17 Jan 2019by Admin

8 Actions to monetize your Short-term rental

8 Actions to monetize your Short-term rental

Supporters of Short term rental are more and more, so of course the competition in this market increases. However, the demand by tourists, not only foreign but also national, continues to grow.

We will explain how you can stand out from your competitors by putting into practice some actions that can bring success to your short-term rental.

1. Give personality to your space

To maximize the investment in your short-term rental, we suggest that you use a professional and attractive decoration, specially designed to receive tourists. This concept is called as Home Staging and has a commercial purpose.

The ideal will be to hire a specialist if you want to bet on this new concept. However, here are some simple examples you can put into action:

Practice Minimalism

Observe your space and check which objects and furniture are not necessary for a quality stay. According to Home Staging, you should define a concept and leave only those objects that will be truly useful and/or visually pleasing, as long as they match the environment you intended to create. The goal is to simplify your space to look bigger and cleaner.

Play with color

Do not be afraid of colors. For example paint a wall or highlight details of your rooms such as windows or use a colored furniture as a center point and get a different accommodation, more cozy and intimate.

2. Stunning photos

The photographs of your accommodation are the most important tool to increase the bookings’ volume. If you do not have enough pictures of your entire space, or if the photos are not quality, potential guests will hardly trust you. Good quality photos show you as a professional and a dedicated host. To do so, you can hire a professional photographer or take some advice:

Prepare intimate environments

The trick is to get the guest to imagine how he can live in your accommodation. Prepare a dining table, as if you were going to get someone special or light the fireplace if it is in a cold season, put a blanket and a book on the sofa. Decorate with flower arrangements around the house or light candles.

Get rid of what’s yours

Do not confuse personal with personality. Remove any photographs, trophies, collections or other personal or family items. It is advisable to remove any object related to religious beliefs or sports preferences.

Use the light in your favor

Use as much light as possible, especially the light from those nooks where there is a floor or table lamp that can make the environment more intimate and cozy.

3. Optimize the description of your space

As the photos the description of your space should lead the potential guest to imagine himself living in it. Value what makes your space unique and share information about the surrounding. However the main purpose of an optimized description, that is to say, engrossed with keywords, is to improve the position of your accommodation in the search results.

4. Answer immediately

In the digital world the time factor is crucial. The response time to a possible booking influences the guest’s decision to stay or go with the competition. Respond promptly to all guest messages, or at least within 24 hours, showing that you are available to handle all possible requests during his stay and contributes to increase confidence in you as a host, especially in an unfamiliar location. In addition to contribute to more bookings.

5. Reviews and more reviews

As with most business, the recommendation of another guest is important to solidify and increase confidence in your accommodation. When opting for a space, the potential guest tends to decide for one who has reviews of previous guests. Remind them that evaluations are important to the success of your work and place. The five-star ratings are great, but negative feedback can be a good marketing tool if you respond politely and helpfully, showing how you solved the problem. So ask for reviews!

6. Calendar and prices always in order

Nothing worse than canceling a booking by overlapping another. In addition to penalties to your host status is a loss of business opportunity.

Make sure you keep your calendar updated, especially when you have your advertised space on several online rental platforms. Synchronize calendars, it’s a tool made available by most of these platforms. Your calendar must present at least one year of prices so that guests can book in advance. You can always choose professional software that makes the multichannel management’s availability of your space, the so-called Channel Manager, used by hotel professionals.

Remember to update the prices of your short-term rental, study the competition and see the prices charged for similar accommodations. If you do not have room ratings yet or want to quickly acquire super-host status, try a lower price to get quick bookings.

7. Email’s power

Email is still the most effective tool when it comes to digital communication. It is a great way to keep in touch with guests and often repeat the stay with you, and you can send a discount coupon for a future stay, for example at a low season. Keep a mailing list of all your guests, it’s also a way of reminding them to leave a review of your accommodation, or ask for feedback on what can be improved.

8. Be active in social networks

Being present on social networks is mandatory to say that you are alive, such as having a website for business is a sign that it exists as a business. But do not just create an account for your short-term rental, you have to keep your presence alive. Publicize and promote your space, create quizs, interact with your followers and involve your guests and above all have fun.

These and other actions can be carried out by experienced professionals, such as Hostbelieve, able to increase the profitability of your short-term rental. We are present in Lisbon, Cascais and Costa da Caparica.

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