Maximizing Your STR's Revenue
Building the right tech stack is key
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How to choose the right tech stack for your company?
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What to consider when choosing the right tech stack?
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What are the most relevant factors to consider?
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What tech stack do we use at Simpletech?
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Beyond The Basics:
You’ve set your listing up, got great photos and are now listed on all the short term rental platforms. There’s only one problem: the bookings aren’t coming. Time to double check all of the little things that could be affecting you.
- Cleaning Fees: Studies have consistently shown that properties with high cleaning fees are booked far less even with cheaper nightly rates. People do not like the shock factor of extra fees at checkout and will often back out of the transaction. Instead try lowering your fee below your local competitors and slightly raising your nightly rate to make up for it!
- Listing SEO: You need to make sure that your listing’s title and description are appealing as well as mention all important local information. Although pricing and reviews play a larger part in search ranking, these smaller items still matter and will help you get more bookings.
- Hero Photo: Sometimes all it takes is a change in the main photo. That is the guest’s first impression and first impressions are everything when getting someone to click on your listing.
- Response Rate: Airbnb selects against hosts that do not respond quickly. If you are too busy to consistently check your messages and inquiries, think about hiring an offshore VA to help you manage this.
Dynamic Pricing Strategies:
We will do a deeper dive on pricing in its own separate article in the future but for now here are a few key points to keep in mind.
- Use a dynamic pricing software if you have comparable properties around you. Pricelabs and Wheelhouse are the most common ones.
- Make sure your prices are slightly lower than your similar competitors. If you offer a super luxury experience or your property simply is better this does not apply to you.
- There are many pricing strategies dependent on what your goals are but if you want to maximize your revenue you need to be checking regularly for upcoming events in your area, dropping prices for near term unbooked dates and a host of other things we will get into a later time
How to stand out and justify higher prices:
If you want to stand out from the crowd and command higher prices you need to be offering things that no one else has. Examples include
- State of the art games room
- Putting green in the backyard
- Pickleball court
- Hot tub with a view
- Beautiful work station
Implementing some of these amenities can be expensive but they can also pay for themselves many times over so are worth it in most cases.
Long-term guest retention tactics:
You should be trying to collect as many emails/phone numbers from previous guests as possible (with their permission of course). After a couple of years of doing this you will have a list of hundreds of contacts who you can then advertise to. If you pair this with your own direct booking site both guest and host will benefit from no fees and you don’t have to worry about them being the horror guest that you occasionally get from the various platforms.
Summary: If you implement all of these items, your chances of success will improve dramatically. At the end of the day a lot of stuff is completely out of your control. Tourism and travel demand for your area play the biggest role in your occupancy but you CAN put yourself in a much better position to succeed and outperform your competitors.
