5 things to help Increase your vacation rental's Net Revenue
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Millions of visitors enjoy Branson every year
Live Shows
The Branson area offers its visitors thousands of lodging options so the competition for additional nights and income is fierce. However, implementing the advice in this brochure will help
increase your net revenue. The average condo is only booked 18.2 weeks per year, which is 35% of the time.
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Don't tell your guests about it, show them! When it comes to choosing a condo, guests overwhelmingly indicate that the deciding factor is the quality & quantity of the pictures available. Additionally, recent studies suggest that travelers are 83% more likely to make an inquiry on a property with over 20 photos!
MORE PHOTOS=MORE BOOKINGS
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 patio have an amazing view? Don’t tell guests about the view, show them. When you interview prospective management companies, make sure to ask the following questions: 1. 2. 3. 4.
20+ photos
Who will photograph my condo? Does that company have a portfolio I can review? How will the photographer make my property attractive to prospective guests? Who pays for these images and how much do they cost?
LIVING ROOM
KITCHEN
MASTER BEDROOM
GUEST BEDROOM
6 to 10 photos Less then 5 photos
MASTER BATHROOM
GUEST BATHROOM
How do you convince those prospective guests to stay at your condo? You let the photos do the talking.
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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 effort to optimize your rental’s monetization rate. If you set the nightly rate to high, guests will quickly move on to other rentals and your vacancies will skyrocket. Conversely, if you set the rates too low, you will attract lower quality guests who will mistreat your investment and you will miss out on potential revenue.
When adjusting your rates, it is essential to do the following:
Research the rates in your subdivision and its immediate vicinity.
Pay attention to rentals of similar size and amenities.
Study various competitors’ occupancy percentage relative to the rate charged.
Study occupancy levels for nearby hotels, motels, and other lodging options.
Review past performance/conversion rates 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 finding the sweet 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.
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Leverage the Exposure of Vacation Rental Sites If you would like to reach an additional 100 million monthly visitors and produce several hundred additional inquiries for your property 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 127 inquiries 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.
Our property management program can offer additional exposure for your condo thru these major travel sites at no extra cost: and many more.
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How to Make Your Guests Feel Special Everyone 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:
Welcome Gifts Offering high quality toiletries, show tickets, attraction passes, area info and maps and a few delectable delights will start things off right.
Personal Attention
Concierge Services
Details Matter
Call or text every guest during their stay to make sure the property 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 events happening 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.
Does it take work to make guests feel special? You bet. Due to the difficulty, 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.
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Don’t forget to communicate
Sales
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 finally a follow-up email to close the deal.
Mid-Stay
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.
Pre-Arrival
Prior to your guests arriving, you should email them a pre-arrival packet. This welcome email should include items such as directions 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.
Post-Departure
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 offers for their next visit.
More often than not, the difference between a profitable vacation rental and one that loses money is the quality of communication.
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Our Vacation Rental Services
Does the idea of managing your condo seem overwhelming? Are you looking to increase your rental revenues? We can help!
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As a full service vacation rental and property management company we help owners maximize their property's income and enjoyment. Do you still have questions for us? We are confident that we can help you increase your revenues and enjoy your second home more!