5 Channels You Should Use To Rent Your Property And Make A Profit

Regarding investment opportunities, the real estate market has always been the big bull. Be it investors or small-scale business people, the real estate market never fails to deliver to anyone. The best part? It can make you money while you sleep. You can rent your property and make a profit. If you are considering investing in a property you want to monetise through a rental service, now is the time.

The property rental investment model is unique. It offers sustainability and predictability at once. However, there is just one hurdle in this profit beacon: It is highly competitive, which makes it difficult for a newbie property to gain leverage over established ones.

But all hopes are not lost.

There is nothing that strategic and tactical planning cannot win over.

In this post, we will explore the top 5 methods for bringing in revenue month over month, even as a beginner when renting your property. Let’s get started.

Five channels to increase profits when you rent your property in 2021

The core of every high-performing rental property consists of two elements: the location and the price. Optimising these two elements is naturally your starting ground. But this is just the beginning.

If you have to gain sustainable sales, creating an omnichannel sales pipeline is a must, failing which can potentially break the spine of your business. However, while deciding your sales channel, optimising your CAC (customer acquisition cost) is critical, or you may invest more than you gain.

To simplify your decision-making process, we have curated the top 5 best-performing channels you can deploy to create your multi-channel sales program in 2021.

1. Strategic collaborations

Partnerships and collaborations are among the classic growth hacking methods. Being open to collaborations and partnerships helps you create robust sales channels and improves business safety. Whether inflation or deflation in the market, your partners help you surf through the tide.

Here’s how you can get creative about it.

API integrations

Visibility is a critical factor when renting your property. After all, if your target audience is unaware that your property exists, no amount of work or investments will yield any sales. Partnering with existing businesses and brands is an intelligent decision here. It exposes you to new audiences and creates trust in them as the other brand promotes you.

Enrolling yourself in travel sites like Airbnb, Trivago, and Booking.com can be the correct exposure when renting your property. The best part? The booking.com channel manager makes acquiring sales from your property management software easy.

Affiliate programs

Creating vital affiliate programs is another way to grow exponentially in sales and revenue for any property. However, you need to partner with brands strategically here. Your best affiliates are the ones that operate in the same product category but are not your direct competitors. This ensures you create your brand authority in the long term.

2. Aggressive marketing

You operate in an attention economy, where competitors strive for the same target audience’s attention. This makes staying at the top of their minds critical. However, traditional marketing fails to achieve this goal. When renting your property, you need an omnichannel marketing communication system to attract, acquire, and retain your customers. Here’s how you can do so.

Organic and paid marketing

Creating a marketing mix of paid and organic campaigns can give your business the proper traction. However, the success rate and ROI (return on investment) depend upon how well you optimise campaigns’ creative ad sets. Ensuring that your content, context, and offer are consistent is critical for the highest conversion rates.

Influencer marketing

Influencers are the most significant assets for any marketing campaign. Collaborating with micro-influencers to review your property and overall experience can quickly attract new eyeballs. The best part is that they are one of the best ways to gain your customers’ trust.

3. Create loyalty programs

Customers are the most valuable assets of your rental business any day. However, here’s the thing. Acquiring a new customer can be six times more expensive than retaining one. This makes your retention programs critical to bringing sustainable value to your business. But what is your existing customer base that could do more than bring sustainability?

Loyalty programs ensure that robust acquisition and retention programs work together to bring in the maximum revenue. The best part is that you can minimise investment costs while doing so. Here’s how.

Reward programs

Reward programs are the best way to ensure your existing customers know you value them. They can also skyrocket your customers’ LTV (lifetime value). Here’s what you can do.

Creapersonalizedzed experiences and special offers, such as discounts and services, for loyal and frequent customers. This will ensure they keep coming back. You can even create premium membership programs that let your customers curate their services for themselves for an annual fee.

Referral programs

Your existing customer base is not only a valuable asset for improving revenue but also a customer base. Initiating a referral program can be the most cost-effective marketing strategy for spreading the word.

Your new customer base is likely to be high-quality leads because of their pre-existing relationships with your existing customer base. However, you need to incentivise existing and new customers for an effective referral program.

4. Events

While networking events and tradeshows might not seem like the best opportunity to gain high-quality leads for your rental property, you need to look closer. Events and tradeshows are, at their core, about strong networking. Held online or offline, they are great places to have conversations with people.

Not only can you gain customers who might be interested in your property theme, but you can also develop strong partnerships with indirect competitors who can help you gain the right traction you have been looking for. Here’s what you can do.

Sponsor events

Sponsoring events and co-sponsoring tradeshows around the tourism and hotel industry community is a great way to gain customers and explore new business opportunities. It’s not just great networking but immensely valuable for creating popularity, especially the events that the media or press covers. The exposure that your property can get is precious.

Community events

If your promotions budget is tight and you cannot sponsor or co-sponsor events, you can still gain some traction. Attending community meetups and events around the year is a great way to give your property exposure. You will find abundant travel, tourism, and hotel groups on social media sites like Facebook, Linkedin, and Instagram. The idea is to get as much exposure as you can.

5. Owned sales asset

Having partners and collaborators is a great way to gain traction, but the ultimate foundation of achieving sales has to be your customer acquisition assets. Having your property developed is insufficient to stand out in front of your customers. It would be best if you went further.

It would be best if you created a community of loyal fans. This is your ultimate sweet spot. Here, you will attract new customers organically and experience maximum traction with minimum effort. But all this is possible only with your business assets. Here are a few considerations.

Application software

Although developing an app can seem like the most unproductive task, it has myriad benefits. With an increased customer base, one of the most challenging tasks is keeping in touch with them.

Getting your customers to install an app might be the best way to communicate end-to-end while improving the personal, personalized experience. But it does not stop at low-cost marketing.

With an app tracking each customer’s buying behaviour in real-time, they create forecasts for what offers would work and what wouldn’t be easier for you. The best part? You can even create exclusive offers, discounts, and privileges and notify them about their upcoming bookings with your brand.

In short, an app acts as a unified marketing, customer experience, and sales machine for your rental property. But, building an application does not always have to be expensive. Lodgify, a vacation rental software, is a powerful tool you can substitute as an app.

Website

An online address is critical for building a brand, authority, and trust amongst your target customers. It is the one marketing asset that can create genuinity around your business.

Conclusion

The real estate market is sustainable and has enormous returns on investments when you rent your property. But to witness the real money flow, you need to think long-term.

If you are looking for short-term investment opportunities, this channel is not for you. However, if you can train your mindset to be patient, there is no other market sweeter than real estate.

The above methods will kickstart your business and get the maximum of your property; you need to look beyond expert advice. Remember, nobody knows your business the way you do. This makes you uniquely eligible to make your investment venture a true success.

With expert advice and details of your property, you can make your property the most coveted in no time.

The only question left to answer is, will you?