3 Ways to Increase Short-Term Rental Income This Season
When executed properly, property ownership with short-term rental potential is a valuable income stream. Whether you are planning to use this income to pay for second-home operational costs or save up to invest in a third or fourth investment, the recommended first step of short-term rental ownership is to decide upon a full-service property management solution.
This article will review routes that Beach Vacations exercises to increase short-term rental income this season.
Consider the Impact of Traveler Trends
Traveler trends are heavily impacted by several different factors. Experts such as Expedia and TripAdvisor spend endless hours creating extensive reports to predict the future of travel, particularly so for U.S. travel in 2021. Suffice to say, the research and analysis of these wide-ranging trends is a daunting task for anyone, let alone individual owners.
What qualifies as a factor impacting traveler trends? And which of those factors affect the pricing and occupancy rates of your property? Below are a few of the most common determinants:
- Length of stay
- Traveler age and audience
- Transportation and price of gas
- Geographic location
It is crucial that all traveler statistics and trends are taken into consideration when setting up marketing campaigns and revenue models for spring 2021 and beyond. The Beach Vacations revenue management strategy in particular relies heavily on the factors listed above and how they affect traveler trends.
Without the right data and expert analysis of previous pricing history, riding the wave of traveler trends is a challenge.
So, what’s the right strategy to stay on top of these trends? Beach Vacation’s full-service property management includes the support of an in-house team of revenue managers with more than 20 years of combined vacation rental pricing experience. The combination of technology, people power and years of experience in adaptable property management skills are invaluable in the process.
Beach Vacations drives revenue for its owners through the use of proven dynamic pricing strategies and efficient adaptability to changes in the market. The revenue manager team expertly weaves together their in-depth market knowledge, data analytics and in-depth previous pricing history and comparisons.
Allow Experts to Effectively Market Your Home
The complex world of vacation rental marketing is constantly changing. Beach Vacations sets you up for success with a solid team to showcase and market your vacation rental. This team leverages professional photography, updated amenities, enhanced descriptions, and clear marketing strategies to get heads in beds.
Beach Vacation’s team of marketing experts implements strategies to increase your revenue stream by getting your home in front of the right guests, at the right time, for the right price.
Tactics such as search engine optimization (SEO), pay-per-click (PPC) ads, display ads, paid social media and organic social support, all contribute toward an increase in reservations and repeat guest bookings.
These strategies are informed by a portfolio of more than 100,000 guests and top-producing digital marketing campaigns to improve rental performance.
Optimize Operations for Success
Technology is evolving at a blistering pace. This progress, fortunately, makes way for more efficient marketing, housekeeping processes, maintenance, and guest operations.
Beach Vacations can now maximize rental revenue for homeowners by streamlining operations and rental processes with cutting-edge technology. These two elements are vital in the effort to save time and resources for property owners.
All the while, the Beach Vacations team is improving your guest’s experience through contactless check-in and check-out, 24/7 support, onsite property maintenance, and thorough cleaning services. These features and amenities produce higher reviews and ratings which help contribute to more bookings! This is all a cycle of improvement.
Are you ready to find the indispensable piece of your property management puzzle? Contact us today!