Want to increase income from your rental? Know these Rental strategies

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Have a second home that is currently sitting empty and not generating any income? Or have you rented it out but not been able to generate any profits from it? If you go by the data, year after year, the present moment and long-haul rental industry is turning out to be more soaked, with innumerable postings being made constantly. Like any other market, there is huge competition in short-term rentals, and if the size of the market scares you and you are unsure how you will be able to compete, we are here with proven strategies to help your listings stand out.

Use technology to your advantage: If you are still thinking about trying the new updated rental management software, you’re only falling even further behind because your competitors are already using these tools and getting ahead. Start with increasing your communication efficiency by setting up automated communication. Do you know the average traveler considers 8 apartments but ends up inquiring about up to 5 before making a booking? That’s why you need to reply faster than your competition, and since this isn’t possible every time, automated communication can handle common inquiries like checkout, check-in timings, etc. 

Focus on details: Today’s travelers are vocal, and they won’t hesitate to post reviews complaining about broken air conditioners, dirty floors, so regular cleaning and upkeep between stays is important to have good reviews.

Think about millennials when designing your room: Do you know who your actual target audience is? You would be surprised to know the millennials are the major driving force in the short-term rentals Denver market, and as per data, most of the guests fall between the age of 24 and 35. They are ready to spend on a new journey but expect to get quality customer service, and if you aren’t able to provide so, they will not shy away from posting about it online. So, when they inquire about your place, impress them with what you and the neighborhood can offer. It very well may be an uncommon culinary encounter or specialty brew tasting. Remember, the approach should be to stand out from your competitive market without burning a hole in your pocket.

Create a wow effect: In the already saturated short-term rental market, creating a wow effect is an effective secret weapon, and it could be done by giving a pleasant surprise to your guests. Think out of the box; add smart amenities, if your property doesn’t have a gym, give them access to a room where they could do Yoga and other forms of exercise. Place coffee machines and specialty coffee in their room as a way to give them a touch of the coffee estate near your property.

Have your website but stand out on other short term rental platforms

Nowadays, more than 90% of reservations are on big rental platforms, and even people trust those platforms more than individual websites. With Google algorithms that are constantly changing, don’t be surprised if your website gets lost among thousands of similar vacation listings. Hence, work on improving your listing on those platforms by encouraging people to review your apartment, as positive reviews will push your listing to the top of the search results. It is seen that those who change their title frequently get more clicks. For example, add words like “promo”, “Free” to your title.

To survive the short-term rental market, as a host, you need to have the right marketing plan in place, and after the COVID-19, it becomes even more important to keep the occupancy rates high. Apart from keeping the points mentioned above to increase revenue from your rental, you should keep your room in good condition and put up a fair price to get more clicks on the website.

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