Investment Insight: Short-term Rentals near KLCC
- November 29, 2023
SR Residences (not the actual name) is a luxury residential building located in the heart of Kuala Lumpur with just a seven-minute... Read More
Since MyRehat opened its doors in 2019, we have seen tremendous growth in operating short-term rental accommodations and manoeuvring our way around the hospitality, tourism and customer service industries.
As with any business big or small, MyRehat too has managed to turn our passion into profits amid domestic and global headwinds, including during low occupancy periods.
Here are some clever ways to increase the occupancy rate for Airbnb in off-peak seasons:
Expand the reach of your properties and your customer base by listing your properties on other OTAs especially the BIG THREE – Airbnb, Agoda and Booking.com. That said, of course, you have to familiarise yourself with each OTA’s back-end system and listing procedure. It may be a tedious process at first but once you get the hang of it and if you have good properties, you can get bookings within a week.
When you keep your mind open to any possibilities and opportunities, learning a new thing like listing on a digital booking platform can be much easier and promising. In fact, it helps you to be more exposed to the way different booking systems work.
After securing a spot on various far-reaching booking platforms, you should also look into niche players like Ticket.com and DE Rantau Hubs as they cater to specific market segments such as digital nomads who can be a huge potential customer base during low occupancy periods.
This means that you are not only targeting tourists who typically plan their travel around the holidays but also those who travel for other purposes such as remote work, long stays and more.
As an Airbnb operator, host or someone who owns a similar business, put yourself out there to be known among peers in the same industry as yours. Shake some hands, share some experiences, exchange some ideas and hand out some cards. Networking is not just to “collect your harvest” but also to “plant some seeds” that you can grow in your circle later.
This is especially useful when you get to know other operators in the same building of your properties so you can swap tips and tricks that will come in handy for your business. Additionally, you can even help each other out to entice more bookings despite off-peak periods.
If your properties are located strategically in the hubs of eateries or shops, think about how you can be the catalyst for making your customers’ stay more pleasant and convenient. For instance, tie-up with nearby restaurants for breakfast or dinner deals that can be packaged into your customers’ booking. Just like booking a hotel room, some people prefer to take up the hotel’s breakfast while some are not. This way, you can appeal to customers who love a combo deal and contribute to the local economy at the same time.
Other than meal options, you can also collaborate with nearby shops that offer products or services that can attract customers even during low occupancy periods such as convenience stores, activity vendors as well as health and beauty outlets by offering special discounts or rewards when they make bookings.
Add more merit to your rental options so that customers feel more compelled to book with you. Apply some psychological tactics when you want to attract bookings on your platform.
For example, display the frequency of booking for a particular property – “This property has been booked 25 times this month” or highlight recent testimonials from other customers – “One of the best Airbnb I have ever stayed at. The value for money is insane and the unit is very clean. Highly recommended!”
You can also create an urgency on your platform to secure more bookings such as by emphasizing an offer that is being held at a limited time – “Extra 20% discount for the next 15 minutes” or “Only 2 properties left for this weekend”.
This marketing psychology is widely used in every industry but the catch is you must deliver what has been promised or guaranteed to the customers to establish a mutual trust.
Touch base with your past customers and offer them a good deal such as vouchers or promo codes to return and book your properties. It is easier to convince past customers especially those who have had a delightful stay with you and established a positive impression on your services.
It is time to look back at those details you have collected such as their emails and phone numbers, and make your customers remember you like how you remember them!
For continuous engagement and a more casual interaction, what better way to do it than staying active and interesting on social media? Several types of content can help make your profile more engaging and trustworthy:
Follow MyRehat on our social media to get all your travel needs, knowledge, tips and more and don’t miss out on our special deals from time to time. Make your money worthwhile by choosing us to be your host and spending it on only high-quality properties!
In a nutshell
Achieving your sales target and improving revenue during the low occupancy period doesn’t have to be too difficult now. Using some of the ways we have shown above, you can spice them up with your own creativity and customise them according to your customer’s needs as you know them best.
Growth takes time and it is important for short-term rental hosts to support each other in navigating the challenges while recovering from post-COVID losses. Above all, don’t stop learning new things and keep thriving!
Disclaimer: The contents of this blog are for informational purposes only. They are not intended to be professional or expert advice. They are the operator’s personal opinions and experiences which may not necessarily reflect the opinions of any organisation or company that they are affiliated with. All investment strategies and investments involve the risk of loss. Nothing contained in this website should be construed as investment advice. Any reference to an investment’s past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit. We reserve the right to change the overall content and focus. While we try to be as accurate as we can, there may be errors or omissions. We are not able to disclose all information needed to assess a particular situation. Please consult an independent professional advice for your specific needs.