Updated : Nov 20, 2024
When high-profile local events hit your market, the demand for vacation rentals skyrockets. As a property manager, you must understand the importance of these events and how they allow you to capitalize on the increased occupancy rates in your market. But it takes more than simply raising rates to capitalize on these opportunities. From strategic marketing to dynamic pricing, setting the right conditions can make your property stand out and attract high-paying, eager guests.
This blog covers expert tips for fully booking your vacation rental and positioning it to maximize revenue and create memorable guest experiences.
What are the key benefits of local events for vacation rentals?
Large-scale local events offer numerous advantages, providing vacation rental property managers with opportunities to attract:
More Bookings
Since more visitors are traveling to your market, you will witness an influx in bookings and, in turn, an increase in revenue. For example, during the Paris 2024 Olympics, booked nights surged by 56%, from 594,195 in 2023 to 926,855 in 2024. To make the most out of this increase in demand, property managers should set the right minimum stay restrictions and optimize their listings on OTAs to get bookings. You can also utilize social media marketing to ensure any guests looking to book an accommodation in your market is able to see good photos of your listing and what you offer.
Enhanced Visibility
Many local events create official lodging lists or partner with accommodations to promote their offerings. By securing a spot in these guides or on event websites, you can boost your chances of reaching more guests. AccorHotels’ $105 million partnership with Paris 2024 and the Paralympic Games is a great example of a successful event sponsorship. This way you not only make sure to stay visible during the event, but will also gain credibility long after the event is over.
Revenue Boost
Local events surge demand for accommodations, allowing you to charge premium prices for your listings. Guests often pay higher rates to secure accommodations during these events as they know several people would be traveling to the location, causing a shortage of available listings. Thus, strategically adjusting your rates can significantly increase your rental income and achieve a stronger return on investment.
Cross-Promotional Opportunities
By partnering with event organizers and local restaurants, you can create exciting bundled deals and run joint marketing campaigns that enhance guest experiences and increase bookings. For example, if there’s a food festival happening nearby, you could collaborate with popular local eateries to offer your guests meal vouchers or exclusive dining discounts. Or, during a music festival, you might partner with the event to provide discounted admission tickets for guests who stay with you. These types of collaborations not only boost your property’s visibility but also give guests a unique and enjoyable experience, setting your rental apart from the rest. This also increases your chances of getting referrals and repeat guests.
7 Proven Tips to Prepare Your Vacation Rentals for Major Local Events
Research & Plan Ahead
Start by identifying local events scheduled throughout the year. Knowing what’s happening in your area enables you to tailor your property’s offerings to match the needs of event-goers. For instance, if a music festival is coming up, you can consider enhancing your property with high-speed internet for streaming live performances and soundproofing to ensure restful sleep after late-night activities.
To streamline your research, utilize PriceLabs’ Events and Holidays Calendar feature. This feature highlights local events and high-demand dates, eliminating the need for manual research and ensuring you stay informed.
Set the Right Minimum Night Restrictions
If you have an ongoing event in your vicinity that lasts for, say, 7 days, you’ll want to adjust your minimum night restrictions to ensure you are booked for the entire duration of the event. If you don’t set the right minimum stay restrictions, a guest may book for only 4 days, leaving your listing unbooked for the remaining 3 days when you could have earned a premium for that time. This is especially important because guests typically book accommodations for the entire event duration, and there may not be additional bookings for the middle of the event.
PriceLabs’ minimum stay restrictions help you avoid this issue by automating your nightly restrictions.
Enhance Your Property Appeal
To boost bookings and guest satisfaction during local events, make your vacation rental stand out by offering amenities that match the event. For instance, if it’s a major sports event, you can offer access to local sports channels or live streaming services so that they can catch pre-event coverage and enjoy post-game highlights.
Event-themed decor that echoes the excitement of the occasion can enhance the experience further. You can attract more guests by highlighting these thoughtful touches in your listings and marketing materials.
For example, the Music-Themed Fountain Home w/ Fireplace & Yard is a one-of-a-kind vacation rental designed for music lovers. This property immerses guests in a musical atmosphere, featuring themed decorations of famous singers from all genres.
Create a Guest Photo Gallery
A well-curated guest photo gallery can significantly boost your rental’s appeal during local events. You can gather and showcase high-quality images from previous guests who have attended the festival and stayed at your property.
By showcasing this gallery in your listings and on social media, you can attract potential guests by providing real-life glimpses of how your rental property enhances their event experience. In fact, one user on Quora pointed out that including images of local attractions and points of interest in your Airbnb listing can really grab potential guests’ attention. These visuals allow them to visualize the experiences they can have in the area and add value to your listing.
Focus on Event-Specific Marketing
Tailoring your marketing efforts to event attendees’ interests can help you attract and secure more guests looking for accommodations during popular events. To do this effectively, create a dedicated landing page focusing on event-related keywords. Include event details, highlight your rental’s proximity to the event, and showcase enticing offers. For example, Anthony Travel’s landing page for the 2024 NYC Marathon featured discounted accommodations with proximity details and exclusive rates for participants.
Leverage social platforms like Facebook and Instagram to create engaging content such as countdowns and local tips related to the event. Utilize email marketing to reach previous guests and subscribers who may be interested in the upcoming event. Finally, run targeted Google ads to ensure your property appears at the top of search results when potential guests look for accommodations near the event.
Create a Personalized Welcome Experience
By offering event-focused welcome packages, you can make your guests feel special. Consider including event guides that highlight the event location, schedules, and handy tips for navigating the area. You can also collaborate with local businesses, such as restaurants and transport providers, to offer exclusive discounts that enhance the guest experience. This not only makes their stay more enjoyable but also strengthens their connection to your rental, boosting positive reviews and repeat bookings.
Prepare for High Occupancy
To prepare your vacation rental for high occupancy during local events, start by automating common tasks like check-ins, turnovers, and guest communication. This helps streamline your operations and cuts down on manual effort. Make sure that your property is in top shape and stocked with essentials for a comfy stay. Review and optimize your booking management system to avoid double bookings, and ensure your staff is prepared for the rush by ensuring they are trained to handle high guest volume efficiently.
Implement Dynamic Pricing
When talking about preparing for local events, you can’t forget about adopting the right pricing strategy. If you charge too little, you may end up getting booked too early and miss out on all the additional revenue you could have earned during those high-demand dates. If you charge too high, you might risk not getting booked.
Having a data-driven tool like PriceLabs helps you set the right nightly rate based on your competitor’s pricing. Sometimes, you won’t even know how much a guest is willing to pay for your listing, especially if it’s a last-minute booking during event dates.
Conclusion
High-profile local events can significantly impact the vacation rental market, driving demand and creating lucrative opportunities for property owners. By staying informed about upcoming local events well in advance and understanding their impact, you can strategically adjust your pricing and marketing and smartly prepare your vacation rentals for major local events.
