In rental property investment, the common catchphrase is “If you list it, they will come.” As much as short-term rental investors wish this were true, it’s not enough. Simply listing your rental property investment, sitting back, and waiting for guests will not cut it for your profit goals.
According to statistics, the short-term rental market is expected to grow from USD 99.38 billion in 2022-2030 at a CAGR of 11.1%. This means that more travelers, business people, and remote workers choose vacation rentals over hotels.
While this is good for investors, there’s increased competition in the online marketplace. To be successful in your short-term rental investment, you must find ways to stand out. Therefore, you need to market your vacation rental property investment successfully. This will enable you to connect with your customers anytime, no matter how quickly they plan to travel to your location.
Where do you start? Worry not! This article will share practical marketing tips for short-term rental properties. Read to the end!
What is Short-Term Rental Property Marketing?
A successful and steady short-term rental investment relies on an effective marketing strategy. This STR strategy outlines the methods of promoting your property to your potential audience. Though it sounds like a mouthful, it simply means actualizing what you hope to achieve and who you want to attract.
Investing in vacation rental property is an excellent way to achieve financial independence in the future. The short-term rental strategy’s flexibility allows you to earn active or passive real estate income.
Also, when you buy a vacation rental property investment in a perfect location, you’re most likely to have bookings throughout the year. Even better, working with short-term rental property experts can help you manage, maintain, list, book, and even sell your property.
Nevertheless, niche markets are becoming more popular in the vacation rental management segment. Hence, you can easily find guests interested in your offering with the right marketing strategies. Even offbeat rentals like tiny houses or cabins can have bookings.
So, how do you successfully market your short-term rental property? Discover several effective methods for achieving back-to-back bookings in the sections below.
How to Make Short-Term Rental Property Investment Successful
1. Create an Attention-Grabbing Headline
Creating a catchy and descriptive title for the vacation rental property investment can make all the difference. If you buy a vacation rental property in a high-tourism area, an attention-grabbing headline will attract lots of clicks, inquiries, and bookings.
Most importantly, you should ensure your property is visible in search engines. An SEO-friendly listing is a sure way of ranking higher in search results to gather interest from potential guests. Here’s how to create a click-generating, catchy title for your short-term rental listings;
Maximize your word count: You should choose your words strategically and intentionally for potential guests to understand your property’s unique aspects from the title. Also, create a comprehensive title, but avoid being wordy or redundant. Ensure you include the property’s location, with appropriate landmarks, to narrow the focus for your visitors.
Highlight the best features: In your headline, include information like proximity to tourist destinations, access to a pool, gym, and more. Or, you can mention any special deals you’re offering or location-specific information.
2. Invest in High-Quality Photos and Videos
According to research, homes with high-quality and professional photos gain 61% more views than those without. Your marketing plan for your STR strategy should include investing in high-quality, professional photos. You should ensure that your vacation property pictures are honest and not just a way of overselling what’s not there.
Moreover, have a professional real estate photographer take well-lit shots in panoramic mode. This will give potential guests a comprehensive view of the whole space. Still, including the small details will make your short-term rental property investment stand out.
Professional photography allows you to use the photos on multiple sites for an extended period until you decide to renovate or sell. Investing in high-quality photos also proves your dedication to showing your clients how unique your property is,
Conversely, a high-quality video tour is also an excellent way of presenting your vacation rental to visitors. For best results, ensure the space is well-kept and clean so that the video can highlight all of the critical areas of the property—interior and outdoor features.
3. Develop Effective Property Promotion
Listing is just the tip of the iceberg when looking for ways to make money with rental property investments. Try promoting your vacation rental properties so your guests can see you there. Here are several ideas on how to reach your potential clients effectively.
Social media: As per a study, social media is the leading platform used by realtors to find and convert leads. Some platforms like Facebook and Instagram are visual and can attract followers using high-quality images. A few likes and shares can boost your advertisement’s reach significantly.
Vacation Rental Forums: Find and join online vacation rental forums to support or advise your potential clients. Building your reputation on sites like Quora or Reddit may get you several bookings for your valuable travel advice.
Local Tourism Websites: How about you start locally? A smaller, more localized group of people can be a great tourism target in your local market. Look for the local tourism websites and ask the experts to promote you whenever they need a suitable property listing.
Vacation rental marketing platforms: People are aware of many online short-term rental property investment marketing platforms thanks to the internet. Customers visit significant sites like Airbnb and Vrbo to check for the ideal property. Including your listing on these sites is a great way to reach a broader target audience.
Influencers: These people have loyal and large followers who put a lot of emphasis on the influencer’s recommendations or mentions. If you can partner with one of them, they may promote your vacation rental on their channels. Most times, you’ll have to allow a staycation on your property so they can give reviews to their large following.
When you have a rental property investment, it means your marketing efforts must keep up with the latest trends in the industry. Whatever marketing strategy you use, ensure you can track your data and traffic. This will help you analyze where your audience is coming from and their preferences.
Maintaining consistency in your marketing methods on different platforms will make you more visible and unique. Most importantly, consider partnering with a vacation rental management company that offers marketing benefits, as they know the industry inside and out.