6 Ways to Boost Your Vacation Rental Business
March 30, 2022
All businesses, regardless of the sector, need a clear roadmap to success. It can be hard to stay focused on your end goal in vacation rentals with so many moving parts to juggle. But, we’re here to tell you it’s possible with the right support and partners in place.
The vacation rental industry is expected to experience 37% revenue growth this year, and your business should be a part of that! But scaling sustainably is a fine art. Here are some tips to get you started:
6 Strategies to Give Your Business a Boost
1. Marketing strategy
No matter what great features or experiences you add to your business, if people can’t see them they’re not going to increase bookings. Showcase the advantages of your property compared to other similar vacation rentals. Highlight if your property is in a well sought-after location, has high-demand facilities or any special features like a hot tub, or is pet friendly, and make sure to provide quality photography to prove it.
Building your brand reputation is vital for relationships with both homeowners and guests – trust is everything in this business. Use the power of social media to your advantage, influencers can be valuable, as is content on Instagram, Facebook, and Twitter. Or, better yet, provide a quality guest experience that results in positive word-of-mouth guest referrals and 5-star reviews.
2. Scale sustainably
The key to scaling your vacation rental business is getting new quality owners on board. The crucial word being quality. Put in place all the necessary legal checks to make sure you’re taking on the best of the best.
Your strength is in those who share your goals. Growing your team is essential for keeping your business running smoothly as it gets bigger. Don’t be phased and compromise when recruitment is challenging, you need dedicated employees to support you. And if you treat employees right, you won’t have to worry about them staying on board.
Appeal to guests all year round to up your occupancy rate, by partnering with year-round attraction providers, and take advantage of the longer seasons, which have extended 25% of 2019 levels.
3. Partner up
Accommodation competition is strong, so demonstrate the added value of your properties to attract guests. Developing partnerships with great attraction providers in the local area is an excellent strategy for boosting your vacation rental business. Property managers signed up to the Xplorie program can also choose to offer complimentary experiences to guests using virtual concierge SmartHost.
These partnerships boost the local community and offer authentic experiences to guests. 82% of travelers perceive personalized experiences as the most desirable luxury travel amenity. And with most having used the opportunity of recent travel restrictions to save up, guests are willing to pay more for these dream vacations.
4. Tech up
Tech is hot right now and this trend isn’t going away, so stay relevant and get on board with the latest innovations. Not only will these tools streamline your business and drive efficiencies, but they’re what guests really want.
From the basics like contactless entry and in-app communication, which caters to the 49% who choose vacation rentals for privacy, to all-in-one property management platforms that decrease inefficiencies, collect insightful data, and monitor your properties temperature, noise, and air quality (to name a few), so you and your guests don’t have to!
In our hyper-connected world, these tech tools are expected by guests since most of them have smart devices at home. But, most importantly, these tools support you by automating systems and giving you back the time to focus on the growth of your business.
5. Stay trendy
Being aware of industry trends like wellness tourism, sustainability, and extended stays is paramount to optimizing your bookability. Stay up to speed on what guests are looking for in order to tailor their guest experience.
Guests’ priorities have shifted and so the way they travel has changed. Some are focusing on healing, some want to spend more time with family and some want to make up for lost time. A study showed 80% of Americans plan to visit wish list destinations in the coming months for inspirational experiences they will remember.
6. Keep learning
To continually improve your service and therefore reviews and profitability, you need to keep learning about the vacation rental industry.
Attend industry conferences and local vacation rental meet-ups to build those all-important relationships with other property managers and suppliers. The VRMA (Vacation Rental Management Association) offers educational webinars and training and holds the biggest annual international conference in the sector.
Connect to the industry through Facebook groups/forums and share knowledge with like-minded business owners.
The main point to remember when scaling your business in the growing vacation rental industry is to stay proactive. Up your marketing strategy, keep learning, be aware of industry trends and give guests the excellent guest experience they’re looking for. Use the latest tech tools to stay savvy, relevant, and consistent. Partner with trusted companies to take your business to the next level. And before you know it, you’ll reach the end of your roadmap… which is when you set your next goal for growth!
Xplorie
Xplorie is the leading platform in guest acquisition and retention solutions for leisure lodging providers. Since 1996, Xplorie has leveraged local and complementary activities to help lodging providers differentiate their properties, improve guest loyalty and increase top-line revenue. To learn more about how Xplorie enables lodging providers to deliver an unforgettable vacation experience to guests, visit xplorie.com/partner.
