Growth Strategies for Vacation Rental Inventory in 2022

In many markets, the vacation rental industry is riding high on the successes of 2021, which include continued high demand. That high demand, as we predicted in our VRM predictions for 2022, means fierce competition for available inventory. Even if the supply chain is still disrupted, inventory growth strategies can be implemented. Because in 2021, there will be a scarcity of resources in all industries, including real estate.

This means that new owners with existing second or third properties are facing stiff competition! For property managers, this means that during 2022 and possibly beyond, you'll only have access to a limited number of acquirable listings. So, what can you do this year to increase your vacation rental inventory?

As you plan your expansion strategy, keep these pointers in mind.

Ensure that your homeowner marketing is up to par.

Attracting new homeowners is similar to attracting potential guests in that it necessitates excellent communication, effective marketing, and branding strategies, and a thorough understanding of your market and the people who own property there. Optimize your marketing strategies in the same way that you would if you were trying to increase direct bookings.

You'll want to focus on these (and more!) things if you want to create demand to drive inventory growth through multiple channels:

• Make sure you have a user-friendly website with a comprehensive homeowner section.
• Provide a content-rich section for potential homeowners that includes information about your services as well as testimonials from current and satisfied customers.
• To improve SEO, dedicate a section of your blog to homeowner content.
• Tell the story of you, your team, and your passion for the industry in the "About Us" section. Owners are entrusting a valuable investment to their property manager. Include a form, an email address, and a phone number in your contact information.

Make sure your CTA (call to action) is clear! This should be a simple form to fill out so that you can collect contact information and follow up right away! In the first minutes, sales conversions are 391 percent higher.

• For owner lead generation, use an exit-intent form that is specific to the page; if the visitor is leaving your site, one last attempt to collect contact information is critical. You could create a guide called "Homeowner Tips for Maximum Revenue" or something similar.
• With all of this, response time is crucial. Slow or no response is a deal-breaker; if an owner requests information and does not receive it, they will assume that their guests will be treated the same way.
• Ads that are specifically targeted across multiple channels.

Facebook:

If possible, combine compelling testimonials, copy, images, and video in a static and video format. Also, always be genuine.

• Create custom and look-alike audiences, and target ads based on demographics.
• Remarketing ads can be used to target visitors to your website's Homeowner pages.

Search Ads on Google and Bing

In nearly every market, the largest and national property managers are always bidding on these competitive keywords. It's critical to test search ads and determine the cost and ROI if you're not ranking well organically. Until you can gain traction with your SEO efforts, this is often the best way to generate traffic and leads.

Email, social media, and direct mail can all be used to communicate effectively.

Create useful and meaningful content for your owner email opt-in list to help you build a pipeline for your sales efforts.

Direct mail will continue to help you reach people who aren't online or aren't looking for you. Return on direct mail will continue to be an effective lead generation strategy due to its targeting capabilities.

To increase inventory, cultivate relationships in your market.

Make a name for yourself in your community by attending local events, supporting local causes and businesses whenever possible, and cultivating positive relationships by networking with people in similar industries, particularly in the real estate industry.

• Participate in chamber or association groups and sponsor local events.
• Participate in local Facebook groups for residents and investors in your area.
• Create a Referral Program for Potential New Homeowners

Word of mouth is one of the simplest ways for vacation rental managers to increase their inventory. Consider all of your start vacation rental business industry connections: real estate agents, insurance agents, loan officers, landscapers, and housekeeping staff. Each of these people could be a potential source of referrals for you. Consider forming a referral partnership with these individuals to benefit from a mutually beneficial client exchange.

Another excellent referral source? Owners of vacation rentals, rejoice! Creating a homeowner referral program is an excellent way to boost inventory growth. Make sure to publicize your referral program and provide a compelling incentive, such as lower commission rates or something similar.

Make a Purchase of New Real Estate

Purchasing more properties is one of the most straightforward ways to increase inventory. What better way to expand your vacation rental inventory than to buy a stake in another property management firm?

Acquisitions aren't just for the super-large vacation rental companies.

There are several approaches to completing an acquisition. You can either buy the company's stock or the assets (in this case, owner contracts). Alternatively, you could go all-in and purchase the entity.

Make the most of technology and data.

If increasing inventory is your top priority, you should take a high-level view of your operational tasks and automate, delegate, or outsource as much as possible. Now is the time to invest in technology, such as a good CMS or CRM, to handle your homeowner outreach communications and sales leads. To create highly targeted ad campaigns, combine data from your own system with data from third parties. To appeal to a wider range of guests, use automated dynamic pricing tools to make micro-adjustments to the rates of your current properties. Any task that you can delegate saves you time that you can put toward attracting new homeowners.

Take a look at Vacation Rental Revenue Management.

While inventory is difficult to come by and developing an inventory growth strategy is critical, maximizing revenue from existing properties is something you can do right away. If you can't increase your earnings by adding new properties, the key is to concentrate on how to make the most of the ones you already have. Using data to make key rate adjustments based on the season, your market, and the ebb and flow of demand can help you maintain a high level of occupancy.

The revenue experts at Rented analyze data and develop a dynamic pricing strategy to get the most out of all of your listings, all of the time. Art, Rented's Automated Rates Tool, helps you save time by making adjustments quickly and in batches. Sign up for a free account right now!