The STR market has exploded in recent years, with more listings than ever vying for the attention of a finite number of guests. Platforms like Airbnb and Vrbo have made it easy for property managers and homeowners to list their spaces. Listings can and should be optimized to give them the best chance, but it’s not enough. To succeed in a crowded marketplace, PMCs need to go beyond the basics and find ways to differentiate themselves.
Supply has outpaced demand in many destinations, and massive players like Vacasa have scooped up properties left and right. Guests face an overwhelming number of choices, making it harder for any single listing to stand out. The phenomenon of too many options is called choice overload, or the Paradox of Choice. If you’ve ever stood in front of a wall of toothpaste at the store, then you know the feeling.
In the STR space, the profusion of options has driven down nightly rates and occupancy levels, forcing property managers to rethink their marketing strategies.
The keys are in differentiation, branding, and delivering an exceptional guest experience. Here’s how you can make your listings shine.
Optimized listings are the low-hanging fruit of any strategy designed to help you stand out. They can’t draw potential guests on their own, but they can turn guests off. Ditto for OTA algorithms, which can spot non-optimized listings a mile away and shuffle yours to the bottom of an already intimidating pile.
STR companies that establish a strong brand identity are more likely to attract repeat guests and word-of-mouth referrals. Branding goes beyond logos and colors—it’s about the experience you offer. Do you know what experience you’re going for and whether you deliver?
Chances are, you’ve already carved out a unique space in your market, intentionally or otherwise. If it’s working, lean into it. If it isn’t, consider the following suggestions:
Technology can be a game-changer in improving guest experience and streamlining operations. And we should know, because TrackSuite is designed to do exactly that!
But regardless of the technology in your stack, the point is that technology can do more than simply help you manage the day-to-day. Used well, it can unlock new opportunities to deliver crisp, Johnny-on-the-spot guest service. Such as …
Airbnb and Vrbo are essential for visibility, but relying solely on them can limit your control and revenue potential. In general, the more channels you’re on, the better. TrackDistribution is a great example of a comprehensive channel management platform that can push updates across all the channels at once, massively simplifying what used to be a tedious and time-consuming hassle.
Of course, no channel merits more attention than your direct channel. In addition to being the most profitable, it’s the only one over which you have a lot of control.
Reviews are one of the most influential factors in a guest’s booking decision. Encouraging positive reviews should be a top priority. Include links directly to the reviews section in automated emails and texts after check-out.
Responding to reviews is just as important. Generative AI features, such as the Reviews Management tool in TrackDistribution, can dramatically reduce the time and effort required to respond personally.
Creating partnerships with local businesses can add value to your guest experience while strengthening your brand.
Once you think of the guest journey in terms of an experience and not just a stay, you understand that you need partnerships in order to build and market those experiences. Some experiences center around activities that guests identify with, like climbing or fishing or antiquing. Others might revolve around major events like concerts or festivals.
Since many of the businesses with whom you’d want to partner are small, it’s likely that they’ll be more inclined to work with other small businesses — a potential advantage if you struggle to compete with the big dogs.
The short-term rental market is more competitive than ever, but with the right strategies, your business can not only survive but thrive. By optimizing your listings, developing a strong brand, handing over some of the heavy lifting to technology, and engaging in strategic marketing, you can stand out from the competition and attract more guests. In an overcrowded market, those who go the extra mile to create unique and memorable experiences have the most to gain.
If you’re ready to shift into another gear, take your business to the next level, or embody any number of colorful metaphors for reaching your full potential, drop the Track team a line.