Our Top 3 Strategies For 2023
Now that 2023 has arrived, there are several market trends that are having a direct effect on how we manage our Vacation Rentals. Last year saw nearly a 25% increase in the number of vacation rentals listed on Airbnb, while rental demand stayed nearly the same. Essentially the same number of people are looking to book vacation rentals, but they have many more options to choose from. So, what adjustments should vacation rental management companies be making in order to stay one step ahead of other Airbnb/VRBO hosts? Here are our top 3 strategies to increase our occupancy rates.
Provide great guest experiences. This is always our focus, but this becomes even more critical in a more competitive market. The formula is simple… Better guest experiences equates to better reviews and more repeat guests. Better guest experiences can be done in a myriad of different ways. It can be accomplished by improving communication with guests, easier or more flexible check ins/ check outs, or providing water and snacks just to name a few.
Reach out to past guests! If you have provided a guest with a memorable stay, why wouldn’t they want to come back?! Marketing to past guests and offering discounts for not just them, but also to their friends and family makes the guest feel like it’s their home away from home. If a vacationer frequents the same area often and enjoyed their stay the last time, what a travesty if they choose to stay somewhere else.
Make small improvements to your home and highlight them for guests. This doesn’t mean anything major like adding a jacuzzi or a pool table, but the little things can make a big difference. It can be as simple as providing coffee or a bottle of wine for guests. Often times a home already has unique attributes that are just not easily communicated to prospective renters. If a home is close to the beach or to a ski lift, adding drone photos to show the proximity to these attractions is an easy way to highlight the great location.
Changes in market trends are inevitable, it is important to recognize them and adapt. By utilizing these 3 strategies, you’ll be one step closer to having a successful 2023!