I was just chatting with one of my past clients via email yesterday about how she is doing with her Davenport vacation rental home since she closed. I was so happy to hear about how well she is doing. In her email she mentioned, “We have been over 100% on projected rental weeks and bottom line dollars for quite a while now. It’s paying down it’s own mortgage”. That’s so exciting for any Orlando vacation home owner to be able to say that. I had no doubt she would as she’s a very ambitious woman!! (Check out her awesome vacation home HERE)
She brought up the topic of trying to find a niche for her vacation rental when discussing about how she wants to take things to the next level and I thought it would make such a great topic to share with other prospective and current Orlando vacation homeowners.
I will be writing a series of blog posts on how you can carve out a niche for your Florida vacation rental to help keep you booked solid throughout the year.
Why Niche, Why Now?
In today’s market there is so much competition with owner’s undercutting one another that it’s almost essential to have a reason for vacation renters to choose your unit over someone else’s. Go look on VRBO and Homeaway, what do you see? I see hundreds of vacation home owner’s all running the same ad over and over again with the same boring headlines and photos trying to target anybody and everybody.
Creating a niche for your Florida rental property shouldn’t be something that you do on the side it should be the core focus of your marketing plan! A niche marketing plan does three very important things for your Florida vacation rental home:
1. It Builds Value: There is not enough that can be said about creating value when you are trying to market, sell or even rent a property. You need to create value and give prospective renter’s a darn good reason why they should spend the money to rent your property over the next guy’s. I’m not just talking lots of pictures of your glorious games room but something bigger than that. Something that hits their emotional triggers. If zeroed in on a small group of people, lets just say golfers for examples sake, and you really marketed your property to hit their emotional triggers than chances are you will get their booking every time over Mrs. Plain Jane’s home up the street who has little more to say than how great her pool is.
2. It Sets Your Home Apart: In today’s market everyone has a pool, a games room, Plasma TV’s and many even have themed bedrooms. Why is your home special? Well, if you had a niche your home would be extremely special to a small focus group of people because it offers everything they could ever want in a vacation home. It would literally be their home away from home and once that group of people stays at your place why would they ever stay anywhere else? And guess what, people talk. Especially people who are part of a group, a team or share the same hobby. I’m going with the golfer example again here, if your property is set up to cater specifically to golfers and golfers are the main group of people that stay at your home well now you have the perfect setting for your home to go viral, and I’m not talking Influenza (for those of you not familiar with the term viral, it refers to the fast spreading of news both online and off). Golfers are some of the chattiest people I know (and believe me I know!). They love to tell their buddies about their family, vacations and business while on the course. Just think about how many people your golfer guests are going to tell about your vacation home that was the only place they ever rented that catered to them. They had they best golfing trip in years and their friends back home will hear about it!
3. It Establishes Credibility: Credibility is everything in business. Without that you’re nothing more than a hole in the wall with a fancy sign out front. People need to believe your home is the only home they would go and stay at when they come to Orlando. If people don’t, you will be nothing more than that guy in the ad below or above you and you’ll book randomly just like everyone else. You need to establish your home as the ultimate choice for your target group. Once you have established this and found your niche just work it!! Put everything you have into your target group and don’t worry about the rest. I am speaking from experience, I own a marketing company where I am retained by small companies to market for them. My company only services specific types of businesses such as doctors and attorneys. If I tried to focus on everyone I would be losing out. When you focus on trying to market effectively to a smaller group of people you will attract less people but less will be more because you will have a higher conversion rate and more repeat and referral business. That means less uninterested inquiries and phone calls that go nowhere. LESS IS MORE in marketing!!
We hope to earn the opportunity of helping you achieve your investment property goals this year. To set up a free, no obligation investment property consultation with us please use our scheduling tool or contact us directly at 866-422-6191 and if you have enjoyed this article please consider subscribing to our blog and stay updated on future information.