5 things to help increase your vacation rental's net revenue

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A list of items that any vacation rental owner can implement immediately to increase its net revenue.

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Page 1: 5 Things to Help Increase Your Vacation Rental's Net Revenue

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Call Us Toll-Free : 800.CONDO.51 (266.3651)

5 things to helpIncrease your vacation rental's

Net Revenue

Page 2: 5 Things to Help Increase Your Vacation Rental's Net Revenue

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Call Us Toll-Free: 800.CONDO.51 (266.3651)

Millions of visitors enjoy Branson every year

The average condo is only booked 18.2 weeks per year, which is 35% of the time.

The Branson area o�ers its visitors thousands of lodging options sothe competition for additionalnights and income is �erce.However, implementing the advicein this brochure will help

increase your net revenue.

Live Shows

Page 3: 5 Things to Help Increase Your Vacation Rental's Net Revenue

Call Us Toll-Free: 800.CONDO.51 (266.3651)

Don't tell your guests about it, show them!

How do you convince those prospective guests to stay at your condo? You let the photos do the talking.

When it comes to choosing a condo, guests overwhelmingly indicate that thedeciding factor is the quality & quantity of the pictures available. Additionally,recent studies suggest that travelers are 83% more likely to make an inquiry ona property with over 20 photos!

If you do not have high-quality photos that accurately represent your condo, it is costing you reservations and negatively impacting your average nightly rate. Does your patiohave an amazing view? Don’t tell guests about the view, show them.

When you interview prospective management companies, make sure to ask thefollowing questions:

1. Who will photograph my condo? 2. Does that company have a portfolio I can review? 3. How will the photographer make my property attractive to prospective guests? 4. Who pays for these images and how much do they cost? Less then 5 photos

6 to 10 photos

MORE PHOTOS=MORE BOOKINGS

20+ photos

LIVING ROOM KITCHEN MASTER BEDROOM MASTER BATHROOMGUEST BEDROOM GUEST BATHROOM

Page 4: 5 Things to Help Increase Your Vacation Rental's Net Revenue

Call Us Toll-Free: 800.CONDO.51 (266.3651)

How to stop throwing darts.It is extremely important to set appropriate rates for your condo and it is vital to invest ongoing time and e�ort to optimize yourrental’s monetization rate.

If you set the nightly rate to high, guests will quickly move on to other rentals and your vacancies willskyrocket. Conversely, if you set the rates too low, you will attract lower quality guests who will mistreat your investment and youwill miss out on potential revenue.

When adjusting your rates, it is essential to do the following:

Research the rates in your subdivisionand its immediate vicinity.

Pay attention to rentals ofsimilar size and amenities.

Study various competitors’ occupancypercentage relative to the rate charged.

Study occupancy levels for nearby hotels,motels, and other lodging options.

Review past performance/conversionrates for your property and properties

on your program

Although you may be tempted to make major changes to your pricing, drastic changes in rates reduce the likelihood of �nding thesweet spot. Instead, make small initial changes and measure the results of those changes with each month. Over time, you will eventually

optimize your occupancy level and average nightly rate.

Once you complete your initial pricing research, you will want to set the weekday, weekend, and weekly rates for: all the major holidays, Spring break, Summer time, Fall and Christmas season, Standard rates, Low rates and High rates. In addition to setting the rates, it is also

necessary to determine the minimum stay required for a reservation during each rate period.

Most vacation rental owners and property managers could set better rates using the dartboard method.

Page 5: 5 Things to Help Increase Your Vacation Rental's Net Revenue

Call Us Toll-Free: 800.CONDO.51 (266.3651)

Leverage the Exposure of Vacation Rental SitesIf you would like to reach an additional 100 million monthly visitors and produce several hundred additional inquiries for yourproperty each year, vacation rental sites are a good option. While the annual subscription fees will likely exceed $1,500 annually,these sites could easily produce 200+ additional property inquiries.

HomeAway has close to 500,000 property owners and over 48 million monthly visits worldwide! According to them the average property owner achieves between 20 to 50 times the return will make the annual plan priced at $349 to$999 easier to rationalize.

The FlipKey network of sites, which includes TripAdvisor, includes 240,000 vacation homes and receives over 35 million monthly visitors. Although the FlipKey listing is $349 per year, the average FlipKey vacation rental owner receives 75 inquiries annually.

VRBO features 200,000 property listings and 146 million annual visitors. What do you get in exchange for the annual price of $349 to $999? On average 127inquiries per year and your exposure in 15 additional listing sites.

We, at BransonCondosOnline.com, strongly believe that the above promotional sites are sound options for property owners wanting to increase revenues and occupancy levels. In fact, we put our money where our mouth is.

When a property owner chooses us as their property management company, we immediately publish a professional listing for their property on FlipKey, TripAdvisor, HomeAway, and VRBO at no charge to the property owner. In fact, we

never charge listing fees or marketing fees – we think that’s part of our job.

and many more.

Our property management program can o�er additional exposure for your condo thru these major travel sites at no extra cost:

Page 6: 5 Things to Help Increase Your Vacation Rental's Net Revenue

Call Us Toll-Free: 800.CONDO.51 (266.3651)

How to Make Your Guests Feel SpecialEveryone enjoys being treated like a VIP and your guests are no exception! When you make your visitors

feel special, they will be more likely to refer you to others and return to your condo in the near future.

Struggling for ideas on how to make a guest feel special? A few of the things we do are:

Does it take work to make guests feel special? You bet. Due to the di�culty, most companies give up and make their visitors feel like a number. If you take the time to pay attention to the small details and communicate with

your visitors, the bottom-line revenue is sure to increase.

Welcome Gifts Personal Attention Concierge Services Details MatterO�ering high quality toiletries, show tickets, attraction passes, area info and maps and a few delectable delights will startthings o� right.

Call or text every guest during their stay to make sure theproperty meets or exceeds their expectations and answer any questions they might have.

Answer the guests questions about the Branson shows,restaurants, attractions, shopping, and any special eventshappening during their visit.

Small details like making animal shapes out of the towels or leaving chocolates on the pillow show your guests how much you care.

Page 7: 5 Things to Help Increase Your Vacation Rental's Net Revenue

Call Us Toll-Free: 800.CONDO.51 (266.3651)

Don’t forget to communicate

More often than not, the di�erence between a pro�table vacation rental and one that loses money is thequality of communication.

Sales Pre-Arrival

Mid-Stay Post-Departure

The most important factor that impacts whether a guest will stay at your condo is your speed of response. If you respond to an email

or phone call within one minute, you have increased the chances that prospective customer will convert by 391%. Additionally, you should set up a process for closing the sale that includes the initial email, a phone call, and �nally a follow-up email to close the deal.

Prior to your guests arriving, you should email them a pre-arrival packet. This welcome email should include items such as direc-

tions to the condo, door codes, amenities information, check-in/-checkout times and procedures. In addition, a personalized guide with recommendations for local attractions and restaurants will

demonstrate that you care about your guests.

After your guests depart, you should continue to communicate with them. Personally thank them for staying at your condo while asking them feedback on how to improve your vacation rental for future guests. Also, make sure you ask for a review. We show each guest how much they matter to our company by sending them a

handwritten card with special o�ers for their next visit.

Once your guests have arrived, a quick email, text message, or phone call can turn a small problem into a huge customer service opportunity. Most issues involve delivering extra toilet paper, or

paper towels which can be handled within a few minutes at minimal cost. By taking care of guests, they will be more likely to

recommend your condo or visit again in the future.

Page 8: 5 Things to Help Increase Your Vacation Rental's Net Revenue

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Call Us Today: 800.266.3651

Our Vacation Rental ServicesDoes the idea of managing your condo seem overwhelming?

Are you looking to increase your rental revenues?We can help!

As a full service vacation rental and property management company we help owners maximize their property's income and enjoyment. Do you still havequestions for us? We are con�dent that we can help you increase your revenues and enjoy your second home more!