a professional blog for vacation rental managers

Thursday, June 6, 2013

Trash minimum stay - How to gain online reputation for vacation rentals

One of the most common questions by new vacation rental owners or managers is "what should be my property's minimum stay?" The mathematical minds would almost certainly open up a spreadsheet, calculate fixed and variable costs and in a few minutes give an answer to that. Then there are those who relate better with their emotional side of their brain and question themselves if a short-stay is worth their time.

Let me tell you something; you are both wrong, at least if you really want to push up your reputation (and consequently rank better on portals, sell more and increase prices)

So the Marketing version of this answer sounds more like "trash minimum stay". Once you launch a new property on the market, your objective is to rank high and be noticed. Only then you can discuss business. So, for the first few weeks (sometimes even months) shift your focus from revenue to number of bookings. The more bookings you accept, the more reviews you can potentially get. This is what matters.

As soon as you reach your ranking objective, you can open that spreadsheet and start doing business. If you suffered any loss prior to that, then assign it as a marketing expense, because that's where it belongs.

Now that we're talking business, it is wise to consider also revenue management - the skill of getting more for less, leveraging demand when you know supply is very limited.

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