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Walking the fine line between $$$ & Service
Not Making Enough? Check the Basics:
Think about what your Ideal Guest wants or needs. Why are they there? What things might they want to do? How can you make it better - or special - or add to their experience - or create special
moments that they'll cherish forever? SERVICE!
You can charge for early check-ins or late check-outs when you are able. You can charge to hold luggage. You can charge for upgrades - better quality, like strollers. You can charge for laundry or maid service. You can charge to pre-stock grocery items or breakfast or pretty much anything you can think of.
Send your guest questionnaires before and after stays to help.
The vacation rental business has become fiercely competitive these days. You are not alone with a vacation rental in your city or town and there are owners who will always try to wrest away your customers through competitive pricing. You must be careful in your pricing to attract many guests. These days, offering discounts during the offseason is a strategic part of pricing, as well as knowing when you can and should charge more for certain dates, like special local events and holidays. Using Dynamic Pricing during those times, and really all of the time, can bring in more money and keep your occupancy rates for your vacation rental high.
Setting prices very low is not a very good idea for your vacation rental. Never compete for last place. But how do you know where to set your prices? You can look online at other properties but you’re only seeing the units that haven’t been rented out yet. Plus, how do you...
Although people are moving into the state while others are moving out, Cali has still lost more than 1 million people and the population continues to shrink.
Who's moving in?
Those making $200,000 plus per year with higher education from tax-burdened states like New Jersey, New York, and Illinois (also seeing massive Exoduses).
Who's moving out?
Those making $55,000 and below with no college education.
Where are they moving to?
States with much more affordable housing like Texas, Arizona, Nevada, and Oregon.
CALIFORNIA HAS 5 OF THE TOP 10 MOST EXPENSIVE RENTAL MARKETS
What a One Bedroom Rents for in:
Los Angeles $2249 month
San Francisco $3400 month
Las Vegas $925 month
Phoenix $945 month
What a Two Bedroom Rents for in:
Los Angeles $3200 month
San Francisco $4500 month
Las Vegas $1122 month
Phoenix $1137 month
...
COMPARE INCOMES FROM A SHORT TERM RENTAL TO A LONG TERM RENTAL
2 Bed/1 Bath
Long Term Rental
1 Year Lease
$1200 month
2 Bed/1 Bath
Short Term Rental
Daily Rate
$87 per night
82% occupancy
$2140.20 month
2 Bed/1 Bath
Short Term Rental
Airbnb's Weekly
10% Discount
$609 for 7 days
-$60.90 discount
$548.10 per week
rent out 3 times
$1644.30 per month
A Loss of $495.90 mo
or $5950.80 per year
2 Bed/1 Bath
Short Term Rental
Airbnb's Monthly
28% Discount
$2610 for 30 days
-$730.80 discount
$1879.20 per mo
100% occupancy for
$1879.20 per month
A Loss of $261.00 mo
or $3132 per year
Use Vacancy Instead
Short Term Rental
Our Monthly
18% Discount
$2610 for 30 days
-$469.80 discount
$2140.20 per mo
Same as your original Single Day!
WHERE DO I FIND MY PER DAY RATE AND OCCUPANCY RATE?
If you've been a host more than a year, use last year's numbers.
If you haven't been a host for a year yet, then use...
Forums are a Great Place to _____________.
A. Learn from other Hosts.
B. Bitch to and with other Hosts.
C. Learn from Guests' Experiences.
D. All the Above (Hint: This one!)
Nest is a great way to control your units when there's no one in them.
An AC unit works best when it's set no lower than 68 degrees. Under that and you're asking for trouble because that's when units will start to freeze up, which could potentially harm your unit.
What is the definition of Host?
What is the definition of Guest?
Be a gracious host and allow your Guests to be comfortable.
A locked thermostat screams, "I don't care if you are comfortable!"
Stop the Madness!!
01) No Smoking
02) No Pets
03) ...
01) Back to Basics
Take a look at your Headline/Title of your Listing. Does it highlight your best feature?
What about your photos? Please, tell me you had them taken by a professional.
02) Know Your Competition
Use sites like AirDNA to keep an eye on your competition. What is their average room rate? What is their occupancy rate? Put a spy in their camp!
03) Don't Compete for Last Place!
You can't win the game of undercutting your competition, so don't even try to go there. Instead, be better and charge what you're worth. Use dynamic pricing tools like Wheelhouse to price your units.
04) Make Your Place SHINE!
Use a theme or and anti-theme to make your place stand out among the rest of your competition. Make certain your place looks amazing!
05) Go Above & Beyond in Service
Make certain that you offer something or do...
When you are running a vacation rental business, your aim is to get maximum bookings for maximum profit. Whether you focus on a high nightly rate or on high occupancy, you want a good return on your investment. If you start to experience cancellation problems or lower booking frequency, it can be a blow to your business. Cancellations are even tougher because not only do you lose out on the income you would have made but, depending on the timing, it may be more difficult to refill that spot. You may now find that bookings have slowed down considerably during that time frame. Ouch. Here are some tips to anticipate and prevent these types of booking cancellations.
Is it too easy for guests to book a reservation and then cancel their reservation with just a few clicks later on? If yes, then you need to make changes to your Cancellation Policy. We have ours set to “Strict” for a good...
WHAT BOOKS, PRODUCTS, SERVICES, OR LINKS WERE MENTIONED...
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Recommended Article or Blog Post Related to This Week's Podcast:
Recommended Podcast Episode that is paired with this one like a Fine Wine:
Get This Episode's Show Notes in a pdf form...
PICTURE OF PDF
[00:01] Over the last two centuries, nearly 90 percent of the world's millionaires have created their wealth through real estate. Here to tell you how you can ride this...
SHOW NOTES (and downloadable PDF)
LINKS to SITES
You're getting a free audiobook! Click to try Audible Free for 30 Days and discover the power behind reading a book a month (or more!). With audible, it's easy! Try Audible now, using our affiliate link, and you will get your first book right now for free! After that, you can pay by credit or purchase a membership. With a membership, you get 1 audiobook and 2 Audible Originals each month for only $14.95 per month. Michelle has been a member of Audible since 2006 and says it's her secret for reading so many books.
Village Impact, formally known as World Teacher Aid, is a Canadian charity dedicated to bringing education to students in rural areas of Kenya. The American chapter works through the publishing company, Hay House. Yes, THE Hay House! Marianne Williamson, Wayne Dyer, Mike Dooley, and Louise Hay - that Hay House!
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