how to increase revenue in your short-term rental business

welcome to the cashflow diary daily…

Running a successful short-term rental business requires more than just providing accommodation.

Let’s explore a formula to help you increase your revenue and profitability.

in this issue...

• leads: expanding your reach

• customers: converting leads into reservations

• frequency: encouraging repeat business

• margin: maximizing profitability

• announcements:

leads: expanding your reach

To increase your revenue, you need to focus on generating more leads. Relying solely on one platform, such as Airbnb, can limit your growth potential.

By diversifying your customer acquisition channels, you can tap into new markets and attract a broader range of guests.

Consider listing your property on Vrbo, Travelocity, and Expedia or contacting potential guests directly.

customers: converting leads into reservations

Converting leads into customers is a crucial step in increasing your revenue.

While automated booking systems like Airbnb's instant book feature can streamline the process, having a well-crafted messaging strategy and a personalized approach is essential.

Don't neglect the potential of those who didn't convert into reservations.

Develop a system to nurture these leads and turn them into paying customers.

Additionally, don't overlook the power of remarketing to previous leads.

Even if they didn't convert into reservations initially, they have already shown interest in your property.

By implementing a system to follow up with these leads, you can convert them into customers and increase your revenue.

frequency: encouraging repeat business

Increasing the frequency of customers returning to your property is another key factor in boosting your revenue.

By providing an exceptional experience and offering additional services, you can incentivize guests to return or refer your property to others.

Implement a remarketing plan to stay in touch with previous guests and offer them exclusive deals or incentives to book again.

Consider partnering with local businesses or service providers to offer unique experiences to your guests.

This could include collaborating with photographers and realtors for referrals, dog walking services, or even food delivery platforms like Instacart, Uber, or Doordash.

You can generate additional revenue by leveraging these partnerships and referral programs without incurring extra costs.

margin: maximizing profitability

Margin plays a crucial role in increasing your revenue and profitability.

By strategically packaging your accommodation with additional services, you can increase the overall value for your guests and charge higher rates.

Identify the needs and preferences of your target audience and tailor your offerings accordingly.

For example, consider offering additional cleaning services or baby equipment rentals if you're located near an amusement park.

If you're targeting luxury travelers, offering services like airport pickups or access to exclusive experiences can significantly increase your margin.

Additionally, explore referral programs with service providers like Instacart, Uber, or Doordash to earn extra income without additional costs.

To increase revenue in your short-term rental business, it's essential to focus on leads, customers, frequency, and margin.

By diversifying your customer acquisition channels, converting leads into reservations, encouraging repeat business, and maximizing your margin through additional services, you can unlock the growth potential of your business.

Solving the customer's entire problem and providing a comprehensive experience is key to increasing revenue and profitability.

Start implementing these strategies today and watch your revenue soar!

announcements:

• How to save time and money by getting your STR units running like a well-oiled machine 

• How to get landlords to agree to agree to lease out their properties as a STR

• Why now is the time to get into the STR game

• How to start and scale your STR business

And much more. 

This is a LIVE EVENT that will have no replays. There will be a special offer that you must attend to qualify for.

I look forward to seeing you later this weekend. 

upcoming events

Also, we are back on Clubhouse!

Bring your questions and join me this Thursday, February 8th at 1:00 pm Pacific Time.

And we have a “live” live stream too!

More questions and my answers will be available this Friday, February 9th at 1:00 pm Pacific Time.

that’s it, for the moment…

J. Massey

PS: Here’s a way we both can grow: