The new year is here and waiting for you to dig in, so let me ask you: “Are you looking forward to taking your short-term rental from good to great?” As a seasoned property manager and educator in the short-term rental industry, I’ve seen firsthand the impact of creative strategies on maximizing success. With the right approach, your property can not only become a sought-after destination but also a vibrant part of your community. Here are some game-changing tips to grow the bottom line of your short-term rental and maximize its potential.
1. Forge Partnerships with Local Vendors
One of the most exciting ways to enhance your guests’ experience is by partnering with local vendors. Imagine the delight of your guests when they are greeted by a surprise visit from Santa during the holiday season, or when they find locally sourced goodies in their welcome basket. We took advantage of Airbnb’s “Experiences” and partnered with a local beekeeper who hosts fun honey-tasting events at our Georgia-themed space. These unique touches not only create unforgettable experiences for your guests but also foster a sense of community and support local businesses. It’s a win-win for everyone involved!
2. Give Back to Your Community
Your short-term rental business is more than just a source of income; it’s an integral part of the community. By engaging in community service and local events, you not only give back but also increase the visibility of your property. This could be anything from hosting charity events at your rental to participating in community projects. Such involvement not only enhances your reputation but also builds a strong network with locals and guests alike, often leading to more bookings and referrals.
3. Utilize Niche Advertising Platforms
While traditional advertising platforms are a staple, niche platforms like Peerspace and Gigster can open doors to new opportunities. These platforms cater to specific audiences looking for unique spaces for events, photoshoots, and more. Advertising on Peerspace and Gigster can attract a diverse range of clients, from corporate teams seeking offsite meeting locations to artists looking for inspiring spaces. This approach not only increases your rental’s exposure but also diversifies your client base.
4. Connect with Local Industries and Trends
Every area has its unique charm and industry. By plugging into what your area is famous for, you can tailor your rental to appeal to those specific markets. For example, Atlanta is known for its booming film industry. So if you have a space in Atlanta, consider designing it with a cinematic theme or offering amenities that cater to film crews. This not only makes your property more attractive to a specific clientele but also sets you apart from the competition.
5. Invest in High-Quality Photography
Never underestimate the power of stunning visuals. High-quality, professional photographs can significantly enhance your rental’s appeal. They provide a realistic and enticing view of your property, drawing potential guests in. Invest in a professional photographer to capture the beauty and unique features of your rental. (And if you need a recommendation in the Atlanta area, consider contacting my photographer* – he’s terrific!) (* And use code 99322 when you check out) Great photos can make a substantial difference in how your property is perceived and, ultimately, in your booking rates.
These are just five ways to potentially expand the reach of your short-term space and grow your bottom line in the coming year. Do you have any other creative ideas? Please share them in the comments below!