In the first of our guest blog series, we asked our friends over at Beyond Pricing to give us their perspective on how (or even if) your vacation rental’s marketing copy affects the price you can charge…
Over at Beyond Pricing, we help vacation rental owners automatically optimize their prices to make as much from their listing. As we always tell our owners, we price what we’re given. If a listing has bad furniture or a poorly-worded title, we’ll see that in the decreased interest their listing gets and the resulting lower price they’ll need to charge in order to keep it booked up.
While you can go out and buy all new furniture, one of the most cost-effective ways to drive more (and higher priced) bookings is improving your title and description.
To understand how your listing description and title affect your price, there are two important terms to understand: demand and conversion.
Demand has to do with how many people are likely to see your listing and click on it. When they are sorting through hundreds of other listings like yours, a catchy, well-written title will mean more people want to click on your place to learn more. This increase in people choosing to click on your listing means you’ve got more demand. What you can charge has everything to do with the balance of supply and demand. If demand goes up, so does your price!
Conversion, or the percentage of people who see your listing who end up booking, is probably THE biggest factor in where you rank on a listing site. If people are looking at your listing and not clicking or booking, the listing site will slowly drop you in rank in favor of others who are more likely to get booked. When this happens, you need to pull the price lever and lower price in order to make your listing more attractive. And that’s costly!
Your listing description not only entices more people to choose your booking, it can also remove any questions they might have had about your place and make them more comfortable booking without having to ask you a million questions. If guests don’t find the information they are looking for, they might not even bother to message you and will move on to the listing with all the info they want.
The small stuff really does matter. When we see a listing fall in rank, the owner/manager will often have to reduce their price by at least 10% to remain booked up at the right pace. Even if you only charge $100/night, you’ll be losing upwards of $300/month just because of you didn’t spend enough time on your title and description, or outsource to a professional like Guest Hook! That’s over $3,000 per year lost.
We see this all the time at Beyond Pricing. Our algorithm automatically adjusts for all of these seemingly intangible factors and makes sure your price is right. So when you do take the time to upgrade your title and description and see that increased demand, we’ll make sure your prices are going up!
Check out Beyond Pricing to receive a free month + $30 of credit with the code GUESTHOOK.