While the short-term rental industry continues a growth trajectory, many hosts see dips in bookings. Several factors are impacting the market, including the sheer number of available vacation rentals. It is estimated that the vacation rental supply grew by more than 20% in 2023. That means more competition for bookings at a time when those bookings can be fewer and farther between.
But do not let the rental competition intimidate you! By looking at a few simple tools and tweaks you can fill booking gaps even at the last minute.
1. Utilize a dynamic pricing tool to fill vacant nights.
2. Drill down messages to guests and offer specials on specific unit types or sizes to attract bookings. Most Property Management software allows you to extract data like property type, booked by week, or occupancy. Match your guest database with these built-in marketing tools and offer vacant properties that match their booking history.
3. Combine open weeks with events and activities available during that time to provide potential guests with ideas for a fun-filled vacation. You can even throw in tickets to the music festival or craft food event to show appreciation for their stay!
4. Use a “Flash Sale” to create a sense of urgency by putting a deadline on a discounted offer. For example, offer 20% off any pool property if they book within 48 hours, if you have a few open pool properties that need a push.
And remember, carry your messaging throughout your website, your individual participating properties and on social media! Even the smallest details can make your home stand out from the others.
If you would like to learn more about marketing your inventory, please contact [email protected] and we will get you in touch with our Marketing Department to see how we can assist!