While building your reputation can take a while, creating a Referral Program targeting both existing owners and various industry professionals, such as local associations, real estate companies and influencers, can return results quickly.
One of the top property management companies in London, City Relay, is applying an engaging program to attract new properties by offering extra income and waving fees for referrers.
Key tip for referral programs to work: Make sure you apply simple and straight-forward rules.
While looking at a vacation rental management company, owners will look at your proposed business strategy and the tools you'll use to bring maximum return on their investment.
Use advanced technology easily available to manage a vacation rental property today: from a powerful Channel Manager for broad market reach, to a Yield Manager for maximum revenue, to a trusted payment provider to easily schedule and send payouts to owners.
Show your commitment by offering something extra: protect the owners property and investment!
An excellent example is the dedicated Property Care Scheme applied by FBM Holidays: the UK-based company charges guests an extra fee in order to have a fund for small repairs and maintenance.
You could also partner with an Insurance Provider and offer discounted rates for your owners – this will not only show that you care but it is also a chance of additional revenue.
Attending large industry events is important to make new business contacts, but how about going further and organizing your own events dedicated to prospect property owners? How about organizing an open-day at your offices or even better, at one of your properties? Aside owners, invite industry influencers, local associations and service providers.
Partner with other hospitality businesses, such as well-established Hotel brands! Hotels are looking to invest in the vacation rental sector and a perfect example is the recent partnership announced between Marriott International and Hostmaker, as well as the partnership between Châteaux & Hôtels Collection and Airbnb.
Reputation building both online and offline is very important to get the attention of owners, especially in local circles. And who best can recommend your services then existing owners? Ask them to review your service online, create a dedicated reviews page on your website like Airsorted does, or even publish a Case Study in the press. Nothing works better then recommendations to attract new properties!
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