Powered By:

    Five Ways to Recession-Proof a Short-Term Rental Business

    Boostly founder Mark Simpson offers five tips for short-term rental businesses to fortify themselves against a recession. The first recommendation is to offer mid-term rentals, which "enables you to access different types of guests, from students and employees to healthcare workers, contractors, and digital nomads who need to stay (and work) in places for longer." Simpson also suggests equipping rentals with smart-home technology like air fryers and smart thermostats, which cuts costs and improves efficiency while satisfying guests' expectations. He also advises hosts "to cut commission costs to [online travel agents] by focusing on driving direct bookings," particularly by setting up "a mobile-friendly website that offers a seamless direct booking experience for guests." A proactive rather than reactive approach to sales puts short-term rentals in a better position to prosper and survive times of financial uncertainty. "In my opinion, a sensible place to start is hiring a salesperson," Simpson writes. "Parting with commission fees and base rates may make you wince when everyone else is tightening their pockets, but the benefits will outweigh these costs." Simpson's final tip is to leverage online industry communities and groups for support in turbulent times.

    PhocusWire (11/21/22) Mark Simpson

    Read More

    Recent Stories
    Rhode Island Panel Exploring Short-Term Rental Options

    Phoenix Cracks Down on Short-Term Rentals with New Ordinance

    Pittsburgh City Council Approves Legislation That Requires Rental Permits