The short-term rental market has been growing at an exponential rate. In fact, the current market is estimated to be worth at least $100 billion, with projections taking the number to $170 billion by the end of 2019. It is more than profitable to be in this kind of business now, but that comes with its own issues. The astounding growth that the market is experiencing means that competition is getting tougher and tougher.
So what do you do to stand out from the crowd? Marketing. If you have a good marketing strategy in place – one that highlights the strengths and advantages of your short-term rental property over the others – you will always remain a step ahead of your competition.
Of course, when you have a business to run and personnel to pay, adding marketing to your list of expenditures may not be the most inviting option.
Fortunately, there are cheaper alternatives to everything. Some of the best and most efficient marketing channels, as counter-intuitive as it may sound, are on the affordable spectrum.
Here we present you with five budget-friendly ways to market your short-term rental property without breaking the bank.
1) Promote Through Mobile Marketing
Mobile marketing is a very broad marketing channel, in that it contains multitudes of channels itself. The sheer volume of tools and channels available for mobile marketing makes for an overwhelming experience for beginners.
In between all those channels and tools, however, there is a goldmine of affordable options that you can use to promote your short-term rental place. In-app marketing, social media apps and affiliate marketing are all affordable options that you can consider in your pursuit.
2) Use SMS Marketing
SMS marketing is basically an extension of mobile marketing and is currently one of the best communication channels for marketing purposes. It has some of the highest open and conversion rates among all channels. Its advantages lie in its affordability, accessibility and reach. SMS marketing is an ideal channel through which you can promote your property to potential clients. You can even create a bot for automated responses in case clients message your number for more information. It will make for an interactive experience for customers wherein they will get all the info they need and, in return, you will generate new leads and promote your rental.
3) Utilize Email Marketing
Email marketing is another channel to consider. Although it does not boast high rates in terms of efficiency, it is an affordable – if not downright free – channel to work with. You can use email marketing to promote your property and notify people of your offerings or any new updates, especially during peak seasons when people are more likely to rent your place.
4) Take Advantage of Social Media
Social networks are among the most popular websites in the world, so it makes sense to create a social media presence on as many platforms as you can (Facebook, Twitter, Instagram etc). It guarantees a substantial amount of exposure for your rental business and can help you generate new leads, not to mention it will lend you a sense of credibility among potential clients and give some legitimacy to your business. You can do your promotion in-house using social media websites to save on costs, but in case you want better results, you can always run targeted ads. There is no exact pricing to social media advertising because it can range from incredibly cheap to borderline unaffordable depending on what your target criteria is. Keep it simple and you should be able to reach more travelers without going over budget.
5) Take High-End Pictures and Videos
One of your top priorities should be capturing high-quality pictures and videos of your place. Consumer decisions are often based on first impressions. Clients usually tend to steer away from properties when the quality of pictures is not good enough, preventing them from getting a good grasp of the place. This is why you need professional photos and videos that represent your property in the best light possible. As photos can be deceptive at times because they can misrepresent the real depth, lighting and other features of a property, a video that can offer viewers a real sense of what the property is exactly like, may make potential guests more likely to book.
Maximize Your Potential
Marketing may seem pretty daunting to property managers who just want to focus on their immediate business, but without taking the time and effort to properly promote your listings, you’re not maximizing your company’s potential.
The good news is, there are marketing tools out there that are simple to use and aren’t too costly, so you can start welcoming more guests today.