The vacation rental market has become increasingly saturated, making it challenging for vacation rental managers and property owners to stand out and attract guests. Over-eager real estate investors seem to be crowding out long-standing vacation rental owners and creating a fiercely competitive market.
With so many options available, travelers are spoiled for choice and standing out from the crowd has become the best way to maintain high occupancy rates. Here are the five best strategies that can help professional vacation rental managers as well as rental owners differentiate their properties and succeed in this crowded market.
Pick a market that you want to attract and don’t try to be all things to all people. Do some research in your local area on what brings potential guests to your area. You can do this through your local chamber of commerce and tourist center and work out what aspects of your home your guests will desire, be that business travelers, trade show visitors, young families, retired couples, etc.
Set your listing up to appeal to a particular group by describing the specific experiences you offer, such as a barbeque set-up for families after a long day at the beach or a quiet garden where you can relax with a glass of wine after an active day.
In a competitive market, having the right amenities can make all the difference. A little research can identify the leading amenities offered by competitors. This could include smart home technology, fully equipped kitchens, and game consoles. By offering desirable amenities, vacation rentals can attract more bookings and enhance the guest experience.
It’s one thing to put a picture of the ocean on the wall and call it a seaside rental. It’s another to go all in on “coastal chic” decor and offer vacationing families boogie boards and beach towels.
For example, family-friendly rentals can have child-proof cabinets in the kitchen and often offer amenities such as cribs and highchairs as well as plenty of toys and games with space to play. Near a beach? Make sure to offer beach toys, umbrellas, and a wagon to cart it down to the shore.
Pet-friendly properties can immediately stand out by having the family dog on the front porch of a listing photo. Tout fenced yards and pet essentials like bowls, beds, or crates. Luxury rentals can consider showcasing gourmet kitchens, home theatres, private pools, and concierge services for discerning travelers.
When you tie together decor with amenities, you’re offering a better experience for your guests. By catering to specific niches, property owners create a unique selling proposition that appeals to targeted groups of travelers.
Pricing is a critical factor in maximizing occupancy and revenue. Using AI-driven dynamic pricing tools can help you adjust rates based on demand, seasonality, and market trends.
Set-it-and-forget-it pricing is years behind us. These tools analyze data to recommend optimal pricing strategies, ensuring that properties remain competitively priced while maximizing revenue. By leveraging dynamic pricing, professional vacation rental managers can stay ahead of the competition and attract more guests.
Offering various payment options can also enhance the guest experience and increase bookings. Ascent Payment Solutions provides a range of payment methods, including credit and cards, electronic checks, and even cryptocurrency.
By accommodating different payment preferences, you can make the booking process more convenient for guests, leading to higher satisfaction and repeat business.
Being creative can help you stand out and succeed. Target niche markets, offer competitive amenities, utilize dynamic pricing tools, and provide easy payment options to help attract more guests and as competition increases.
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