The short-term rental market was hit during the pandemic. Despite the lull, the short-term rental opportunity remains strong. Analysts expect more 59.5 million people will choose short-term rentals in 2021, reaching pre-pandemic levels.
But like any business, being successful in short-term rentals comes down to marketing. You need to get the word out and you need a market differentiator, so they choose you. Wondering if marketing your short-term rental more strategically could increase your bookings and maximize your profits? Here’s what you need to know.
1. Build a brand that earns premium rates
If someone just needs a place to stay in your area, chances are they’re looking for the cheapest rates for something that meets their needs. This is great if you want to compete as the lowest priced rental. But it is difficult to compensate for this in volume.
Instead, compete with the competition by offering things that tenants don’t get elsewhere.
Build a brand for your properties that will get people talking and homes will be booked. How to build a short-term rental brand? Here’s how to get started.
- Pick a name that people remember
- Create a logo
- Get your own website. Make sure it’s fast, mobile-focused, easy to navigate, visually appealing, and understandable to both search engines and users.
- Start posting useful content regularly to increase your visibility in search engines
- Drive online traffic to your real estate listings
- Be active on social media. Instagram is most important for short term rentals.
- Identify your ideal tenant and be what they value in a short-term rental
- Listen to your tenants and apply their feedback
We will discuss some of them in more depth.
2. Invest in your brand
A brand is worth its weight in gold or popular real estate; make your choice. It is worth your time and money to build this kind of brand.
Building a brand requires financial resources. If you’ve just found your way in the short-term rental market, you might not yet have the money to start branding. You might therefore consider refinancing your Fairfax VA mortgage, take out a home equity loan on one of the properties, or get a small business loan to gain traction.
3. Configure direct booking
You are building a brand. This means you’re driving traffic directly to your rentals, so steer clear of third-party short-term rental sites when you can and get people to book through your website. Here you can handle the whole process, collect all the funds, ignore third party fees.
It also establishes you as an independent brand, not just another rental enthusiast.
Attract customers by attracting people to what your property and its surroundings have to offer.
Hire a professional photographer who can expertly capture what it’s like to stay in your rentals. Make sure these photos flow by adding them to Instagram, Pinterest, Facebook, your ad, and emails if you are doing email marketing.
Consider investing in aerial shots, drone videos, panoramas, hosted video tours, and other photography and videography techniques to capture the essence of each property in a way that can be surpassed by being there.
Learn to love writing captions that match your brand’s style.
5. Become a Superhost
Your ultimate goal is to grow your rental business to the point that you don’t need third-party sites. But in short-term rental marketing, work all angles to build your brand from the start.
Wow your guests with excellent service and earn top honors from various rental sites. Studies show 81% higher occupancy and 60% more revenue for hosts who earn badges offered by the third-party site you choose.
That said, know that not becoming a top host or losing the honor isn’t the end of the world. When marketing your rental for the short term, you will always get better results when you can roll with the knocks, dust yourself off, and keep going.
Gain followers and direct bookings using Facebook / Instagram and Pinterest ads for short term rentals. Because you only pay when someone clicks on the ad, it can be an affordable but effective way to increase awareness of your rentals and eventual bookings.
Focus on creating high quality ads with high conversion rates, as poor performing ads will cost you more than just missed opportunities. Facebook / Instagram will stop serving your ads and charge you more if they perceive the ads as irrelevant to your target audience.
7. Build a mailing list
Don’t miss the opportunity to build a relationship with your audience. If you own multiple properties, each with their own appeal, email marketing is a great way to increase the lifetime value of every client you acquire.
Marketing a short-term rental
A little marketing can go a long way. Investing in a solid marketing strategy can help you get the most out of your short term rentals.