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Most common mistakes we see owners make.

Not being competitive with max guest count.

When an owner set their max guest allowance lower than the competition in the local market it causes your property to not show up in searches. For instance, a drop from 8 to 6 guests for a 3 bedroom property will result in a 30% lower occupancy rate. For more details on this, see our blog: Low Max Guest Count = Less $$$

Not being competitive with price.

One of the first things an account manager will do with a property is a competition analysis. The purpose is to figure out how your unit stacks up against the other properties guests are booking in the area. Based on the nature of the other properties your agent will set a price they believe will maximize revenues for all of us. If an owner wishes to mandate pricing they should do so only after clearly looking at the competition's reviews, quality of photos, prices, max guest numbers, special amenities etc and then try not to be bias toward their own property. Everyone thinks their baby is the cutest.

Not having amenities that set you apart.

Guests don't care about new flooring, they care about ping pong tables, bikes, high chairs etc. A lot of the time guests are choosing between two or 3 properties that they feel are very similar. Having smart amenities can be the difference that makes them choose your home. There are many items owners don't even think about. Here is a blog of ours that has more details: What Guest Really Want.

Not being responsive to guest feedback.

The guests are your customer and you need to take seriously guest feedback. With that said some guests are just picky, but work with your caretaker and account manager to figure out what issues guests are having and take needed action with your caretaker to make the guest experience great. Good guest experiences= more reviews/repeat guests = more revenue.

Not understanding competition.

The vacation rental industry is very very competitive. Every traveller is considering multiple properties and yours is just one of these many they are considering. They key is to stand out. If you want to charge a price that is above average you need to offer amenities that are above average and have a higher max guest allowance. Your account manager's job is to know this competition and ensure you are competitive in order to maximize revenue.

Taking their neighbors word.

Its important to base your strategy on the competition and data, not what one person said about how their property did. For instance we had an owner who claimed his neighbor was booked 90% of the time. Upon closer examination we found that in reality this owners occupancy rate was really 70%. Of those reservations, 30% were part of his large family, 20% were friends of family paying a discounted rate, and 10% were repeat guests, so our owner should not expect similar results. Many people exaggerate about their homes and businesses so its important to make your decisions based on data and competition and not just what someone else said.

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