COVID
Navigating out of COVID
- BOOKINGS We’ve switched to longer term bookings on AIrBnB, Booking.com and Hotel.com. However, you have to be mindful of that longer-term bookings will require you to offer sensible discounts and you need to make sure the income is indeed guaranteed. How did we attract longer term bookings? We upped our minimum days of bookings on all booking channels to 3 to 5 days. We like bookings via booking channels because the payments are guaranteed and that anybody who is looking for a place for a longer term has the chance take advantage of our substantially discounted prices. Also mention a discount when you make the booking, so that if the guest wants to extend their stay, they can do it with you directly.
- RESONATE TO THE LOCAL MARKET Resonating to local markets and adapting to the community necessities. For example, looking for rental in particular areas for different reasons i.e. near a hospital- for nurses and doctors who wish to protect their families, which has suddenly become a necessity with an increased demand. So, make sure your listings are up to date with the demands in the area, so mentioning all the facilities around the place is important- i.e. near a park, near a hospital, transport connections, mention them!
- CHANGE PRICING The last thing tenants would probably want to see is fluctuating prices between weekdays and weekends, so consider keeping your prices flat during the outage. As most people are working from home, there should not be a difference in rental prices between weekdays and weekends as the travel pattern will not be the same as before.
- STAY CONNECTED Staying connected is more important than any other time, so ensure that the network connectivity in your property is excellent. Mention this in your listing.
- STAY INFORMED Keep in touch with your guests regularly (e.g. weekly / bi-weekly) and make sure that they are updated with the latest bulletin. This will help you extend a guests stay.
- REFUNDS The booking channels will have their own definitions on refunds. Follow the guidelines.
- SPENDINGS Look at how much spending you have on mortgage, energy bills and other utilities in order try and minimize the spending and then making sure that you are aware of the budget you need to keep your property afloat. This is purely a numbers exercise to make sure that you understand your bottom line.
- (Are there any) OPPORTUNITIES TO CUT COSTS Let’s cut some cost. Pointers: - Paying any bills that do not justify the expense. - Minimize utility bills- having a smart meter? - Is the TV license necessary? Did this document help you? We would love to hear back. Please feel free to leave us a comment.