For vacation property owners and managers, finding ways to increase revenue from rentals is critical to your bottomline. With online listing sites, it is easier than ever for anyone to list their property. In other words, there is also more competition than ever.
To increase revenue for your vacation rental and stand out from your competitors, follow these tips:
1. Offer special promotions or deals during off-season months.
For property owners, a majority of annual income comes in during the peak vacation times, usually summer months. However, by letting your vacation property sit vacant during the off-season, you could be missing out on a lucrative stream of revenue.
One way to attract guests during off-season times is to offer discounted prices or special deals. Whether it is a lower price or a free spa day with every off-season booking you need to provide incentive. By offering guests something that is unique and only available at certain times, it entices them to book when they normally wouldn’t.
2. Manage your online presence.
Today, the primary way that people research, find and book properties is online. It is vital to monitor and manage your online presence, especially when it comes to reviews. In a 2016 TripAdvisor survey, 99% of respondents said they wouldn’t consider a rental with mostly negative reviews. Another 72% said they wouldn’t book one that didn’t have any reviews at all.
It is also important to make sure that your listings are reaching the highest number of people online. The more people that see your listing, the greater number of opportunities you have to get a booking.
With BookingTeam.com you can track reviews and feedback, and manage all your communications from one platform. Your booking team also posts your listings to the best booking sites and can save you hours of wasted administration time.
3. Craft high-quality listings with detailed information and images.
It is important to get your listing on multiple, high-traffic rental sites to increase your property’s reach. However, quality is just as, if not more important than quantity. If your listing doesn’t have relevant and helpful information, it hurts the overall guest experience and your booking rate.
Be transparent and give guests honest, clear details about what to expect from your vacation property. Include professional images of your property with your listings. Most people won’t even consider a property without pictures. Let them know which amenities are available and booking requirements, like length of stay or number of guests allowed.
4. Offer add-ons and increase value.
The top three features that attract people to vacation properties are stunning views (87%), on-site laundry (67%) and a private pool (46%). However, there are other ways to add value to your rental property, besides a renovation.
You could offer guests the option to rent equipment like kayaks or camping gear. Another option is to partner with local businesses and offer activities like a canoeing, hiking, or cooking and dance classes. Giving guests more things to do during their stay can increase the value and revenue of your vacation rental.
5. Use technology to help you improve the entire guest experience.
People want convenient booking experiences, and they want personalized and memorable stays. It doesn’t matter if you have the most luxurious vacation property in the area, if your overall guest experience is lacking, then your revenue will take a hit.
BookingTeam.com’s support system streamlines the entire process, from booking to check-out. It simplifies property management for busy owners and managers so that you dedicate more time to crafting amazing guest experiences and less to tedious tasks like posting listings and tracking online reviews. Instead, it is all integrated into our easy-to-use, collaborative platform.