4 Strategies to Win More Bookings During COVID-19
COVID-19 has taken the world by storm over the last few months. People are getting sick, businesses are shutting down, US unemployment is at 10%, landlords are not collecting rent. For those of you who are currently running short-term rentals, I wanted to share some insights on how we have weathered this storm and have continued to generate bookings over the past couple months.
One of the most valuable lessons I learned from one of my mentors was this. He who is most adaptable wins. In times like these we all need to take a close look at our businesses and see how can we adapt and thrive. When it comes to short-term rentals we've made some changes to our standard playbook for attracting and retaining bookings. Here are 4 things that my students and I have been using to continue generating & maintaining bookings for our properties.
1. Updating our headlines.
Many states and cities have restricted travel and are only allowing essential workers and those impacted by COVID-19. In order to attract these guests, we've tested out several headlines and I'll share some of our best performers below. One unforeseen benefit of this pandemic is the amount of extended stays we have received. Prior to this pandemic our average booking was 3 nights across our portfolio. Over the last 2 months that has increased to 14 days, and in some cases 3 months. Here are 3 examples of listing titles that have been working for us. Each starts with stating we are only accepting essential travelers, followed by stating we are offering discounted rates (see tip #3 below for more on this), followed by the property highlights
Essential Travelers Only | Plus Discount | Hot Tub & Yard
Essential Travelers Only | Ext Stay Discount | MtnTop Retreat
Essential Travelers Only | Plus Discount | Near Hospitals & Dwntn
2. Outbound lead generation
In addition to adjusting headlines we have been actively generating leads the old fashioned way. We've spoken with the HR departments at all of the local hospitals, contacted any nurses and doctors in our network to share our availability with staff and patients, posted on our social media pages to let friends and family know our availability and willingness to assist anyone in need.
3. Offering additional incentives
As you saw earlier, our headlines call out that we are offering discounted rates. You notice we do not list a definitive percentage or amount. While offering discounts has been standard for most STR operators, I would encourage you to NOT put a defined discount in your headline. Many operators have made the mistake of reducing their rates substantially then stating in their headline that they offer a discount. This often confuses guests and they assume they are getting an additional discount on top of your discounted rates. By leaving the discount open-ended in your listing title it peaks their interest and gets the guest to message you. When they do, let them know you are working to help as many essential workers and stranded travelers as possible, so let me ask you, "What is your maximum budget per person per day?" This allows you to gauge what their budget is and then decided what you are comfortable with. Another option you can use to attract bookings is to offer Instacart gift cards or gift cards for delivery from local restaurants. This way the guests know they won't have to go to the store or have to worry about finding food and essentials for an extended trip.
4. Contacting guests with confirmed reservations
For guests who have confirmed reservations for the upcoming 2 months we've actively reached out to them to let them know which restaurants are offering take-out and deliveries. Which grocery stores have instacart and delivery service. Which local amenities are still available for them to use. By contacting these people BEFORE they reach out to us to potentially cancel their stay, we are proactively reaching out to them. This trust and goodwill has saved us countless bookings over the next 2 months. Several of these guests admitted they were considering cancelling but are now holding onto their reservations thanks to our extra attention & hospitality.
If you're currently struggling in your short-term rental business or you're having trouble starting your business, I've allocated a few slots on my calendar to do some free one-on-one strategy sessions. If you're serious about building your business, feel free to click the link below, fill out the questions so I can learn more about your current situation and set aside 15 minutes for a quick and powerful strategy session with me. We're all in this together and we will all come out stronger on the other side.
Click here to book your free strategy call with me.
To your success,
Mike
