How to Protect Your Vacation Rental Business and Optimize for Growth in 2023
1/3/2023
Sponsored by Minut
If your New Year’s resolution is to grow your business in 2023, this article is for you!
We explore the best ways to mitigate risks, improve guest experience, and optimize for growth this year.
1. Mitigate risks with vacation rental monitoring
In order to grow your business, you need to cover your basics first. That includes mitigating the risk of parties, damage, neighbor complaints, and even potential bans or regulations in your area. The best way to do this is twofold: guest screening and monitoring.
If you use Airbnb, you’ll know that they’ve been developing increasingly sophisticated ways to tell a good guest from a bad one. On top of that, you should also apply your own set of criteria when screening guests. Some factors to consider are their age, length of stay, and location. If you can afford to spend extra time, ask your guest some questions before accepting the booking. It will help you understand the type of guest you’re dealing with and the potential risks.
It’s also important to keep an eye out for any possible problems once the stay starts. Vacation rental monitoring sensors can provide you with insight from your property while respecting guest privacy. Minut monitors noise, occupancy, temperature, and motion and alerts you when they exceed your thresholds. The new-gen sensor also has an outdoor mode if you’re concerned about unauthorized pool or barbecue parties specifically.
2. Ace guest experience and secure repeat booking
Repeat customers are key to business growth, but how can you secure them? The answer is that five-star guest experience. It’s what makes guests want to stay with you again and again. We recommend nailing your essentials first (contactless check-ins, communication, comfort), then adding your unique touch.
In 2023, flexibility will be of utmost importance to the vast majority of travelers. Facilitate it by installing smart locks and offering contactless check-ins. Your guests will be happy that they don’t have to stress about arriving on time. Your property will be more secure (no worrying about copied keys!). And you will save time, too.
Now, contactless check-ins can expose another challenge: communication. Make sure to send your guests all the key information in advance. You’ll have to explain everything: from check-in rules, to Wi-Fi password, to hot tub instructions and check-out time … but don’t explain it all at once! Split it into strategically timed messages so that you don’t overwhelm your guests, but rather guide them throughout their stay. Worried about all the extra admin work? Schedule messages with Minut or your PMS.
Finally, make your guests feel at home. Respect their privacy. Turn the heating or AC on a few hours before they arrive. If you’re comfortable with it, let them control the thermostat during their stay. Provide pots, pans, a coffee machine, and maybe even a few basic condiments. These little details make traveling so much easier. And when guests feel at ease, they can truly enjoy their stay. That’s worth the extra effort, and fortunately, much of it can be automated, too.
3. Automate and integrate for growth
Once you’ve covered the risks and perfected guest experience, it’s time to scale. And the best way to scale efficiently is by using automation.
We’ve already hinted at automated guest communication, which can save you hours upon hours of copy-pasting work. A property management system is pretty much a must for any PM wanting to scale. But there are other tools out there that can help in this area as well. For example, Minut can integrate with smart locks to keep guests up to date on their check-in instructions. It also integrates with PMSs so that Minut can reach out to guests whenever it detects noise. Minut also integrates with smart thermostats, so you can make sure the temperature is perfect throughout the stay, but don’t waste energy between stays. Using less energy makes your business less susceptible to the increasing cost of energy. It also makes you a greener alternative to other providers, a factor that is becoming more and more important to guests.
Growth in 2023
This article covers the basics for growth, but don’t stop here! Once you automate operations, you should find yourself with more time to innovate. Don’t be afraid to put your own spin on hospitality and discover something your guests will remember you for. That’s the best way to differentiate yourself from the competition and build a lasting foundation; not just for 2023, but for years to come.