Looking to make the most out of your vacation rental property in 2024? As a savvy vacation rental host, you understand how important it is to evolve with the times and stay ahead of the curve. This year, the industry is ripe for opportunities to earn your fair share of bookings and maximize your revenue. Whether you're a new rental host or seasoned property manager, there are three key tips that will help you succeed. With diligent attention to detail and a willingness to be innovative, you'll be primed for a successful rental season in the year 2024.

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Based on our data and research, here are some data-backed tips for a successful 2024.

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Want to know even more details about next year, including predictions, trends, and data insights? Download our free report, A Look Beyond!

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1. Stand Out Among Growing Competition

Growing vacation rental supply will continue to affect the global vacation rental industry. Finding new ways to stand out will help you earn more bookings. Make sure that you are incorporating these key areas into your strategy:

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• Channel mix: Finding the right amount of channels to list your properties on is important. Based on an analysis done at Beyond, that number falls between 3-5 for most vacation rental hosts and managers. 
• Inclusivity: As a property manager or a host, it’s important that your vacation rental property be accessible and welcoming to all types of guests – and younger generations are increasingly caring more about these issues. By 2026 Gen Z will be the largest generation at around 82 million people, and 52% of them are currently frequent travelers. This generation increasingly expects brands and businesses to be inclusive and accessible to everyone. Ensuring that your mission-driven strategies are highlighted and accessible properties are identified can help you stand out.
• Events: Keep a close eye on major events that can significantly impact demand in your area. Ensuring that your pricing strategies are proactive can help you be aware of events such as big concerts, new school schedules, spring break schedules, etc. For instance, when Taylor Swift announced her 2024 tour dates in the United States, one of our property managers in Miami experienced a 1400% surge in website searches for days surrounding her concert in Miami. Be prepared to capitalize on such events by adjusting pricing, optimizing availability, and strategically targeting relevant marketing campaigns to attract guests during peak periods.
• Regulatory Changes: Stay informed about evolving regulations pertaining to vacation rentals in different regions. Complying with local laws and regulations is vital to ensure uninterrupted operations and avoid any legal issues or penalties. For example, in New York City, it's illegal to rent out a residential unit for less than 30 days, unless the owner is present during the stay. Similarly, San Diego has strict rules regarding vacation rentals, limiting the number of days per year that properties can be rented out. Meanwhile, in Europe, cities such as Paris and Barcelona have enacted stringent regulations, such as requiring rental operators to obtain permits and limiting the number of rental units in certain neighborhoods. Ignorance of these regulations can lead to unexpected legal troubles, making it imperative for rental operators to prioritize staying informed.

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2. Keep Up With Changing Guest Preferences

Inflation levels, growing supply, and changing guest habits mean that you need new strategies to attract guests in 2024. There are many different levers you can pull in your revenue management strategy. Our analysis suggests that these improvements and changes will have the biggest impact: 

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• Standout Properties & Locations Win: With the growing popularity of vacation rentals, guests now have more options. Listings with unique features and hyper-specific locations tend to perform better. Amenities such as EV chargers also boost average daily rates. 
• Hyper-Personalization: Guests are increasingly expecting personalized experiences. Implementing data-driven insights to tailor amenities and services to individual preferences can enhance guest satisfaction and loyalty.
• Less Fees = More Bookings: Eliminating excessive fees can enhance guest satisfaction and overall performance. Instead, savvy hosts and property managers rely on automating price changes to create more revenue without charging more fees.
• Professional Vacation Rentals Outperform: Additionally, professionally managed homes tend to outperform self-managed ones, indicating the importance of expertise in a competitive market. For hosts who manage their own properties, ensuring that your vacation rental is up to professional standards will go a long way.

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3. Automate Your Revenue Management Game for Guaranteed Results

As our 2024 predictions report showed, next year’s market will continually evolve. The need to automate proactive strategies and data-driven decision-making will be crucial to keep up. Property managers and hosts who can effectively automate real-time data, like consumer search data, into their strategies will have a competitive advantage.

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Utilizing an advanced revenue management system will be critical in achieving this. Beyond’s enhanced solution incorporates consumer search data into its pricing algorithm, so rates automatically increase or decrease based on true demand for each night. This is key to capturing the most bookings. With Beyond you will:

• Avoid sacrificial units because Beyond’s algorithm will capture spikes in consumer demand in real-time, and increase prices accordingly.
• React quickly to events in their market, and advise owners on why prices are increasing or decreasing, thereby proactively setting owner expectations.
• Avoid low bookings due to too high prices when there is low demand for a particular date or day of the week.

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Real-time search data also unlocks key information for your business, such as how many visitors convert to paid guests, where guests are searching from, what they are searching for, and when they are searching. You can immediately identify if a new event is happening in your area, identify if consumers are looking at your website but not converting to paid guests, uncover where your potential guests are searching from, and more.

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To More Revenue and Beyond in 2024

In 2024, it will be crucial to stay ahead of the game and maximize your revenue potential. The current market landscape calls for a fresh approach to revenue management, as relying solely on historical data won't cut it anymore. Let’s go beyond together in 2024 with a fresh approach to revenue management – one guaranteed to win you more bookings and revenue. Contact us for more!

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