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How to Compete in a Crowded Short Term Rentals Market
Wondering how to compete in a crowded short term rentals market? Standing out in an overly crowded market is a huge challenge. Many short term let owners struggle to position properties in a way that competes against many similar properties. Luckily, there are a few tricks to help you stand out.
In this mini guide, we take a look at how you can stand out from your competition. Keep reading to find out how to ensure that your property stands out in a sea of similar short term rentals.
Competing in a Saturated Short Term Rentals Market
Some of the tips to keep in mind when positioning short term rentals include the following:
Focus on unique selling points. What sets your property apart from the hundreds of similar properties in the city? Which features consistently generate the most reviews and highest ratings from guests? If there was a single focus point that defines your property, what would it be? Focusing on your primary USPs is that best way to position your rental. This also helps to encourage a scarcity mindset, as it makes guests feel as though your property will provide something that others don't or can't offer.
Consider a niche audience. You could take that one step further and consider a targeted niche travel audience. This could be something broader such as business travel markets or family travel markets. It could also be an even more targeted niche, such as senior travellers, honeymooners, corporate groups or eco-travellers. When you have a far more narrowed down market, it will be a lot easier to promote your property than it would be in a very busy market.
Create a sense of urgency. Another way to drive a scarcity mindset is to create a sense of urgency. When potential guests think that they can only enjoy your rental on a deadline or under certain circumstances, your perceived value increases. This can be achieved through time-sensitive deals, limited booking slots, one time only offers and other specials that create a sense of urgency.
Go over and beyond expectation. How can you go over and beyond guest expectation? Think about the typical guest journey. Have a look at similar properties in your area, and consider what they are offering. From there, you can start to think about what you can offer that is not standard. This could be guest concierge, a seamless check-in process, 24 hour assistance or even something like a fridge packed full of treats. Make sure that you highlight these extras in your listing so that guests get a taste of what to expect.
Invest in short term rental management. Finally, it is also highly worthwhile to consider investing in a short term rental manager. This is the only truly effective solution for those wanting an expertly managed rental. A good manager will offer marketing as well as day to day management, booking management and concierge. This gives you the best chance of competing even in the busiest of markets.
To find out more about how Totalstay can take your results to the next level, contact us today. We will assist with a tailored short term rentals strategy designed to help you stand out from the crowd.
