you have to keep up to date with them. Today’s tech-savvy guests are more likely to search for you in their comfort zone than to trust in what they perceive as outdated marketing sources.