Regarding investment opportunities, the real estate market has always been a significant player. Whether it is investors or small-scale businesspeople, the real estate market consistently delivers for everyone. 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 a unique approach. It offers both sustainability and predictability. 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 generating revenue month over month, even as a beginner, when renting your property. Let’s get started.

Rent Your Property For Increased Profits

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

To achieve sustainable sales, creating an omnichannel sales pipeline is essential; failing to do so can potentially undermine the foundation of your business. However, when deciding on your sales channel, optimising your CAC (customer acquisition cost) is critical, as 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.

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 investment 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 your property on travel sites like Airbnb, Trivago, and Booking.com can provide the correct exposure when renting it out. The best part? The Booking.com Channel Manager makes it easy to acquire sales from your property management software.

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 those that operate in the same product category but are not direct competitors. This ensures you create your brand authority in the long term.

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 often falls short of achieving 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 on 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.

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 generate 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.

Create personalised experiences and special offers, including discounts and exclusive services, for loyal and frequent customers. This will ensure they continue to come 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 one of the most cost-effective marketing strategies 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.

Events

While networking events and trade shows might not seem like the best opportunity to gain high-quality leads for your rental property, you need to look closer. Events and trade shows 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 trade shows within 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 also immensely valuable for creating popularity, mainly when the media or press covers the events. The exposure your property can receive is valuable.

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 throughout the year is a great way to give your property exposure. You will find numerous travel, tourism, and hotel groups on social media sites such as Facebook, LinkedIn, and Instagram. The goal is to gain as much exposure as possible.

Owned Sales Asset

Having partners and collaborators is a great way to gain traction, but the ultimate foundation for achieving sales is 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 beneficial to establish 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 maintaining contact with them.

Getting your customers to install an app might be the best way to communicate end-to-end while enhancing the personal and personalised 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 that can serve as an alternative to an app.

Website

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

Returns on investment

The real estate market is sustainable and offers substantial returns on investment when you rent out your property. However, to witness the real money flow, you need to think in the long term.

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

The above methods will kickstart your business and get the maximum out of your property; you need to look beyond expert advice. Remember, nobody knows your business as well as 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?

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Atreyee Chowdhury works full-time as an Instructional Designer and is passionate about writing. She has helped many small and medium-scale businesses achieve their content marketing goals with her carefully crafted content that is both informative and engaging. She lives in Bangalore, India with her husband and parents. She loves to read, experiment with different cuisines, travel, and explore the latest content marketing and L&D trends in her free time. You can reach her on Linkedin or write to her at [email protected] to discuss your content marketing requirements.