55 | Tactical Things You Can Do Tomorrow To Raise Revenue | with Sharon Keefe

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Are you being compensated for all of the services you are providing?

We have Sharon Keefe back on the show because she’s been in the vacation rental market for over 17 years — from working at a front desk to working for a vacation rental software company — and now she helps vacation rental managers grow strategically. She is an expert at creating sustainable business models for short-term rental businesses, without sacrificing the guest’s experience.

Sharon has spent the last 17 years in the hospitality space and her passion for the last 14 years has been in the vacation and short-term rental industry. She coaches and teaches how to run the business more efficiently, increase positive guest reviews and make more money.

Today we’re going to talk about tangible, actionable things you can do to increase revenue. Some of these things are kind of high-level, but we want you to think big for when you are going to need systems and outgrow the Airbnb platform.

So, what can property owners do to start making more revenue in their short-term rental businesses?

Tap into the concierge role

We need to start providing more of an experience to the traveler. Somebody is already going into the property prior to the guest arriving. So, logistically, it is fairly simple to start providing some concierge services that the guest can pay for, such as stocking fridges with specific items or discovering specific needs and providing them.

Maintenance costs

Every time you have to send someone out for a maintenance item, there is so much back-and-forth in ensuring the right person gets sent out and everything gets tackled appropriately. You need to cover your time in the cost on top of the price of the maintenance costs.

Consider the cost of linens

Linens are always a thorn in the side of property management: the cost of laundering them, replacing them, etc. But this is an area that you cannot cut costs in. They will drive reviews. Linens matter. If you don’t have anything built into your rental rate around linens, you need to add that. It is an industry standard that the guest is paying for that, whether they know it or not.

Early check-in or late check-out

Think of this as a convenience fee: your guest is extending their stay and there are many logistics that have to change to accommodate that request. Everyone is already expected to pay this when it comes to a hotel, so they won’t think anything of paying you for it.

These are just a few suggestions, but they should be quick and easy to implement. Whatever your goals are, revenue is essential for running a STR business, so make sure you’re doing everything you can to make more!

Resources:

• VRM Advocate: https://www.vrmadvocate.com/
• LinkedIn: https://www.linkedin.com/in/sharon-keefe-what-you-measure-and-monitor-will-improve-37600a9/
• #STRShareSunday: @bungalow211