The popularity of short-term rentals is on the rise, and everyone wants in. Larger living areas, homely touches, tech advancements, and lack of human intervention have led short-term rentals to the top of the hospitality game. And this won’t change anytime soon, with a predicted sector growth of 14% year-on-year.
So, whether you’ve already got a portfolio of properties, or if you’re looking to build a company in the sector, this is your opportunity to increase your profitability. Keep reading to find out how you can scale your business in a growing industry:
Having your own website means you can attract no-commission, direct sales but it also helps you build your brand. And it’s through strong brand awareness that you build customer trust and your reputation in the industry, which is vital when it’s a deciding factor for 81% of travelers, and 61% of business travelers go out of their way to buy from brands they trust.
But what makes a strong brand? Consistency, authenticity, expertise in your niche, and excellent service are all factors that gain loyalty, bookings, and positive awareness.
You can achieve all of the above through a direct booking website, while also benefiting from increased control over listings, extra space to detail your properties, and much more! It will benefit your customers too - as they’ll receive a more personalized booking experience.
While a direct booking website is great for building up your brand, to expand your global reach you’ll need to be listed on a variety of online travel agency (OTA) channels and booking platforms like Google Vacation Rentals.
This can be costly and time-consuming, but tech solutions can reduce these inefficiencies. Short-term rental management software automatically shares your listings across channels, so your properties are visible on top booking sites whilst keeping your branding consistent.
The way we travel has drastically shifted and this has been largely shaped by travel technology. Tech has advanced hugely in a short period of time providing unparalleled convenience for guests (who now expect these solutions) and efficiencies for property managers.
For guests, options such as contactless tech for checking in and communicating allow for fewer face-to-face interactions and a simplified experience. For property managers, all-in-one software platforms consolidate and automate the entire booking and travel journey, so they can focus on the core of their business.
Vacation rental software drives profitability by decreasing inefficiencies and upping guest satisfaction through a variety of approaches. For example, automated guest communications keep your guests informed throughout their trip, so they receive a top-class service and you save time. Other resources like a unified inbox, allow you to sync multiple booking platform accounts, to optimize your communications further.
Providing an excellent guest experience to your guests increases customer loyalty, repeat bookings, and 5-star reviews. Happy guests are more likely to be advocates for your brand which could lead to customer referrals through positive word-of-mouth.
To provide top-quality guest service, give guests what they want. Stay up to date with travel trends, like sustainability, wellness tourism, and remote working. Provide suitable options and facilities for these trends, such as a working space for those on bleisure trips.
To grow, you’ll need to increase your property portfolio through homeowner acquisition and hiring dedicated staff. People are the foundation of your success, so choose high-quality homeowners, top talent employees, and partner with leading tech solution providers. These partnerships support you in providing the same quality service to guests whether you have 10 or 10,000 properties.
Connect with others in the wider vacation rental sector to seek support and advice. Continuously learn what’s happening in the industry, through social media like LinkedIn and Facebook forums, or by attending industry events where leaders share their expertise.
Now is the perfect time to scale your short-term rental business. The industry is booming and full of great opportunities. To tap into these, boost your brand with a direct booking website, increased online coverage, and excellent guest experiences. Use the power of technology and strong partnerships to support your growth goals. And, before you know it you’ll be setting new ones!
Uplisting is a short-term rental property and channel management software built specifically for helping managers scale their businesses.
We’ve built an all-in-one property, channel management and automation tool to help property managers scale seamlessly.