The short-term vacation rental market is much more competitive today as thousands of new listings enter the market and publicly traded hospitality vendors establish greater market presence. According to an industry report, data predicts the global vacation rental market will reach $169.7 billion by 2019. With this growth, sophisticated consumers expect to find modern, technology-advanced properties with upscale interiors and amenities. Consumers also seek clean, stylish properties that appeal to their expectations, and rental investors must keep pace with the hotel hospitality sector in this respect. See how your processes rank with these DME tips to increase rental revenue:
DME Tips: 5 Ways to Increase Rental Revenue
Think Like Your Customer
As businesses strive to improve their products and services to better serve consumer needs, so should you. Does the vacation rental have updated artwork, game consoles and smart TVs? Premium cookware, luxurious bedding and spa-quality towels should be standard conveniences. Amenities such as safety features and gear for families with small children, a fire pit with ample seating, pet-friendly dishes and a pet crate, free Wi-Fi with multiple docking systems, comfortable furniture, and updated lighting are additional ways to improve guest experience.
Also engage directly with guests about their preferences. At your weekly company staff meeting, ask your employees to share what they learned about their research that could benefit future guests.
Offer Added Value Beyond the Norm
Yes, your property management company is outstanding, and so is the next one! Stand out among your peers. What do you offer as an added-value service to your investor clients who chose you to manage their property?
Housekeeping, listing information, and property photography services are common offerings among management companies. New services include: rate optimization systems, email sales programs and mobile apps that handle everything from changeover cleanings to interior design improvements. Research trends in the hospitality industry to determine the top added-value services you can provide to your rental clients.
Are You an Au Courant?
Vacationers book properties based on multiple reasons. Do you know what’s happening in your area, and how do you convey this information to your guests? Multiple mobile apps provide resources for local events, restaurant recommendations and nearby sites to visit among others.
Do you have a 10 best list in every rental? Create your own list or provide a list of mobile apps that offer suggestions for attractions, restaurants, excursions, entertainment, nature and historical sites. Take steps beyond just having local business fliers for the delivery pizza parlor. Provide these resources prior to your guests arrival via email and/or mobile notification, and place them in the unit.
Understand your website and what your conversion rates are. Do the links work? Is your web page mobile friendly? What pages do your consumers land on? Can you improve your SEO? Google analytics is a free tool that can be customized to help you track website traffic and create a sales funnel .
In addition, post regularly on social media sites, and encourage conversations with your followers. Consider having your website translated into other languages, or add a local-based marketing videos to your website. Hire an intern for the summer to help you learn how to increase your web and social media presence.
Deliver the Gold Standard of Customer Service
The Ritz Carlton is known for this. The Ritz empowers its employees to spend up to $2,000 to solve customer problems without asking for a manager. While most vacation rental management companies cannot spend $2,000 in this respect, you should focus on how to use this same principal.
A guest’s first impression of your business is your employees – from booking to checkout. In all guest interactions, reservation agents, vendors, rental investors and business associates, your company brand and reputation are front and center. Define what you consider as your best practices, communicate them with your employees, and encourage their ownership in providing a gold standard of customer service that will bring guests back, time and time again. Loyal, repeat guests are the cornerstone to having a successful foundation for your business.
Design Made Easy (DME) offers a custom app that focuses on simplifying the interior design experience. Through the app, users can save thousands on updating costs, reduce project times and customize services based on their needs. Learn more about DME and how they help vacation rental managers and owners. Get their spring interior design tips.