Pro Tips for Investors & Operators of Short Term Rentals - Part 2
Welcome back! Over the past few months, we’ve been sharing a weekly pro tip on our social platforms [most] Tuesdays that is designed to help investors and operators of short term rentals ensure that their properties are maximized to their fullest potential.
In case you’ve missed these videos from Chris or want easy access to the content for future reference, here’s a recap on the second five:
Pro Tip #6: What are your guests saying?
Listen not only to your guest reviews, but also to your guest inquiries and feedback. Guest reviews are worth their weight in gold in the short term rental space. They influence your property listing rankings and, of course, the decisions made by potential future guests. We’re not perfect, but we can perfect our listings, our properties and our service.
Pro Tip #7: What are your team members’ goals?
Preparation is the key to your STR success. Do you have a team in place? Are your policies clear and solidified? Next time you’re looking to hire someone to become a part of your team, ask them this simple question: what are your goals, personally and professionally? When you build a lasting relationship with your partners, it benefits both parties. It establishes trust and creates a bond. Align your partners’ goals with what you’re trying to do; figure out what you can do for them versus what they can do for you.
Pro Tip #8: Underpromise, overdeliver
Word to the wise is: set proper expectations for your guests. Of course, you want to spend time highlighting the amenities and uniquely amazing features of your property, but you also want to clearly disclose any limiting aspects of your property. Here’s some additional property listing advice: include floor plans in your listing photos, be accurate and truthful in your listing copy. With any amenity that your property features, make sure you’re describing it honestly. This way, you set yourself up for happy guests who will provide positive feedback about your STR. Transparency is key to delivering smooth guest experiences.
Pro Tip #9: Book shorter stays
In highly seasonal markets, you typically get week-long rentals (Saturday-Saturday). If you lose two weeks in our ten-week prime season, that’s a large chunk of annual revenue off the books. Get your internal infrastructure in place to support your operation. By reducing minimum night stay requirements and being flexible with check-in / check-out requirements, you’ll maintain your revenue expectations. Be flexible and adaptable, add value to your property, be willing to adjust your policies and you’ll start to book up your vacancies.
Pro Tip #10: Leverage marketing analytics tools
Before you can truly leverage the power of a marketing analytics tool, you first need to be dialed into the following three factors: design, pricing strategy, and value / good reviews. These are the most influential factors in terms of acquiring more bookings; but, there are tools that can help you identify where your challenges may reside if you’re losing out to your competition.
Check back in next month for more STR pro tips! Have any you’d like to share? Drop your knowledge in the comments below.