Peak season is the best time to maximize profitability. It is relatively short yet high-income period during the year that can boost your rental revenue by almost 30 percent over the year. It happens every year, but it’s only a short window of opportunity, typically lasting four to six weeks each year.
Even though it’s the most fun-filled time of year for travellers, it is also the most stressful time for property owners and managers. Managing a short-let property can be overwhelming, especially when your presence is in high demand and the opportunity for growth is endless. Competition is likely to get even fiercer. So what can you do to get ready for peak season?
Dubai is world’s most popular tourist destination…
Dubai is one of the top most favourite tourist destinations in the world and after forfeiting last year’s holiday, people are desperate to escape their homes and we have already seen a sharp uptick in short-term rental reservations. If you are looking to pull in some additional income, what can you do to get your listing ready for the upcoming busiest holiday season?
According to an estimate, reservation volume is estimated to be around 60% higher than the same period in 2020. Additionally, each property listing can be expected to generate 25% more profit than in 2019. The changes have been incremental, but guests’ expectations have risen as a result. The short-let rental industry has to take a more customer-centric approach with policies that are designed to respond to consumers’ desires for greater transparency, more flexible cancelling and an upgraded set of amenities.
By offering free cancellations, you are sending the message that your customers are important and valued, and that you are committed to providing them with the best possible experience. Not only will offering a free cancellation policy help you build a stronger brand, but it also helps you attract a larger number of customers. This, in turn, will help you generate a greater amount of revenue. Of course, the costs that go into offering a free cancellation policy must be taken into account. However, the benefits that can be reaped from offering a free cancellation policy are well worth the costs.
A simple sign on the door to the suite explaining the deep cleaning schedule and what needs to be cleaned can go a long way in reassuring guests that their stay will be as comfortable as possible. It also demonstrates that the property takes its responsibility as a host seriously.
Mastering the art of offering a variety of pricing options to guests will help you achieve maximum revenue and keep your properties full. All-inclusive pricing can also be a great way to earn additional bookings. Discounts for longer-term guests and higher nightly rates when last-minute guests are likely to be the other two most popular pricing strategies.
During off-peak months, you can use the extra wait time to optimize your system, but in the peak season, response times become more and more critical to guest satisfaction. The last thing you want is for your guests to be waiting for hours at your bed and breakfast for a response to their email or question. The worst thing you can do to a guest is make them feel like you don’t care about them, so it is imperative that you have your system in place and optimized before the peak season begins. This will ensure the best possible experience for your guests and help build your reputation as a short-let hospitality brand.