As the impact of Coronavirus deepens across the vacation rental industry, we’ve been hearing from property managers that a key area of focus is to capture the demand that is still out there.
With this in mind, we’ve put together this blog identifying the six strategies that property managers can immediately adopt beyond pricing that can be put into place as part of an overall revenue management and marketing strategy. Of course, if people aren’t traveling, then pricing alone will not be enough. However, addressing some of the core concerns that people have can play a key role in putting your customers at ease, and stimulating demand for your vacation rental business:
- Flexible Cancellations on New Bookings: Offering the ability to move the reservation penalty-free to a later date, or apply to the amount spent as a credit for future stays (similar to what airlines have introduced) can give travelers peace of mind to book today.
- Highlighting Cleaning Procedures: Putting details about your cleaning procedures front and center can give travelers additional peace of mind that they’ll be safe staying in your property.
- Marketing to Drive-To Customers: During these times many people want to get away from big cities to escape their small apartments and enjoy more space. Marketing to nearby drive-to customers can be a great option. Bonus: many vacation rental markets are not as dense as big cities, making social distancing easier and safer.
- Discounts for Longer Stays: During these times, some travelers may be looking for longer stays in order to see out any periods of isolation in one place. Offering a percentage discount for longer stays can broaden the customer base looking at your units and help attract more bookings.
- Lowering Minimum Night Stays: Lowering your minimum night stay restrictions will mean you show up to more travelers in search results on online booking sites. More eyeballs = more potential demand.
- Discounted Gift Cards Towards Future Stays: If you have a loyal repeat customer base, consider offering them discounted gift cards (e.g. $1,000 travel credit for $800) that can be applied to future vacations once this situation passes.
With more news developing every day about Coronavirus, it’s important to stay on top of how it will impact your business. Be sure to utilize every tool in your revenue management toolbox (not just pricing) to maximize your strategy during periods of low demand in your market.
This information is taken from our Coronavirus resources page, which is updated daily with the latest trends, insight and practical information and support to help Vacation Rental property managers successfully navigate this uncertain time.
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