How to Grow your STR business

The vacation rental industry is enjoying a period of unprecedented growth. Yet many short term rental owners aren't making the most of these boom times because they don't give enough thought to grow. Sure, some will have aspirations of adding another property or two to their portfolio, but that isn't the only way you can grow your rental business. Too many hosts stay stagnant because they don't embrace new strategies that can attract more direct bookings and repeat guests. When I met Kearney, he owned a nice short term rental in Orlando, but it had a lot of untapped potential. I recommended two simple improvements that I knew would boost his revenue. First, we added a pool heater, which was a game changer because it allowed guests to enjoy the pool year round. What we noticed from the messages that his guests were sending, especially when people were looking to stay in the winter months, is that they wanted to be in the swimming pool, but it was too cold. We got this from looking at the reviews and looking at the data. So with the extra money we were making from Price Labs, we invested that into a pool heater which resulted in year round pool use which again impacted his five star reviews. Second, we added a projector to the games room and a dedicated workspace. The projector added to what was a very popular room in the house for guests and the dedicated workspace was to tap into the rising trend of workcation stays. We were able to identify via Price Labs and airdna that places that had a dedicated workspace were generating more bookings and could demand a higher price. My assumption is that if it is classed as a work stay, then it counts as a tax write off, so the booker is happy to pay a little bit extra as it's coming out of their business account and not a personal one. Take a moment to consider what small changes you could make to your short term rental property to experience similar growth. It could be as simple as adding a few amenities or improving certain features to enhance the overall guest experience and attract more bookings. It could be a dedicated workspace, an old school arcade game system, adding in subscription services such as Disney plus, Netflix or sport packages. Another often overlooked aspect of short term rental growth is pricing. Many studies have shown that various managers and business owners tend to set their prices too low and short term rental hosts are no exception. However, pricing for short term rentals is not as straightforward as simply doubling your rates. It's a more complex process and that's where a software package like Price Labs comes into play. Let me give you an example. If if you own a short term rental in a town or city and a major event like a concert or a conference is happening nearby, the demand for accommodations in your area will likely skyrocket. The problem is that most short term rental owners don't have the time to constantly monitor and adjust their prices to match these supply and demand fluctuations. As a result, they miss out on a lot of potential revenue. That's where Price Labs come in. It's a tool that helps short term rental hosts optimize their pricing based on various factors including events, seasonality and demand. With Price Labs, you can ensure that you're charging the right amount for your rental, maximizing your revenue without the stress of constantly adjusting your rates manually. That's why I got Kearney to implement Price Labs. He is now generating more money than ever. With Justina, we've done the same, so we implemented Price Labs. This has meant that with the extra profit, she's been able to add more properties and start up a new management arm to her business. Whether you've already got a portfolio of properties or if you're looking to build a company in the sector, this is your opportunity to increase your profitability. Give some of the strategies that work for CUNY and Justina a try and watch how your business scales in this rapidly growing industry. If you need help implementing any of my suggestions in your own business, remember that you can request a personalized Insights report using the link below the video.