The Pros and Cons of Marketing Your Own Vacation Rental
With Airbnb’s growing popularity, there has been an accompanying rise in vacation rental opportunities for property owners worldwide. Because of the ever-changing regulations in this industry, people have begun debating over which is better: self-management or a vacation rental management service provider.
Without a doubt, self-marketing your short-term vacation rental can be difficult, especially for new owners who have yet to penetrate the industry. Some types of homes, in particular, have difficulty competing on a global level. If you have a luxury property, it is even more complex.
So, how best to market your vacation rental property depends solely on your circumstances. If you have no other form of employment, you may have the time to dedicate to customers full-time. If your property is popular, you may not need the services of a management company to oversee rentals. However, if you already have a full-time job and have a family to support, you may not want the extra responsibilities that come with participating in this industry.
What Are The Pros Of Self-Management?
A person who self-manages a vacation rental has the most to gain or lose because it’s in their best interest to be successful. You also learn about the industry and know when you need to hire help.
2. Direct Contact With Customers
Some people love interacting with others. If you have new guests checking in and out every day, you get a chance to show off your people skills. Good customer service skills also boost your ratings and drive revenue potential.
3. More Control Over Brand Identity
When you market yourself, you have more control over your property brand, reputation, and identity. It can be a bit tricky, though, if you misunderstand a market indicator or do not know which tools are best for advertising.
What Are The Cons?
4. Having To Navigate Channels
Channel management is one of the hardest issues to overcome because there are dozens of websites that all have different requirements and structure. If you aren’t sure which channels your property’s area does the best in, it will affect your revenue.
5. Gaining A Reputation
Building a reputation takes time and commitment. If you don’t engage proactively, provide five-star customer care, and respond quickly to guest needs, your reputation and booking potential will suffer.
If you do not have the time to commit to the short-term rental industry fully, you are better off hiring a vacation rental management team who have the personnel and experience to help you carve a larger space in this competitive market.
Regardless of where you fall on the debate, short-term rentals have become tremendously successful because property owners now realize that there is more income potential in a fully-furnished dwelling located in high-demand tourist locations. It all just comes down to how you market it.