Short term rental marketing strategies

Short-Term & Vacation Rental Discussions
2yFollow

Short term rental marketing strategies

Michael Morelli
Rental Property Investor · Westchester County, NY · Member since 2019 · 26 posts · 4 votes

My short term rental bookings are way down lately and I’ve had a lot of cancellations as well. My property manager said that it’s been like that with all the properties and not just with mine. I’d like to reach more potential guests and see if I can boost the occupancy. Anyone have any strategies or ideas?

0Reply
58 views

Most Popular Reply

John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
2y

I would start by looking at my competition. 

How is their pricing compared to yours?

How is their occupancy levels?

Find the most successful properties.

These may be the properties that pull up in the top 10 of search results on Vrbo and Airbnb.  What are these properties doing that you could be doing?

2Reply
See this reply in the discussion

13 Replies

Jump to latestLatest
  • Ryan Osborne
    Property Manager · Tampa, FL · Member since 2020 · 20 posts · 15 votes
    2y
    Quote from @Michael Morelli:

    My short term rental bookings are way down lately and I’ve had a lot of cancellations as well. My property manager said that it’s been like that with all the properties and not just with mine. I’d like to reach more potential guests and see if I can boost the occupancy. Anyone have any strategies or ideas?

    Hi Michael I’ll take a look at your listing if you PM me the link.
    0Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    2y

    I would start by looking at my competition. 

    How is their pricing compared to yours?

    How is their occupancy levels?

    Find the most successful properties.

    These may be the properties that pull up in the top 10 of search results on Vrbo and Airbnb.  What are these properties doing that you could be doing?

    2Reply
  • Michael Morelli
    OP
    Rental Property Investor · Westchester County, NY · Member since 2019 · 26 posts · 4 votes
    2y

    Thanks John I’ll start looking into them. 

    0Reply
  • Sarah KensingerPro Member
    Real Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
    2y

    I would also be taking an honest look at my property to see if it needs an upgrade in design, and if the STR even stands out enough in the first place.

    [email protected]330-557-3021
    2Reply
  • Dj Hume
    Rental Property Investor · Cincinnati, OH · Member since 2019 · 55 posts · 49 votes
    2y

    Hi @Michael Morelli, we’ve also seen a reduction of booking and viewings over the last year in Cincinnati, OH due to increased inventory.

    What we have done is look at the competition, implement a more robust pricing strategy, and our most effective is to agitate the listing as often as possible!

    I hope this helps! Let me know what you find out and what works for you

    0Reply
  • James Carlson
    Real Estate Agent · Colorado | stan.store/JamesCarlson · Member since 2014 · 2k+ posts · 2k+ votes
    2y

    @Michael Morelli

    Like @Sarah Kensinger said, if see if any new competition has come on surg better features or better design. 

    The short-term rental market has stiffened over the last year here in Colorado (and everywhere), and our STR buyers have to bring their A game to ensure they're successful. New paint, maybe hiring a designer, adding any new amenities that might bump you to the top.

    We actually just did this with one of our own properties in Denver that we rent as a medium-term rental. We repainted, changed out the art, replaced a couch and had it photographed anew. We got someone in at a slightly higher rate than before. Just cost of business, I think. 

    I wish you luck!

    2Reply
  • Michael Morelli
    OP
    Rental Property Investor · Westchester County, NY · Member since 2019 · 26 posts · 4 votes
    2y

    Thanks everyone, now that I take a look I don’t really stand out from the competition. I’m going to make a couple changes and see what happens. 

    0Reply
  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
    2y

    Reiterating much of what is above:

    1. Is your property desirable in comparison to the competition.  In 2021 there was a major shortage so anything was renting.  In 2023-24 there is market equilibrium or saturation depending on the market.  Only the best survive.  Well located, well furnished/designed, amenity rich properties at the right price are flourishing.  Houses lacking are floundering.

    2. Pricing.  How are you priced in comparison to the competition? As a larger provider we employ both dynamic pricing software as well as a revenue manager that checks our prices daily.

    3. Marketing.  How many channels are you on? We are on 15 channels to include Airbnb, VRBO, Booking.com, Marriott Homes & Villas, JetBlue Airlines, Allegiant airlines, Homes2Go and more.  The more exposure the better.  Direct booking/marketing is the best, ask if your PM is doing this.

    4. Listing quality - Sort of goes with the first point, but making sure the space is maximized.  Quality Linens, soaps, etc.  Also professional photography is a must.  I cannot believe I still see cell phone pics in 2024.

    Hope this helps

    [email protected]813-563-0877
    Vacation Rentals of Florida53 Reviews
    WebsiteView Page
    1Reply
  • Drew Smith
    Realtor · Tyler, TX · Member since 2023 · 16 posts · 12 votes
    2y

    It also wouldn't hurt to get in your listing daily to play around with verbiage, pictures, pricing, etc.  I've always heard this helps with the algorithm in showing that you are an active host and can get a little bump up in the rankings. 

    1Reply
  • Theresa Holl
    Investor · Minneapolis · Member since 2023 · 265 posts · 162 votes
    2y

    Hey Michael - I'd love to give you a specific pointers if you'd like me to run an audit of your listing. Getting specific about targeting your ideal guest and making your space "Instagrammable" are a few things you can start with. I also have a resource I can send you that walks you thru a lot of marketing pointers for STR hosts. Let me know.

    0Reply
  • Joe Whitley
    Member since 2024 · 28 posts · 11 votes
    2y

    I’ve been there. What I did was to add special incentives including no pet fee and a discount on a golf cart fee. They are expenses but guests seem to respond to these special incentives. 

    0Reply
  • Jeremy Jareckyj
    Real Estate Agent · Salt Lake City, UT · Member since 2020 · 490 posts · 205 votes
    2y

    Yeah I think pricing plays a big role.. is your PM using dynamic pricing?

    0Reply
  • Joe Whitley
    Member since 2024 · 28 posts · 11 votes
    2y

    I just added a golf cart and bicycles at a faction of the cost in the Destin Florida area. As the vacation season approached golf cart rentals are very expensive. About 800-900 a week. I can flex the rent based on bookings and area demand. Also competition that is known to cut rates find it hard to compete with this incentive.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free