Step one is “Don’t be Absentee: Self Manage.”
An absentee Owner doesn’t really care what happens. They hand the unit off to a property manager and leave it all to them. But with that, goes 30% to 40% of your profit.
Conversely, a successful self-managing owner watches over every aspect of their business, follows the market, and aims at giving an exemplary experience to every paying guest. And this is why they rise to the top 5% of Airbnb Hosts, and don’t have to worry about profits.
Step two is “Carry a spirit of Hospitality.”
The Additional Profit will Come So Long As You Carry a spirit of Hospitality.
People are humans and don’t want to deal with big organizations.
They want to have a “fire side chat,” and know who they’re renting from and that they are seen and heard.
A simple conversation with a potential a guest is what sets you apart from the onsite property management companies at large resorts.
You’re a person, just like them, that happens to own a unit at the Beachfront Resort they like. So, to them, if you get it right, they feel like they’re renting from a friend.
Remember, hospitality is when something happens for you, and not when something happens to you. Let this guide the experience you’re creating for your guests.
When they hear a friendly voice or read a nice text or email on the other side of that phone or computer, they’re going to know that they’ve made the right choice in selecting your unit for their vacation.
In all your advertising, in the brand you’re creating, you want to people to feel warm and welcomed with every exchange, and that’s how you get repeat business, year after year.
As long as you put the guest first, you won’t ever have to worry about the profits, or the additional profits you can earn from marketing your unit.
Step 3 is “Don’t Skip Hospitality.”
Beware of Getting this Wrong. If you lack the spirit of hospitality, no matter how much additional marketing you do, you won’t keep the additional business.
You can’t build on a negative, and if you’re unfriendly, non-hospitable, and lack concern for your guests’ experience, you won’t get any further than the new guests you manage to catch with each new year. And they won’t be returning.
Step 4 is “Marketing! Marketing! Marketing! Means “Build a Brand.”
People must learn what they get when they get you. So long as that is hospitality, then you’re free to begin exposing the rest of the world to your business.
In a recent conversation with an agent, the seller mentioned that with the additional marketing that he does for his unit, he brings in an additional $8,000 to $10,000 in Gross Rental Income.
Would you like to make $8,000 to $10,000 More Gross Rental Income? Here’s how.
Post Your Unit on Your Social Media accounts.
You can have the greatest units in the world and the best service but if there isn’t anyone that knows about it, you aren’t getting bookings.
Invest in software like Munch or Vidyo.ai to turn your content into branded material that can be posted on multiple platforms.
Additionally, join Facebook groups like vacation groups, etc, and post your listing in the group.
Run Facebook Ads.
Set up an annual ad that runs for $4 Per day. People click the add and it takes them to a Google Form where they input their information so you can call them and book their stay.
Film a YouTube Video Ad and run a Google Ad.
Film a 3-minute video on your unit and run Google Ads to boost it. People click the Google Ads and it takes them to your YouTube channel so they can see your contact information in the description and call, text, email, or click a link to your Google Form and give you their contact information.
Set up a Blog Post.
Set up a Blog Post all about your unit and start sharing your posts on all social media platforms. Create blogs at the intersection of Myrtle Beach and Vacationing. Use a service like Rank IQ to ensure that your blog gets the traffic it needs.
Bonus: Rental Strategy Secret.
According to Mike, in Myrtle Beach, bookings come last minute. This has also been confirmed by a client of mine that uses this same exact strategy. The secret is not requiring 7-day rentals and because everyone else in the market does require 7-day rentals, they get more bookings this way. Furthermore, you can charge a premium for those wishing to book last minute and that want a shorter stay, because everywhere else requires 7 days.
Mike went on to tell me that in July (the busiest month of the rental year), he might have had one 7-day booking, but was rented every night that month. This only serves to confirm market demand for shorter stay rentals.
Call today to discuss your next Oceanfront Condo purchase in the Myrtle Beach Real Estate Market: 843-360-1737
Disclaimer: All information given is meant to be educational. I am only passing on historical information shared with me by owners, rental companies, and various publications. Additionally, I am not guaranteeing these numbers, nor can I guarantee future rentals or appreciation. This information is not intended to replace your own research, or to provide legal, investment, or financial advice. Please consult an attorney for legal advice.
For expert advice and to explore available opportunities, call 843-360-1737 today.