Short-term rentals are undervalued but highly profitable options for investment. In this guide, we will be taking a look at some secret tips for creating a 5-star short-term rental experience. Year after year the rental industry is becoming more saturated than ever. Are you unsure how you will be able to compete with this? To survive this supersaturated market, you need the right marketing plan and tools.
Charge Competitive Rates
One of the top challenges of short-term rentals is deciding on the right price. A lot of things affect the rates including location, quality and condition, season, extra services, number of days, and more. Determining what should be the right price will take more than one trial and error. You can also go for market research and then adjust your rates accordingly.
Offer To Millennials
Have you thought about targeting a particular audience? What are their age or preferences? These days for short-term rental businesses, millennials are the major factor to drive more sales. The interesting thing is that millennials are ready to pay more if they have been provided with the facilities. However, on the other hand, some are also looking for affordable and reasonable services. Another thing to remember to create a 5-star short-term rental experience is when serving millennials they crave unique and engaging experiences. So don’t make the mistake of offering them the same services you did two years ago.
Be A Budget Boss
Before you start drafting a budget plan for the rental business you need to research all the operating costs. With 5-star short-term rental experience, there are so many utilities and expenses to pay for. Note and account for every expense as if you have to report a partner or senior. You should also negotiate costs with the suppliers. Negotiation is really helpful when the cash flow is thin. To keep things smooth and realistic, always estimate the revenue. What were your previous year’s figures or what could be the profit margin for the upcoming year?
Use Technology To Increase Efficiency
There’s no denying the fact that technology has improved our daily life experiences. From preventing underutilization to reducing costs technology has caused significant changes. From improving operations, giving benefits of IoT, easy access to analytics, enabling mobility, and many other benefits keep getting discovered every day.
Just like the other industries, it’s time for you to use the best of these technologies and create a 5-star short-term rental experience. One of the 5-star rated tools you can use is Picktime. Picktime is a free equipment rental scheduling software. It’s a cloud-based customer-focused initiative to ease the process of handling tasks and transform the rental business industry. With Picktime you get innumerable features.
- Easy to access online appointment booking system
- Automatic reminders
- Equipment Management
- Payments & Invoicing
- Calendar Sync (Google/Apple/Outlook)
- Access at multiple locations
- End-to-end detailed report of activities
- Easily embeddable
- Integration with your favorite apps
To know about the plans and features, sign up for free today!
Use Marketing To Leave Your Competitors Behind
Marketing is a powerful tool used by almost all industries to improve their business growth. To create a 5-star short-term rental experience and establish your brand it’s recommended to familiarize yourself with the latest marketing trends. Marketing acts as a predominant communicating weapon to target your prospects. With marketing campaigns, your customer can understand what services you offer.
To start with marketing for your rental business, the first stop would be building a website. Focus on the target audience and plan SEO strategies, look for tie-ups and partnerships, video-based marketing, take help from marketing tools, and also leverage email marketing.
Partner Up With Local Businesses
To give an unforgettable experience you can also team up with a local service provider. Having options and ideas in your back pocket is good but before starting with the idea of partnership remember that a partnership is a shared belief for one common goal. It’s like sports, where everyone has to work in unison to achieve the goal. No matter who is getting the award, you will sit in the audience and clap proudly for the winner because you’re a good sportsman. Some of the benefits you could get with a partnership are
- Expanded network & opportunities
- More knowledge & expertise
- Shared responsibilities
- More financial support
- Long-term stability
- Increased credibility and customer base
Give Them A Wow Experience
A wow experience should be exactly how it’s stated. It’s a very effective secret weapon to create a 5-star short-term rental experience. Make sure you go the extra mile with your services to give an awe-inspiring experience to your customers. Satisfied customer service represents the face of your business. Every customer wants to be treated with top-notch services. With that mindset, you should always address the best services first and foremost.
The short-term rental business offers a great opportunity to diversify your income source. It definitely takes upfront planning and hard work but once you have built it, it will be incredibly lucrative.
