The outlook is sunny for the vacation property industry in 2016. According to TripAdvisor's Annual TripBarometer Study, one-third of respondents are planning to spend more on vacations than they did last year.
Here are some interesting statistics from the study:
- Globally, Baby Boomers plan to spend an average of $8,700 on travel this year.
- Millennials plan to spend an average of $2,900 on travel this year.
- Globally, 90 percent of respondents plan to travel domestically.
- 85 percent of respondents plan to travel internationally.
It is clear to see that the vacation rental business is likely to experience solid growth in 2016. The question is, "Are you positioned to reap your share of the revenue generated?"
Manage listings across multiple vacation property listing sites with Kigo Channel Manager.
Putting Your Vacation Rental Properties on the Fast Track
There are a number of things you can do to increase your bookings and thereby maximize your earning potential. Here are some top tips to get you started:
1) Choose the best property management software for your business needs
Online bookings are now the accepted way for guests to connect with your properties. Vacation rental reservation systems can automate processes and help keep you organized while saving time. Choosing property management software that provides a smooth booking process for your potential guests will increase your bookings considerably.
Software solutions that provide more than just booking are recommended. Look for a package like Kigo's solution, which includes optimized web design options, revenue management, channel management, and help with both front- and back-end processes.
2) Expand your reach with channel partners
Online distribution of your vacation rental property listings with channel partners expands your reach dramatically. As more channel partners list your properties, your customer base grows exponentially.
One of the things that hamper some managers from working with multiple channel partners is the time and effort it takes to manage the process. Kigo's channel management feature makes this process virtually seamless. Now, with just the push of a few buttons, you can successfully management your listings with multiple channel partners such as AirBnB and HomeAway.
3) Use good revenue management procedures
In times past, it was customary to spend hours in market research and analysis to arrive at competitive rate pricing in your designated market. Now, however, that lengthy process can be largely eliminated by utilizing Kigo's revenue management feature.
Also known as yield management for vacation rentals, this feature allows property managers to optimize rates according to supply and demand to consistently offer competitive pricing across all property listing channels at once.
4) Solicit great reviews
Encourage guests to leave reviews on your website or on the website of your channel partners for each of your properties. Display positive reviews prominently, and make it a habit to respond to them appreciatively.
If you receive negative reviews, respond promptly to those as well, addressing the pain points of your guests in a tactful, proactive way. Once the situation that caused the negative review is resolved, prompt reviewers to offer addendums to their original comments, if you have provided adequate relief for their issues.
Maximize the impact of positive reviews by displaying them prominently on your site.
5) Upsell with email
Inquiry response times are a big factor when it comes to booking a property. Property managers can save time and provide excellent customer service by automating email correspondence. Offer discounts for additional nights, or special rates for referring others to your properties. Establish a more personal connection with your guests by sending event-themed emails at the holidays or around the anniversary of their previous stay in your property.
Personalization of your email messages shows guests that they are valuable to you and that you appreciate their business. This is a cornerstone of effective marketing, and must not be overlooked. Kigo instantly responds to inquiries using automated email templates that can be personalized.
The 2016 Vacation Rental Industry Takeaway
2016 promises to be a year of growth in the vacation rental industry. Ensure your success this year by increasing your efforts to book more guests, keep those guests satisfied, and drive revenue for your vacation rental business. Get a demo of Kigo's vacation rental software today and learn how you can save time and increase bookings with Kigo.