Operating a successful vacation property management business is never simple but could you be making it even harder for yourself? Have you seen properties booked up one year, that then fade away and become less profitable with no apparent reason why whilst some companies seem to be continually successful? So, what do property managers do to keep this up year on year, and why are your properties not enjoying the same success every year? We’ve listed the five most costly things to forget in vacation property management.
Not Renewing Your Listings
Update your listings at least once a year. New photos, new descriptions. Keep it fresh and exciting. Make sure every photo is the best possible image of your property, bathed in natural light. Remember to include highlights from the previous year in your descriptions, local events and activities will add life to your descriptions and give potential guests ideas about their trip without even leaving your page. Also remember to check for new portal sites to list on and expand your network.
Forgoing Repainting and Redecorating
You may not have to do this every year but a quick inspection at the start of each year will help you keep your properties looking modern and spotless. Outdated decoration and appliances or flaking paintwork can be an instant turn off to prospective guests. Making sure you check at least once a year to see if there is anything that could be updated or modernised.
Not Implementing Revenue Management
Checking listings for local events is a great chance for property managers to maximise their revenue from the popularity of events that drive tourism. Check listings at the start and throughout the year and consider changing your prices to match the pockets of demand that a big event can cause. The earlier in the year you do this, the more time you will have to alter these prices if the popularity is not as high as you first imagined. Managing your price to meet times of high or low demand means you can increase occupancy and generate more revenue from your most popular dates. If you’re unsure of how to get started try a demo of Kigo’s new automated revenue management tool which is the first of its kind, anywhere in the industry.
Booking travel can sometimes feel like a race against the clock. Your guests want to book before the price rises or before the property or flight is fully booked. Once everything is booked you can sit back and start anticipating your holiday. However, you can’t do this if you have to wait 24 hours just to find out if a property is available. Forgetting this gap between guest interest and interaction is costing so many vacation rental managers bookings, and it is so easily avoidable. Making sure that you have automated replies setup for every property with availability and price information will keep your guests interested and convert far more inquiries into bookings.
Failing to Encourage Repeat Guests
This is one of the biggest things property manager forget to do every year and it is a great way to get loyal, reliable and happy guests into your properties. The easiest way to do this is to give them a reason to come back! Having an incentive to book for a second time, as well as keeping your properties updated, will encourage more guests to return to either the same property or choose another property from your business. This incentive could be a discount or an extra night with any trip they book. This will encourage loyalty and the extra cost will be offset by the ease and convenience of loyal guests.
Repeat guests mean that you have a better idea of what your customers are looking for from your business, meaning you can personalise their trips and increase customer satisfaction. It also allows you to aim your marketing and promotions more accurately. Encouraging a repeat customer will always cost less than discovering a new customer. Ignoring your customers from last year will ultimately cost you revenue as you are forced to increase your budget for finding new customers and marketing.
These are 5 things that property managers can forget to do, things that end up costing them bookings later in the year. Having a complete checklist for every property will help to boost bookings every single year.