Buying a rental vacation property is a big decision that requires a considerable amount of research and time. You will need to run your vacation property like a business so as achieve the maximize return on your investment as possible. With so much competition and new vacation property listing websites emerging every day, how do you make your rental property stand out from the rest? At Minnestay, we know a thing or two about managing vacation rentals. Here are a few actions we recommend you take to ensure that your vacation rental is receiving maximum visibility in your target market.
FIND A NICHE
Managing vacation properties requires you to figure out which portion of the market you want to attract. It is wrong to think that by appealing to everyone, your property will receive more bookings. When you try to appeal to everyone, then there is a high chance that your property will be viewed too generally and be unattractive to a large majority of your potential rents. You will need to find a niche which can help you attract a steady stream of travelers throughout the year.
Here are some questions to ask yourself that will help you to identify the niche your property should sit in: what is unique about the location of your property? Is it located near the beach? Does it have fishing rivers nearby? Are there any family-friendly activities which you can highlight and capitalize on? Does the property have highly attractive features such as a large number of bedrooms that will appeal to a party of a specific size? Families are always searching for 4+ bedroom rentals while couples are typically on the hunt for quaint, one bedroom getaways. Advertise your property within its niche, otherwise you risk getting lost in a sea of other rentals.
UTILIZE A STRONG MARKETING CAMPAIGN
Marketing your vacation property requires careful planning. You can’t use traditional advertising to gain exposure for your property in today’s digitally-driven world. With social media, SEO, and web design factoring so heavily into the performance of today’s marketing campaign performance. For the most impactful results, we recommend contacting a marketing professional to get some insights on how to best market your rental.
At Minnestay, we offer many attractive marketing services such as professional listing creation and rate intelligence services. We’ll help to promote your listing on popular sites such as HomeAway, VRBO, Airbnb, Flipkey and Tripadvisor. Being connected to over 1,000 travel agents, we have many inside sources that help to make our marketing pursuits as impactful as possible. Additionally, we have an extensive database of clientele, promotion ads, and targeted mailings.
INVEST IN DÉCOR AND FURNISHINGS
According to research, the second priority for travelers after location is the furnishing and décor of a rental property. You may want to save money when furnishing your own home, but when investing in a vacation rental, be prepared to spend some money on furnishings and décor.
Furnishing, if done wisely, can differentiate your rental property from thousands of others on listing websites. Keep the décor neutral and opt for high-quality, durable pieces that can withstand circulating guests and visitors.
GIVE VISITORS THE DREAM
Remember that people want to rent a vacation property that is nicer than their own home. The reason they are going on a vacation is that they want to take a break from the norm and want to “live the dream” even if it’s for a short while. So, make sure that you go above and beyond their expectations and give them their dream! Guests expect Wi-Fi, hot running water, air conditioning, etc. so you need to provide them with amenities which aren’t being offered by others. Think of home theatre systems, a personal gym, etc. Even small touches can make a big difference.
KEEP UP WITH CLEANLINESS AND MAINTENANCE
Managing vacation property is different from the residential property as guests only stay for a few days or weeks. Because your property goes through different tenants regularly, it is important to keep it in top condition. Inspect the property thoroughly after every booking to make sure that it is cleaned and ready for the next guests before they arrive. Check for any maintenance or repair issues and fix them immediately. If any furnishing or fixture has been damaged, replace it with a new one instead of ignoring it.
The level of cleanliness affects the reviews your property gets each time a guest leaves. Getting good reviews is essential to attract a steady flow of bookings from customers.
STAY ON TOP OF PRICING
Setting your pricing strategy for your rental property can be tricky. You may have to do some research and find out what the average rental rate is and what kind of pricing competitors are offering. Make comparisons with what amenities they are offering and what is your property has to offer in terms of exclusive features. You will need to highlight on your property’s unique selling proposition to justify the price you ultimately ask for. This is what differentiates your vacation property from others in the market and attracts more customers.
At Minnestay we offer rate intelligence services to help you configure the best price possible for your rental. With minute-by-minute updates on our competitors’ pricing and local demand, we’re able to ensure that you’re receiving the highest rents and bookings as possible.
GO ABOVE AND BEYOND WITH MINNESTAY
Ideally, you want to aim to provide something “extra” to your guests. Whether that something extra is your rental’s cleanliness or features is up to you. Sometimes it’s the little things like providing a crib, a large dining table, or extra utensils that will attract customers and keep them coming back.
You should aim to induce an emotional connection between your guests and your vacation property, so they feel welcome and at home. Not only will they want to visit it again, but they will also recommend it to their friends and family as well. At Minnestay, we can help you with every aspect of vacation rental property management. Give us a call today to see how we can help you to make your vacation rental more appealing to potential renters.