fbpx
vacation rental conference

Marketing plan for rental companies: Acting on your Strengths and Weaknesses (SWOT)

marketing plan for rental companies
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on email

How-to guide for multi-property owners (Part 1 of 2)

The vacation rental market is an increasingly crowded place. 

Great vacation rentals need to stand out from the crowd. But not every property can be in a prime location with 5-star facilities.

However, whilst working with property managers in my career in holiday rental technology, I’ve seen average properties performing exceedingly well, thanks to owners’ efforts. 

What’s their secret? 

2022 vacation rental conference

They’ve dug into their business, taken action, and then told the people that need to know.

The first step is to really truly understand your business. This doesn’t just happen. It’s not instinct or experience. It requires research. 

marketing for multi-property owners

Small businesses should take time out to have a good look at their services – and then, and this is key, use the findings to attract more sales and grow the business.

Today I’ll cover 3 points: 

  1. Research
  2. Action 
  3. Communication

Why do this?

To help your business excel, you have to understand it from the perspective of everyone involved fully. 

By breaking down and truly understanding your company, its processes, your employees, the impressions you make, and your guests, you can make educated business decisions. 

Here are just some strategic directions for your rentals that you’ll be able to consider: 

By identifying your strengths, you know what is working well for you. 

marketing your vacation rental - identify your strengths
  • Do you communicate your strengths sufficiently? 
  • Do you charge the right price for the value you give?
  • Do you allocate the right amount of time to activities that benefit your company?

By identifying weaknesses, there are opportunities to grow. 
Although this can be painful, this is key.

  • Do you need to outsource a problem area? 
  • Should you undertake some training?
  • Can you get to the root of a problem and fix it

So let’s start with the research.

Research

I’d recommend starting with a Strengths and Weaknesses analysis, on your own or with your team.

If you’ve never done this before, then you’ll enjoy this! 

Create two documents, title the first one ‘Strengths’ and the second ‘Weaknesses.’ 

Now is the time to think about your business.

On each document, make a list of the aspects of your company which are strengths or weaknesses.

swot analysis for vacation rental for property managers

It’s important to ask around. Start with your team, your business partners, your guests (either directly or looking at your reviews), and even contacts who know you and your business well. 

Strengths 

Here are some questions to consider.  

  • What do guests say that pleased them?
  • What is written in your reviews?
  • Which services annoy you when you don’t get them from other companies?
  • What do you do better than your competitors?
  • Which tasks bring you joy?
  • What are the special features of your properties?
  • What does your team do well?

This is just a starting point, dig deep and take your time. 

Weaknesses

Here are some questions to ask. 

  • What is written in your complaints?
  • What isn’t written in your reviews that you think should be included?
  • What does your team fail to do?
  • What does your team think that your company doesn’t do well?
  • What do you dislike doing?
  • What do your competitors or other companies do better than you?

This is the first part of the SWOT process. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. We’ll cover Opportunities and Threats in a future article.

Action 

Your findings will help you make informed decisions and take action. 

Look at the points you’ve noted in your strengths and weaknesses. Now is the time to plan which changes to make. 

1. Identify what actions are required (and which need to stop)
2. Prioritise and delegate tasks 
3. Review the effects of the changes

You may choose to focus on one aspect initially or to cover a number at a time. Managing this depends on your company resources and what is best for you. 

Your actions could include:
1. Changing or building new processes 
2. Improving how guests perceive you and your business
3. Arranging tasks to add further value to your proposition
4. Adjusting your communication strategy
5. Adjusting how you manage your guests.

It’s important to be aware that no list is ever completed, so prioritise your actions. 

Communication

The effect of a positive business change is magnified enormously when you communicate it effectively. 

Now you know a great deal more about your business, it’s time to make plans.

Consider your communications with guests, employees, contacts, and anyone else who comes into contact with your brand at any time. 

This is a perfect opportunity to build relationships. 

Make a plan:
1. What do you want to communicate about your business?
2. Who do you want to tell?
3. What mediums should you use?
4. How often should you communicate?

And the important element of communication is to be consistent and be true. 

short-term rental marketing plan

Whatever you say, whether you tell your guests that you care about them, or you are environmentally conscious, or you provide outstanding service or are ethically motivated, you need to ensure that you have embedded that ethos in all parts of your business. 

So that’s it.

Reviewing your company is a valuable exercise, but isn’t a one-off activity. 

I’d recommend going through this at least yearly. This is because people, companies, and our industry are in constant change. 

The vacation rental industry is an exciting place, and particularly so when your guests can see the best of you, the services you offer, and your properties. 

I hope this article inspires you to look at your business to help your guests notice the best of your rentals.

Good luck.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn
Kelly Odor
Kelly Odor

Kelly Odor is the Marketing Director at Bookster property management software. She’s passionate about vacation rentals, with a love of using marketing to help businesses flourish.

Winter Resort Website Medium Rectangle Ad

Table of Contents

Dear Short-Term Rental Industry Member, Join Our Scalers Network

Our Mission

We bring together short-term rental industry members to create valuable business and personal relationships. With the support of vetted peers, you can deliver on your next individual project goals faster, work in private groups to share doubts and successes, and become a new voice that shapes the conversation about our industry.

Whether you are a property manager, an owner, an industry vendor, a listing site operator, an investor, or a consultant, you can become a member of our Rental Scale-Up family.  As property managers and industry vendors may not have the same needs, some of our activities work by affinity groups. For instance, we have one version of the mastermind group sessions reserved for property managers and owners, and another one for vendors and listing sites. This way, you get feedback from peers who understand your pains and can get you faster to getting results.

1. Action, Transformation & Results

  • Mastermind Group for Property Managers & Owners: A mastermind group is a group of peers who meet to give each other advice and support. Facilitated by Rental Scale-Up. One session every 2 weeks with your group for a least 3 months.
  • Ask a Property Manager: Hosts, owners and property managers benefit from the experience of a successful property manager. (1 per month)
  • Groupwork: Report of the month co-creationA group of Scalers volunteer to write a report on the topic of the month. The result is published on RentalScaleUp.com, with full credits to each participants. (1 per month)
  • Mastermind Group for Industry Vendors & Listing Site Operators: A mastermind group is a group of peers who meet to give each other advice and support. Facilitated by Rental Scale-Up. One session every 2 weeks with your group for a least 3 months.
  • Ask an Expert Anything (for vendors and listing sites): An outside expert (e.g. a copywriter) shares their experience on a topic in an Ask Me Anything (1 per month)

2. News & Live Discussions

  • Investment & Deals  Discussion: Thibault and an M&A specialist/VC go over recent deals, M&A, investment rounds. Live, monthly.
  • Curated news: Save time. We read the news for you, curate the articles, and add our exclusive comments (weekly, in the Network Newsletter)
  • US Trends & Data Discussion: We analyze AirDNA’s latest report on US trends and zoom in on key markets (e.g. urban vs vacation rental markets).  Network members share what they see in the markets. Live, monthly.
  • Monthly Live online conference: Every month, our Network deep dives into a topic that is crucial to the short-term rental industry. 3 experts share their insights, best practices and answer your questions live.
  • European Trends & Data Discussion: We analyze AirDNA’s latest report on European trends and zoom in on key markets (e.g. UK, France, Italy, Spain).  Network members share what they see in the markets. Live, monthly.
  • Weekly Teardown with Thibault: Rental Scale-Up founder tears down one business news, every week, live.  Networker members share their views. No filter.

3. Facilitated Networking

  • Networking Booster: Meet new business partners and improve your networking game at an online event. Our team facilitates the event to make it easy for you to connect with your peers. (monthly)
  • Business Profile: Each new Scaler gets their profile featured in a dedicated article on RentalScaleUp.com. Get more visibility and authority.
  • In-Person Meetups: We meet in real life, either during a large vacation rental conference or in a city of our choice (quarterly)
  • Job Offers: Network members can not only see job offers but also post theirs. If desired, job offers can be extended to all Rental Scale-Up readers (free and paid).

4. Deals on industry software and products

  • Get Discounts: Enjoy exclusive deals brought to you by fellow Network members. Only in our Deals section. Monthly.
  • Offer Deals and Discounts: Network members may offer exclusive deals to fellow members, from discounts on stays at their properties to lifetime deals on vacation rental software. Only in our Deals section. Monthly.

Ready to join right now?

Scalers comes in 3 levels:

  • Scalers Insights, the limited, content-only version of the network. Great those who just want to get the insights but have less time for business transformation.
  • Scalers Network: Transform your business and get results. Get more things done. You get support, accountability, networking, training, and investment opportunities
  • Scalers Network+ : Avoid the hassle of quarterly payments and pick an annual membership. Qualify for bonuses good for your business (e.g. lead generation)

Not quite ready? Sign up for our free newsletter

Weekly insights straight into your email inbox.

On Key

Related Posts

Actionable insights

Take the Right Decisions for Your Rental Business thanks to our Weekly Industry Brief.

Exclusive newsletter for rental entrepreneurs.