Rental Owner and Manager Tips – Creating a list of vacation rental suggestions for owners may take an eternity. Even if you’re not new to the market, there are several methods to enhance your vacation rental listing and the tactics you use to manage it. This week, we decided to condense our advice guide into six simple ideas and actions.
While vacation rental advice is relevant to your local location and listing type, we can provide basic guidance to help you acquire more bookings throughout a larger portion of your yearly calendar.
These are the six things we would start with if we were asked to make a list of six stages to move a vacation rental from surviving to flourishing!
Table of Contents
Select a Guest Type to Target Rental Owner and Manager Tips
Attempting to please everyone is a formula for catastrophe. You can’t create a listing profile that caters to every need and requirement of every sort of visitor. If you want to attract business travelers, you should tailor every part of your listing to their needs. You’ll need a workstation, maybe a printer, and your listing should be in a key business area. None of these factors are crucial if you want to attract family or couple reservations.
Everything, and we mean everything, can be customized to your ideal visitor. Your featured picture may display items that appeal to that visitor, your rates can meet the expectations of that guest, and your title can highlight the greatest features of your offering.
Professional Photography Is Required
Put yourself in the perspective of the guest: would you book a stay someplace if the photos on their listing page were poor? We don’t know about you, but we’d rather spend a little extra for nice, well-kept lodging.
Professional photographers are well-versed in a variety of techniques for making your listing seem at its best. And, before you ask, no, you cannot capture equally excellent photos with your iPhone.
If you want the greatest photographs for your ad, hire a professional and obtain some high-resolution, high-quality images. Communicate with your photographer about whatever features of your listing you want to emphasize, and utilize the best picture as your featured image!
Discounts are an essential component of any effective pricing plan. Customers of any company like the sensation of obtaining a good bargain. They are more willing to spend more if they believe they are receiving a better bargain.
If you’re a DPGO subscriber, you may find out which nights are the most popular in your area and how much your rivals charge. You may then utilize that knowledge to not just undercut their costs, but also to determine which nights are most lucrative to discount.
Friday and Saturday evenings are often the busiest, thus Thursday and Sunday nights should be avoided. Allow your visitors to prolong their stays by giving an additional night at a 20% discount. It may be 20% less than your typical pricing, but you would not have sold that night if you had not provided the discount.
4.Maintain Your Listings and Increase Your Response Rate
Keep your listing up to date. Change your listing title, featured picture, and even the listing description. Vacation rental websites like Airbnb and Vrbo prefer fresher listings and listings that are identified as fresh and often updated by the platform. These platforms are user-centric, and they do not want to promote listings that will not provide their users with the greatest possible experience.
If you create a listing and then basically forget about it, Airbnb will immediately flag it as one that is not guaranteed to provide the greatest experience. The platform on which you list has access to the frequency with which you change your price or listing page. Make a point of responding to every contact and updating your listing at least once every two weeks.
Establish Minimum Stay Requirements
One-night reservations are not for everyone. What’s the purpose if the charges for the host are the same as they are for a booking of three nights or more? Success means various things to different people. Others want a totally full schedule, some want to make a certain amount of money, and some simply want to pay their bills and enjoy hosting.
Setting a minimum stay requirement helps you manage your cost against profit margin. You must guarantee that your operating and cleaning expenses enable you to offer one-night reservations without losing money.
After you’ve determined that, you must consider if you have the energy or drive to accept one-night appointments. There is no judgment in this respect; it is just something that you must determine for yourself. If you do not wish to accept single-night reservations, you must increase your efforts to encourage longer bookings!
Utilize Dynamic Pricing
Dynamic pricing is the most straightforward approach to boosting the efficiency and efficacy of your pricing strategy. Using data to set your pricing makes much more sense than just observing your competition. Dynamic pricing engines, such as DPGO, alleviate the burden and management associated with price strategy choices.
Rental Owner and Manager Tips – The DPGO pricing engine has assisted our customers in increasing their occupancy rates by up to 90%. Higher occupancy rates translate into more money, and more money translates into a more profitable firm.