Whether in our private or professional lives, the new year often brings good resolutions and trends towards “doing better”. You can also make resolutions having to do with your vacation rental business to make it even more profitable. Find in our first blog post of the year 10 tips to optimize your business!
10 resolutions to optimize your vacation rental business in 2023
1. Take stock of the past year
That’s it, we say goodbye to 2022 and hello to 2023. It’s time to take stock of 2022 and set your goals for 2023 with your rental business.
A few strategic questions to ask yourself as you take stock of 2022:
- How much revenue did you generate with your vacation rental business?
- What were your fixed costs?
- What was your occupancy rate for the year? What about the seasons? Are you satisfied with it?
- Which periods were less busy? What can you do about it ?
- What are the sources of your bookings? One or more booking portals? Your own website?
- Check the travelers’ comments of the past year and take into account their remarks to improve your travel experience.
This non-exhaustive list will allow you to take stock of the past year or season and will then help you set your objectives for 2023.
2. Define your goals for 2023
As on the personal level, it is also important to set objectives to know where you are going with your vacation rental:
- Define your expected income, occupancy rate and the number of nights you plan to be booked: you can do it for the year or by season depending on your business
- Think about the new tools or services you plan to subscribe to in order to professionalize your seasonal rental
3. Check the condition of your short-term rental and its equipment and repair/change/refresh as needed
With the comings and goings of multiple travelers and more generally time, your vacation rental may need minor repairs or renovations. This new year is the perfect opportunity to repaint that wall that has taken a beating over time, re-grease that squeaky door, reattach the kitchen cabinet door handle, etc.
Also remember to check the condition of your toilet bowl and broom, the joints in the bathroom and kitchen, if you have mold etc. Prevention is better than cure!
4. Review your ads and update them if necessary
Your listings on portals may have been online for a while. Have you made some changes to improve your property, added new equipment, redecorated to better meet the needs of travelers?
The beginning of the year is the perfect opportunity to take stock of your listings and the content of your own website if you have one, and to update the text, equipment lists and photos as needed.
Your listing is your showcase, polish it up.
5. Use a dynamic pricing tool to offer competitive prices
If one of your goals for 2023 is to be more competitive but also to maximize your profits, then a dynamic pricing tool such as Beyond or Pricelabs should help you achieve this.
These tools scan your competitors’ prices, supply and demand, and surrounding events that generate traction. Then, your prices are adjusted accordingly. Of course you can define a minimum and a maximum price and your prices dynamically be adjusted.
6. Offer autonomous arrival
A great way to secure bookings is to offer flexibility to your travelers. By offering autonomous arrival via smart locks or key boxes, you offer your future tenants the possibility to arrive as they please.
Nobody is safe from a delay or an unexpected stop at the bend in the road. So instead of stressing your travelers with fixed schedules before they even arrive, you give them the key to freedom.
Of course, if you prefer to greet your travelers in person to offer a more friendly experience, there’s nothing stopping you. But arriving on your own can be a very attractive additional option.
7. Equip your location for telecommuting
Workations are definitely more than a passing trend. Indeed, more and more people are taking advantage of the flexibility offered by their employers to mix work and vacation.
So to attract this target group with your seasonal product, think of equipping your rental well: powerful wifi, a desk, a desk chair etc. Find all the necessary equipment for remote work in our guide.
8. Launch your own booking website
If you haven’t already done so, now might be the time to get inspired in 2023. Offering your own website has its advantages: direct bookings without commission, independence from booking platforms etc.
With Smoobu’s website builder, creating your website is a breeze. Find out more here.
Developing your brand image online is never a bad idea. Take advantage of the new momentum brought by 2023 to launch your Instagram and/or Facebook accounts to create your community and why not build loyalty among your travelers.
Find our guide dedicated to social networks for vacation rentals.
10. Boost your business with a vacation rental solution
Depending on the number of properties you manage and the size of your rental business, a software solution can make your life easier and allow you to professionalize your business.
- All-in-one vacation rental solutions like Smoobu allow you to :
- Automatically synchronize and update your reservation calendars in real time. No more double bookings.
- Manage your Airbnb, Booking.com, Vrbo etc. reservations from a single platform
- Define and synchronize rates for your different listings from a central point
- Expand your business and revenue by offering your listing on multiple distribution channels
- Automate and centralize your travel communication
- Save time
Discover all its advantages by yourself! Take advantage of this new year to test for free during our 14 day trial. It is the complete solution you need to manage your seasonal rental(s)!
Table of Contents
- 1 10 resolutions to optimize your vacation rental business in 2023
- 1.1 1. Take stock of the past year
- 1.2 2. Define your goals for 2023
- 1.3 3. Check the condition of your short-term rental and its equipment and repair/change/refresh as needed
- 1.4 4. Review your ads and update them if necessary
- 1.5 5. Use a dynamic pricing tool to offer competitive prices
- 1.6 6. Offer autonomous arrival
- 1.7 7. Equip your location for telecommuting
- 1.8 8. Launch your own booking website
- 1.9 9. Launch your social networks
- 1.10 10. Boost your business with a vacation rental solution