Located, located, located
Once upon a time…
not long ago, people used to use the phrase, “location, location, location”.
Do you remember what it meant?
It was traditionally a turn of phrase used by property experts that stated the three most important factors in determining the saleability or rentability of a property.
Those factors were,
“Location, location, location”.
You needed your property to be in a good location in order to sell it.
It made no difference if you were selling it once (real estate) or selling it weekly (holiday rental) it needed to be in a great location.
Well times change.
When I first started in the vacation rental business, 10 or so years ago, my properties were in a great location – All was fine and dandy. It was easy to rent, my calendars were pretty full.
But as the years went by, more and more competing properties sprang up in my location. It became harder and harder to rent due to the increased competition.
In order to keep ahead of the ever expanding VR crowd I started spending more time on presentation. I made sure my properties were presented immaculately. I spent ages staging and photographing each rental, inside and out.
This worked. My photos stood out in the listings and all was good again.
For a while there, the three most important factors in determining the saleability (or rentability in this case) of a property were,
“Presentation, presentation, presentation”.
Well times change.
Now whizz forward to today – A recent report shows that there are now over 10 million holiday rental properties worldwide. HomeAway has just passed 1,000,000 listings on their site alone. The competition is daunting.
Ask yourself – How are potential guests going to find my listing in amongst all of these competing properties?
It doesn’t matter if your property is in a fantastic location, it doesn’t matter if it is extraordinary well presented, if potential guests don’t come across it when searching they can’t book it.
The three most important factors in determining the rentability of a property are now,
“Located, located, located”.
If you are not being located, people can’t do business with you.
You want to be found, or you’re going to be found wanting.
There’s good news and bad news.
If you are a proactive owner the good news is…
…around half of all holiday rental home owners only advertise on one listing site. That’s advertising in just one location. That’s pretty slim odds of being located.
So if you get busy and make your property easier to find you can move ahead of the pack.
The bad news is…
Reports predict that the number of holiday rental properties on the market will double by 2020. No one is predicting that twice as many people are going to be taking holidays. So the odds of being located are going to shorten dramatically.
So if you don’t increase your chances of being found you will get less and less bookings.
Where does that leave you, as an owner?
Ask yourself – Do you want to play hide and seek with those seeking a hideaway?
Ask yourself – How are people going to find my property?
Here at bookings plus 4G we offer online courses that help vacation rental owners get their properties located, located, located.
If you would like to know more about how to be located have a look around our blog section or watch the video in the top right hand corner of this page.
If anyone has any questions please feel free to drop me a line, I’m here to help.
Social media keynote speaker – Vacation rental world summit 2014