Do You Know Your Place?
Understanding your audience and knowing how to price your holiday let are key when it comes to maximising your income according to Hannah Cooper, Property Recruitment Manager for Suffolk Secrets, the county’s largest holiday lettings provider. Here, she explains why.
With more and more holiday makers choosing a Suffolk staycation – and more holiday homes on the market – understanding who your property will appeal to most (and why) are key considerations when it comes to maximising your income.
Here’s our five pointers for you to know your place.
Who is your customer?
Is your property a boutique bolthole for two? Perhaps, instead, it’s the perfect family retreat, for two or three generations. Or maybe you’d prefer your property was marketed for adults only? Is it pet friendly? Two thirds of our properties are, as more people bring their dogs with them on holiday, too, rather than leaving them in kennels.
Whilst styling your property it’s important to know who you want to attract. That said, when it comes to maximising your income potential, flexibility is key. Using zip and link beds so you can change a king to two singles is a great way to do this. Unless you only want to attract families avoid making bedrooms too childish. Cuddly toys and train sets are a no-no here!
Style your living and dining areas to suit your audience. Increasingly, family friendly properties have snugs, games rooms or tv rooms, where adults can have grown up time, and children will be equally entertained. For adult only groups, show the dining areas and outdoor spaces dressed for dinner or a summer BBQ.
Great Expectations?
Yes, it’s true that customer expectation is rising, but that doesn’t necessarily mean that all those customers want 5-star luxury by any stretch. What they do want, though, is value for money, something which makes your property more appealing than others in the same price point, from three to five star homes, and quality assurance. Always.
As an absolute minimum, whoever your customer is this - cleanliness, good general maintenance, decent wifi, TV signal and other increasing demands for up to date tech such as large televisions, Netflix, sound systems and USB points.
A Number’s Game
It might surprise you to know that increasing sleeps size doesn’t always mean more revenue / bookings. Yes, your property could accommodate 8 people in 4 bedrooms, but maybe it would be better to set the property up for 6 guests. Make sure you consider the living and dining areas available – space and comfort are paramount to your guests’ enjoyment.
Make sure the price is right
If you want to maximise bookings, be competitive. It’s a truism that most holiday makers are mindful of their budget, whether that’s at the wallet-friendly scale or the top end. Set your price to your booking expectations and be reactive to market conditions, whether that’s by offering a discount for out of season stays, low occupancy levels or being flexible towards short breaks rather than full weeks.
Go above and beyond
Don’t just manage customer expectations, exceed them. In a TripAdvisor, ratings-drive world, where word of mouth and recommendations can make or break a business, ensure your customers will come away more than happy. That doesn’t mean you have to build a tennis court or install a hot tub. What is does mean, though, is providing a seamless experience from the time of booking and added extras which show you care about your customers: a welcome hamper so they don’t have to run to the shops as soon as they arrive; logs in a basket next to a woodstore.
If you’re new to the market or are wondering why you’re not getting the bookings you think your property deserves, we know how to best appeal to – and reach – the right customer for your holiday let and can also advise on finding the right price point, after all, we’ve been doing it for well over twenty years.
If you’d like targeted, tailored advice about how we can help let your holiday home, do get in touch. Myself and my team would love to hear from you!
