Are you going through a dilemma thinking what is happening that your property is not generating as many bookings as you expected? Now you see yourself frustrated and thinking what did I do wrong? Relax and let’s go over a few things that believe me or not will make a difference in your listing ad. Data is out there and it is a reliable tool. 75% of searches for Orlando include Movie Room, Theater Room, Themed Room, and Pool&Spa in the filters. So guess what, if you do not have those amenities or if they are not as appealing to the eye you are missing out on those great deals.
1-Try not to Panic Ok?
Historically Orlando has slow seasons such as September, October, and May. Those are really slow months and a lot of people can get caught off guard. So prepare yourselves to drop the rates to the minimum to keep the house getting some bookings. Inventory has increased by 20% in the last year but we do have 20% more people traveling. So what to expect in those slow months? Little bookings with low rates and lots of time for improvements. Work with your General Manager to plan and improve your most valuable asset.
2-Outdated furniture and appliances
Everyone is looking to feel comfortable in a home away from home, if your beds do not look appealing, or your furniture is from 20 years ago yet very resistant but not attractive to the eye, people will not book your house first. People actually picture themselves sleeping in that bed or cooking in that kitchen. This is all about experience, if they look at your bed and start thinking how long has this been around, they will certainly start looking elsewhere.
3-Minimum Rates
I understand you spent all the time and effort in getting your house ready for the market and you deserve the most out of it. But setting a minimum rate for your property is not a very smart move. Lots of investors out there have no emotional attachment to the house itself, only to the ROI. They will go below your minimum and get your booking. Stay competitive by staying open and trusting your House Manager to guide you through the rough times. They know the market better than anyone else. Remember we are not back to normal yet the increases in inventory and the fewer people traveling are impacting our gains, if you are struggling we are all struggling.
4-Pet restrictions
The market calls for pet lovers, pets are part of the family to 90% of Americans. Data shows that 50% of travelers are traveling with their pets and 5% of international travelers have their pets tag along. Are you missing out on those income generators? Pets not only pay accommodation fees but also are a decisive factor while picking a rental. Your House manager will always find ways to protect your home from any damages. Carpet-free homes are always a plus if you decide to host a pet.
Being open to changes and adapting to the market is the key to success, regular talks on strategy plans with your GM will set your rental to success. Trust the process and be involved.
Hope this helped and stay tuned for our monthly newsletters on Short Term.
By Omar Akdeniz