The number one factor in vacancies for your short term rental is price. Sometimes adjusting your price down by just ten dollars, can mean you show up first in search results and lead to a much lower vacancy rate and higher profit. The best option here is to have an adaptive price that will adjust the price to achieve the results you want.
The second biggest factor is to get your property listed in as much places as possible. The more listing sites on, the more possibility is has to get additional stays.
To adjust the other knobs on your short term rental we operate from the idea that friction create hurtles and prevents you from maximizing the use of your property. I should also say that sometimes friction can be used to produce or dissuade certain actions.
We define friction as added requirements or added effort from the guest. A three night stay minimum instead of a two night stay results in added friction. Having the guest sign a lease prior to staying result in added friction.
- If you have the ability, drop the minimum night stay to one. This will allow gaps in stays to be completely filled up.
- Adjust the prices down. Listing sites have algorithms that will notify people that have viewed a property of a change in price.
- Don't make people guess which amenities you have in your property. Provide great pictures of your short term rental.
- Allow a simple check in process via remote entry of some form for your short term rental.
- Allow a simple check out process for your short vacation rental.
One of the biggest opportunities for a vacation rental owner can be to find a great property manager that will automate these adjustments for them. There is a lot to the science of minimizing vacancies and a good property management compan will be able to get the vacation rental up and running quickly.