As the short-term rental (STR) market continues to flourish, owners are constantly seeking ways to maximize their revenue. With a combination of strategic pricing, enhanced guest experiences, and effective marketing, you can significantly boost your earnings. Here’s a comprehensive guide on how to increase your revenue as an STR owner.

Optimize Your Pricing Strategy

Utilizing dynamic pricing tools is a great place to start and can help you adjust your rates based on demand, seasonality, and local events. By analyzing market trends, you can ensure your rates remain competitive while maximizing occupancy. Offering discounts for longer stays can encourage guests to book for extended periods, reducing vacancy rates and increasing overall revenue. Also, consider implementing last-minute discounts to fill vacancies. Guests looking for quick getaways are often willing to snag a deal, ensuring your property doesn’t sit empty.

Enhance Your Property’s Appeal

Invest in professional photography to showcase your property. High-quality images can significantly impact a guest's decision-making process and help you stand out on listing platforms. Next, enhancing your amenities can justify higher rates. Consider adding features like a hot tub, high-speed Wi-Fi, or a well-equipped kitchen. Small touches, like luxury toiletries or local snacks, can also enhance guest satisfaction. Checked.In is a guest experience software that was specifically designed to house your amenities with all your property information to make offering and using the amenities a seamless experience between host and guest. 

When you can, think outside the box—offer unique experiences like guided local tours, cooking classes, or outdoor adventures - include these as “Add-ons” in your Checked.In web-app and increase your revenue opportunities every time your guest go to check their information they’ll see potential add-on experiences that they can purchases right there and then. You could even partner with local businesses to offer these experiences and create memorable packages that attract more guests. This is easily managed and accessible within the Checked.In web-app, making it possible for guest to book easily and for hosts to provide affiliate links so they get a cut of the booking!

Suggestions for Add-On’s that can increase revenue and/or guest experience:

Services

• Private Chef
• Mid-Stay Cleaning
• Masseuse
• Party Set up
• Pre-arrival grocery shop

Ameneties

• Book use of hot tubs
• cold plunge
• saunas
• pool
• party spaces
• tennis courts

Goods

• Smores Kits
• Champagne
• Romance Basket
• Merchandise (mugs, shirts, hats)

Rentals

• Bikes
• Kayaks
• Snowshoes
• Stand Up Paddle Boards

Extras

• Bring your Pet
• Extra People
• Electric Charger

Affiliate

• Partner with locals to offer and earn money selling: experience, coffee, candles, skin & hair care, blankets, cookware

Focus on Guest Experience

Engaging with your guests before, during, and after their stay with personalized messages can make guests feel valued and lead to positive reviews and repeat bookings. Once on site, ensuring the cleanliness and safety of the space is paramount for guests. Cleaners and mid-stay cleanings can be managed through the Checked.In backend. Cleaners recommend hosts regularly update their cleaning protocols such as implementing contactless check-in options - which is easily achievable when using Checked.In.

Whether it’s through QR codes in your rental or post-stay emails, encourage guests to leave feedback and reviews. Pay attention to their suggestions for improvements and respond to the reviews, this engagement increases brand favorability. 

Optimize Your Online Presence

Ensure your property listing is optimized for search engines by using relevant keywords, detailed descriptions, and highlighting unique features can increase your visibility and attract more bookings. Leveraging social media to promote your property is the new industry standard. Share stunning images, guest testimonials, and local highlights to create interest and drive engagement which will attract potential guests and build a loyal following.

We recommended regularly running Meta Ads with your top performing content to target your nearest cities and partnering with local influencers and other popular accounts for features (such as @TheCabinLand) can be well worth the investment. 

Implement Effective Marketing Strategies

If you have a direct booking site, make use of your data. Build an email list of past guests and interested travelers. Send out newsletters with promotions, local events, or updates about your property. This keeps your property top-of-mind and encourages repeat bookings.

Collaborate with local restaurants, tour operators, and attractions to offer special deals for your guests, these partnerships can enhance the guest experience! 

Hosts should also consider creating a referral program that rewards past guests for referring new clients. This incentivizes satisfied customers to spread the word about your property. Additionally, utilizing tools like PriceLabs to help with implementing seasonal adjustments to your pricing can help during your peak and low seasons. Tailor your marketing efforts and pricing strategies to align with peak travel times and local events can make a break a years bottom line. Pricelabs is a top recommended tool used by most STR owners across the US. 

Increasing revenue as a short-term rental owner requires a multifaceted approach that combines smart pricing, enhancing guest experiences, and effective marketing. By implementing these strategies, you can maximize your property’s potential and thrive in the competitive STR market. Remember, happy guests lead to repeat bookings and positive word-of-mouth—two essential ingredients for sustained success in the short-term rental industry.