You may assume that the ideal short term rentals market is anyone wanting to book your property for a stay. While all guests are welcome, finding your ideal market gives you the benefit of a far more strategic plan to attract the right type of guests. A good strategy that is targeted to the needs of your ideal guest will optimise bookings and encourage repeat business. It will also allow you to build a solid reputation.
In order to attract your ideal guest, you first need to understand the broader short term rentals market. This is the different types of guests that you may encounter at some point or another. From families to business travellers, each guest has a unique need when looking for accommodation. That need plays an important role in your strategies to attract your ideal guest.
Determining the Ideal Short Term Rentals Market
What are the most common travel markets in the short term rentals market?
- Single travellers. Typically require compact, secure, conveniently located accommodation, such as an apartment in the heart of the CBD.
- Families. Often travel with children or older relatives. Typically seek out child-friendly, spacious accommodation that is close to major attractions.
- Corporate travellers. May be single or travelling in groups. Typically require serviced, convenient accommodation that is close to conference venues and/or business districts.
- Couples. May be on honeymoon or romantic holiday. Typically attracted to luxurious, private accommodation that is close to beaches and other attractions, but a bit further from the crowds.
- Groups. Usually larger groups of friends travelling for an event or getaway. Typically require spacious accommodation with plenty of shared facilities, entertaining and dining areas, pool and proximity to beaches, restaurants, bars and attractions.
Keeping these broader demographics in mind, you can now begin to determine your market. What sort of qualities does your property have that may attract one or more of these groups?
Some things to keep in mind when determining your short term rentals market include the following:
1/ The location of your property.
If you are in a popular area such as the Atlantic Seaboard, you may already find that a large portion of your guests are leisure travellers. Likewise, if your property is a bit further outside of the major tourist zone, you may find that your guests are often couples wanting somewhere a bit quieter. If your property is in the heart of the CBD, you might notice that a large percentage of guests are travelling for business. This is not an absolute rule, of course, but location can be one of a few ways to gauge your market.
2/ The size and type of property.
Larger properties such as villas and free-standing houses will often attract groups. Compact apartments however, logically attract single travellers. Think about your initial enquiries from prospective guests. Do they ask about extra beds, en-suite bathrooms and number of bedrooms? Or do they head straight to the studio apartment or one bedroom listing? Keep in mind that sometimes, the needs of different travellers cross over. For instance, a single traveller may have very similar needs to a business traveller when it comes to wanting a small, lock-up-and-go apartment. Families and other groups will have similar shared needs in regards to space and plentiful bathrooms.
3/ The facilities of the property.
A business traveller will typically look for free WiFi, accessibility, top notch appliances, exceptional service and value-added options such as concierge and car hire. A couple will often look for special features such as a hot tub, private plunge pool, luxurious master suite and lush garden. Families will look for BBQ facilities, swimming pools, twin rooms, cots and/or sleeper couches, gardens and entertainment systems. Singles may look for security features, front desk concierge and private balconies or decks.
What happens if you want to change the type of guest you are already attracting? That is not as difficult as it seems. Working with an experienced short term rentals manager will allow you to create marketing strategies that are geared towards your chosen market. Even something as simple as rewriting your listing to appeal to a specific market can help you target your ideal market.
Interested in learning more about working with a short term rentals property manager? Contact us today to arrange an evaluation of your property and find out how you can maximise your booking success.