Standing Out In The Holiday Let Market
Making money in the property game is all about staying ahead of trends or, at the very least, reacting quickly when they spring up, and the latest one to take this investment industry by storm is holiday lets. Get it right and the returns can be substantial. We’re talking tens of thousands of whatever currency you deal with, and that’s just in the high seasons.
Of course, the secret to becoming a success-story is all about how you manage the front end of your operation, whether it be big or small. It’s about coming up with a marketing strategy, boosting your exposure, targeting the right demographics and aligning yourself with the current trends in the market. Do that, and you will find that little holiday home you bought as a place to unwind could start earning you an unbelievable amount.
Target The Market
The more time you can spend doing an assessment of your renters – or even renters that stay at local properties – the better you will be able to tailor your marketing. It could be that your property is a stone’s throw from some incredible surf that brings young twenty-somethings to town, or it could be near a national park that has long attracted older hikers. Know who is most likely to stay and then target them.
Demographic Determines Everything
The more specific you can be, the better. But even knowing certain characteristics that make up your demographic can help you boost your potential and up your timeshare owner leads. Things like gender, age, income, education level, relationship status and more. Yes, you are stereotyping to a degree, but for good reason – those guests who have enjoyed your property in the past are likely to have things in common with those that stay in the future.
Market Trends Hold The Secret
Look at your property, the guests and the local holiday market as a whole, and then try and figure out what trends seem to crop up more often than not. Has there been an investment in local infrastructure that has had an impact on things? What is it most people do with their leisure time while staying in your area? Is there a common theme among holidaymakers in your area – a celebrated wedding venue? World-famous beaches? Good nightlife? All of these will determine trends.
Consider The Competition
When it comes to positioning your property, you should always research your competitors so that you can better your chances. Look at what they offer, what added extras they focus on, what their imagery is like online, how they price themselves, where they are currently advertising themselves and which marketing trends they seem to be focusing on. What’s you know what you are up against, you can react appropriately. It could be that you offer more for the money, it could be there is room to undercut the market, it could be that your location is more desirable. Whatever it is, it’s in your best interest to exploit this advantage.