Increase Returns by Differentiating Your Vacation Rental in the Canary Islands
Why is it important to differentiate your holiday home in the Canary Islands’ vacation rental market? Here are five reasons why and five tips on how to do it.
The Canary Islands are a popular destination for holidaymakers, attracting millions of visitors every year. However, with such a high demand for vacation rental properties, it can be challenging to stand out and make your property stand out from the crowd. In this blog post, we'll discuss why it's essential to differentiate your property in the vacation rental market in the Canary Islands and provide some tips on how you can achieve this.
5 Reasons Why
1. Increased demand for unique properties
Today, travelers are looking for unique, authentic experiences that are different from the cookie-cutter offerings that most hotels and resorts offer. They want to immerse themselves in the local culture, try local cuisine, and explore new destinations. This has led to an increased demand for rental properties that are not only comfortable but also offer something unique and different from what is available in the typical hotel setting. By differentiating your property, you can attract these travelers and increase your chances of securing bookings.
2. Better occupancy rates
Differentiating your property means offering something that no one else can. This sets your property apart from the rest and gives travelers a reason to choose your property over others. With a unique offering, you are likely to have better occupancy rates, as travelers are more likely to book your property in advance and be willing to pay a premium for the experience.
3. Higher rental income
By offering something that sets your property apart, you can command a higher rental rate than your competitors. This is because travelers are willing to pay more for an experience that they cannot find anywhere else. By differentiating your property, you can increase your rental income and boost your bottom line.
4. Stronger brand reputation
Differentiating your property also helps to build a strong brand reputation. By offering something unique, you are building a reputation for quality and exceptional customer service. This helps to attract repeat business and word-of-mouth referrals, which are both valuable sources of new business.
5. Better reviews
Finally, differentiating your property can lead to better reviews. Travelers who have had a unique and memorable experience are more likely to leave positive reviews, which can help to attract new customers and increase your bookings. Positive reviews can also increase your property's visibility on online travel platforms and make it easier for you to attract new customers.
5 Tips How
So, how can you differentiate your property in the vacation rental market in the Canary Islands? Here are some tips to get you started:
1. Focus on a target segment
Let’s be honest. If you try to be appealing for everyone, you end up being so for nobody. This might work but since most of everyone is doing the same, you’ll end up competing on price, and that is a dead-end strategy. Instead, identify a market segment that your property and location can be appealing too. Add elements and amenities to your property that will attract such segments. Is it family groups? Make sure you have all parents need for their kids, not only a crib and a kid’s eating chair, but also beach toys, a beach tent. Is it remote corporate workers? Have a screen, speakers, headphones, a standing desk, etc. Whatever it is, focus on them, on having things that will make them choose you over the competition. It pays off, really. You will easily increase your occupation rates and daily prices this way.
2. Offer local experiences
One of the best ways to differentiate your property is to offer local experiences that cannot be found anywhere else. This could include things like local cooking classes, guided tours of the area, or access to unique outdoor activities. By offering these experiences, you are giving travelers a reason to choose your property over others.
3. Highlight your location
Another way to differentiate your property is to highlight the unique features of your location. For example, if your property is located near a historic site, or if it offers stunning views of the ocean, be sure to promote these features and let travelers know what makes your location special.
4. Personalize the experience
Travelers today are looking for personalized experiences that are tailored to their individual needs. To differentiate your property, consider offering customized packages that are designed to meet the specific needs of your guests. This could include things like personalized tours, private cooking lessons, or special activities that are tailored to their interests.
5. Offer high-end amenities
Finally, consider offering high-end amenities that are not typically found in other rental properties. This could include things like a private pool, a hot tub, a gourmet kitchen, or a private tour, etc. Just consider the options, evaluate them based on their return potential and how easy/cheap they are to set up, and choose the one that fits best. Indeed you can test different options in time, but give each possibility a month or two to gather enough feedback and be able to see the effects on your revenue. Done right, this is a winner!
Differentiating your property in the Canary Islands’ vacation rental market is not only a great opportunity, but the only way not to end up competing on price. Not only it is tough, but as more properties enter the supply side, it will become tougher and tougher for you. Differentiation is a great opportunity, especially because it is not a common strategy in the islands. Like businesses, property owners are afraid that if they focus on one market segment, they will miss opportunities. While this is a legit feeling, it is misleading. Differentiation will make your property stand from the rest and ultimately increase the return that it makes. At Hola Hosts, we are experts on helping you identify the right segment and implementing the elements to put it into practice. Get in touch for a FREE consultation.
Why would you hire us to manage your vacation rental property in the Canary Islands? Here are eight reasons why your holiday home is best managed by Hola! Hosts. Read the post.
Ready to get in touch? We are glad to evaluate your property or help you find investment opportunities in the market. We make use of local industry data to identify the properties being sold that have the highest vacation rental potential. Contact us now!