Getting Your UNFAIR SHARE of STR Bookings: Listing Audit

Week 3 of our series on getting your Unfair Share of the short-term rental market with conducting a listing audit of your listing(s)

This is week 3 in our series Getting Your Unfair Share of Bookings, make sure you check out other posts in the series at

Get Your Unfair Share of Bookings - Week 1

Understanding Price Drivers in Your Market

Revenue Management Strategies - Week 4

Determining how to get your UNFAIR SHARE of bookings in your short-term rental market starts with understanding the factors that drive prices in the market. Knowing those price drivers will help you make better decisions about setting prices and developing marketing strategies, which we covered in last weeks BLOG. As we continue to dig into strategies to help you get your UNFAIR MARKET SHARE of bookings at your short-term rental, this week we are digging into a Listing Audit. As I have previously described, correctly identifying the benchmarks and then determining if there IS a problem is first. If you haven't done this, do it FIRST! Having established the benchmarks, this week we are going to lean into diagnosing any issues that may be holding your listing back.

I Reviewed A BUNCH of Top Grossing Properties

I'm a data nerd, so in the interest of deeper understanding I literally reviewed 72 Top Grossing Properties in 37 markets - there is nothing significant about these numbers except that time ran out and I didn't think I needed to put more time in because my hypothesis was conclusively supported. My hypothesis? A good listing isn't necessary - if you are top of the market.

I read listing copy that literally was 2 sentences about the property and a recitation of house rules (and I can't tell you how many of those listings were that!) Photos that were not professional But you know what most every top property property had in common? They offered **the** key amenity in the area - typically location or views. Some markets clearly swimming pools. Most were larger, of course - but not all, depending on the market. Not every top grossing listing, of course, was a subpar listing. But 70% of them were definitely NOT inline with current "best practices" in the industry.

Wait, what? You **DON"T need a good listing to be a top grossing property?** Actually, no. Top properties typically are top because they hit the notes of the right location/amenities/customer service. If your place doesn't quite hit the absolute quintessential experience in your market - beach front, a-frame in the woods, etc, THEN your listing matters a heck of a lot more. And even as a top property - tightening up your listing is going to become increasingly necessary given increased competition in many, many markets.

PS - I can help if needed -

If you are already thinking - NO, I don't have time, this is TOO MUCH. I get it! of course, I can help. Check out The CEO Host Optimizer Program and receive 1. Written analysis of your existing property w benchmarks & recommendations, a 45-minute consultation, implementation support via email, and 6-weeks of email trainings. Learn more HERE

What IS a "Good" Listing?

The short answer - a listing that gets booked. But that's a cop out answer.

Let's talk consumer psychology for a moment. Think about the last time you were going away on vacation. Maybe looking at photos of your chosen location? Dreaming of

turquoise waters, kids happily playing together in the game room while the adults are having a good time in another area of the house? I heard this stat once - that 73% of our enjoyment of something happens through the anticipation of the event, not the event itself.

So guess what your listing does? It feeds the anticipation. The thrill of what's coming. The expectation.

Imaging cracking open that cold one once the car is unloaded? You've been daydreaming about that - maybe on the Monday before the trip as incentive to get through the week, or in a stressful moment on Wednesday when work feels heavy, and then on the drive there you are SO READY for that moment.

Then, once we are there, we get that hit of "YES!" and then - reality settles in. We're still in a good mood, we crack open that cold one - ready to enjoy but - we're still us. Its the human experience. Most of our enjoyment is in the anticipation. That's not all bad. If our guests have a good experience on arrival - the first impression supports all they anticipated, then they continue to attach those pleasant memories of how they looked forward to the getaway - your guests will be disposed to enjoy the experience and remember it favorably provided we deliver on the experience promised in our listing.

This means your guest's experience begins when they SEE your listing - and what do they see? What makes it "good"? Today we'll talk about (4) key elements of your digital listing - perhaps your most important "real estate" in your short-term rental business. There are differences in how your listing shows up on the various platforms, what each allows or does not allow, and of course your direct booking site is an entirely different beast. So we are going to focus on the basics for Airbnb and VRBO; although much of this will carry over into other areas where the property is visible.

1. Presentation in search results

2. Photos

3. Copy

4. Reviews

Presentation in Search Results

The other day I did a search for one of my listings and when I saw it realized that the platform had pulled information from my address about proximity to the popular local beach - a 10 minute drive, rather than catching that the location is walkable to a less popular local beach. Big different between driving to the beach and walking to the beach. While that took some time to get undone, I had no idea because I almost never look at my listing in the search results. So your assignment starts with simply looking for your listing in the search results and assessing it as objectively as possible. Tucked in-between other listings - presumably the competition, what observations can you make? How does it stack up? Take some notes - including how far down in the search results is it.

So step one in your listing audit - see how it shows up in the search results when you search organically. How does it stack up? Take notes of things to "fix". If you aren't showing up in the algorithms - stay tuned. We'll get there in a future blog post.

Photos Matter

How to get people to click on your listing? The photo they see in the search results. Sometimes called the "hero" photo, this key photo needs to highlight the key experience your future guests will have. All your competitors have pool lanai photos? How many have evening pool photos with twinkle lights and a cozy vignette staged as if waiting for your future guests to just plop in that chair and pick up that wine glass? The current "formula" is hero photo plus next four photos are your "postcard" and should highlight the experience your guests will have. Then arrange photos in order as if walking through the house in some order, then outside, then area.

The example above - The Dome House, managed by The Boutique PM - professionally staged, photographed and curated. My friends over at Overlooked 2 Overbooked did the copy, photos, and directed the staging along with the property manager and owners. Having your listing professionally curated is an investment, but for some high-producing properties is may be worth the investment.

Staged photos are key here - not real estate photos. Make it easy for someone to see themselves putting their feet up - but also be clear about what is offered.

Don't get hung up. Here's the magic - you can change the order of your photos if you can't pick. Maybe you like a particular photo but it seems like you aren't getting as many click-throughs and you put up a different photo and get way more click throughs - and bookings. This is marketing. Its not an exact science, and most of us are not trained marketers.

I see one mistake some folks make who are too close to their listing - maybe they redid a kitchen or bedroom and are enamored of that space and put it as the hero photo when the real story is, say, the firepit overlooking the swimming pool. Rehabbing spaces sometimes gets us too close to it. It may look great, but no one else appreciates the labor or toll to get it there - they merely appreciate the end result as part of the whole. A bathroom should never be the Hero photo; that's a strong statement from a lover of fine bathing that looks for a soaking tub in vacation rentals. Yet... no bathroom deserves to be in the showcase, its a utilitarian space no matter how luxurious. I've seen them in that hero slot - don't be that person.

Step two in the listing audit - review your photos. And, frankly, photos of your competition if you haven't lately. Fix the issues - get a professional photographer, ideally with experience with short-term rentals. Stage vignettes and highlight the experience a guest will have. Ensure your postcard (first 5 photos) highlight what is special and unique about your offering, and then ensure the photos that follow have a sensical order to them - as if walking through the space. Include some photos of the area amenities - the beach, downtown, etc (no more than 5) to help emphasize the holistic experience your guests will have.

Copy

A couple week's ago, I talked about Prices Law and how a small minority of properties will produce 50% of the revenue in a market. That leaves way more properties in that "middle space" of competing for business when demand is potentially less than supply - which is a more recent market condition with many, many markets seeing 2-3x more rentals on the market in the last year. And while I talked about poorly pulled together listings being fairly prevalent across Top Properties - that will change. My opinion is copy is less important - people WILL read the copy - if they are considering booking your place based on what they've already seen.

Most people will shop based on their specific needs and then shift through to find options that meet their needs based on the photos and price they see in their search results. They'll click on listings to start perusing photos if its promising - or they'll check the listing for an amenity they must have if its not obvious in the search results or not able to be filtered for (such as a King bed). Once they are considering your place, they may dive into copy and/or reviews next.

So what is copy's job - meaning words associated with your listing. Let's step back, again, to consider motivations. I was at a conference a couple years ago and learned women make 80% of booking decisions in hospitality - business and leisure. The number one driver behind a woman's decision? How well the accommodations work for the group traveling. She is going to look to minimize any tiffs or hurt feelings by ensuring the accommodations work. She's going to assess how safe the option is and finally - if all else works, she'll shop like she shops for real estate - looking for nice kitchens/bathrooms.

So copy's job is to answer any questions she has about the accommodations - and set expectations for the experience. Having her discover once they arrive that Grandma has to climb (3) stairs or that the bunk room only has a curtain for a door is going to cause issues if she didn't know. But if she knows this in advance, she'll have chosen this and it won't be an issue - and your review won't suffer. She'll weigh the pro's and con's of what your option offers against others and make her decision. We only need 40 or 50 bookings/year (depending on your market/offering) so its fine if your listing doesn't work for everyone! It will work WELL for many.

So copy's job lays out what the offering is. Marketers say we need a story - and its helpful for a personal touch, connection. But copy's first job is to answer questions about the accommodations and experience to be had and ensure expectations are in-check. Our photo's tell the story, our copy gives the details.

➡️Photo Captions. An important aspect that is often overlooked is the photo captions. Remember we said people start with photos? Your photos - AND the captions, need to tell the story. So include captions - perhaps even as quoted reviews.

➡️Headline. Depending on if you can SEE the headline in search results, your headline should highlight key amenity people are looking for. The name of your place? No. What key information will help someone identify YOUR place with the key amenity or experience that till tip them to click on your listing? There is certainly debate in our industry about all this, but if makes sense to me to use the headline to communicate the key experience(s) your guest is looking to have.

➡️Description. I know, you labored over those 5 paragraphs. No one is reading them. They MIGHT get skimmed (there is a bit of sarcasm behind that MIGHT because I don't read everything - but I do know a couple folks who absolutely read everything so take heart!) We are **all** on information overload all the time. You have 3 seconds to reel them in. so your job is to again reel them in based on their quick skim of your description - your first couple sentences paint the picture of the overall experience.

After your first more evocative sentences, give the fine print. But DON'T have long, run together paragraphs - its not pleasing to the eye and makes finding information harder. Clump information together so it makes sense in the narrative, with white space in-between. Provide the information folks need. Just because people don't read it doesn't mean it doesn't have value - people value different information in your listing, so the aggregate is useful. Make sure they can find the information THEY need, which will be different for different people.

Step 3 is to review and update your copy. For ALL the platforms. Make changes accordingly.

Reviews

Social proof works. Super well. Top properties ARE top properties BECAUSE they have good reviews. A good review STARTs before a guest arrives by having set expectations with the guest for what to expect, ensuring the experience is delivered as promised, addressing any issues that arrive in a timely and manner - and to the guests satisfaction (provided its within reason - there are always THOSE guests!). Things can and do go wrong - but by proactively communicating or handling issues, it will be a blip in the experience. I have reviews that say things like "The personal touches are great. We had a couple issues on arrival, handled promptly. Would recommend this place 100 times over."

Reviews are marketing. Let me say this again. ✳️REVIEWS ARE MARKETING✳️ People will make a pass/buy decision based on reviews. If there are concerning items in reviews - prospective guests may inquire as to if those were addressed as they don't want to encounter those issues. For example, I had an issue with a non-working gas fireplace which a lot of folks want to have for a fall color stay at one of my properties. It got mentioned in a review. A future guest asked about it prior to booking to ensure it was functioning. I could have headed that off by just responding to the review to mention it had been fixed, but my warm lead turned into a booking with confirmation that that cozy fireplace was absolutely working.

Some people will book despite bad reviews. 😯 Its what they can afford that works for their group - and is available. Bad reviews aren't the end all be all, but it will limit future booking potential if not nipped in the bud. If you are reading this, its because you care about your business so likely this isn't you. But there ARE businesses out that like this. People offering lodging without any education, knowledge, or even interest in the industry or activity beyond cashflow. I have a neighboring property in one market that is this. Its a cheap, large place. Reviews include musty smell, brown water, backed up sewer. Cleaned up and addressed its a $80K annual income property; he's clearing half of that - and happy. (Yeah, we're trying to buy it - but right now he wants too much for it).

✳️Responding to reviews is a marketing activity✳️ A less than stellar review will happen - stuck in between 15 good reviews, it won't get much attention. Until it gets buried, though, we need to mitigate. A less than stellar review is an opportunity to showcase that you/your manager is a reasonable and engaged host vested in ensuring your guests are taken care of. Responding to a bad review isn't trying to pacify or respond to the individual leaving the review - its about showing future guests that you are reasonable and, where it makes sense and can be done delicately, discrediting the review. But the best way to discredit a less than stellar review is to have several 5 star reviews.

Reviews are market research. One of my properties - a one bedroom cabin with exceptional interior décor, the guest profile clearly is romantic couples getaway. Many of our reviews (and booking comments) show that about 50% of our guests are either celebrating a birthday or anniversary. So that gives up more information about our guests - and helps us inform how to market the property to them. Based on this, we added some copy to our listing - and leaned into updating our photos to include ice bucket with wine and wine glasses.

Step 4 in your listing audit is to assess your reviews. Take a step back and look at them through the eyes of a prospective guest. Don't go through and respond to older reviews, but assess what your guests are telling you. What they choose to say says as much about them as it does about your property so it's market research that can and should inform your marketing efforts as well.

Assess Results.

We started with benchmarking and reviewing our data, so you should have data about your position in search results, impressions, and conversations. If not, do this first. Data nerds would tell you to make ONE CHANGE and monitor for a week. I'm not that meticulous; maybe I should be but life is busy. You choose. A company like Rankbreeze is helpful - they have a log to record when and what change your made so you can correlate results.

Regardless of your style, the goal is to implement changes and assess effectiveness. The key is to record where you are so you have the ability to track it easily over time. Relying on your memory to recall everything won't be accurate. Make note.

Logistically - I just keep data in a google sheet for myself. I include the number of rentals of my size as well as in the market overall at the time I am recording.

Repeat.

So, you've

✅Reviewed your listing in the search results

✅Assessed and updated photos to get that first click and then reel in your guest by connecting to their emotions

✅Tweaked your copy to ensure any questions about amenities or the offering is clear, and used your first couple sentences to connect (again) to their emotions

✅Assessed your reviews to pull any new information about your market and applied it to your understanding of your audience

✅Recorded benchmarks and results

As the Boss of your Business, your most important job is to have a cadence for repeating this activity. I recommend doing it quarterly. I find I tend to do a slightly abbreviated version 2x year and a more comprehensive version 2x year. Write your process down - now you have a Standard Operating Procedure (SOP) so you follow it essentially the same and recall what to do. And repeat it. You are the boss of your business and your job is to think strategically - this gets you out of the trees and looking at the forest. Commit to this process and you'll be far ahead of the competition.

CONGRATS!

So there you have it! You've done your listing audit. We'll talk next about what to do if you aren't as high in the search results as you'd like - so stay tuned. I also have a couple surprises in the works with guests who will share their tips and tactics for getting your UNFAIR SHARE of bookings! Make sure you don't miss any of the posts in this series - sign up for our EMAIL List - or LIKE us on FACEBOOK.

NEED SOME HELP?

Feeling a bit overwhelmed? Short on time? The CEO Host will conduct this review for you - benchmarking data, reviewing your listing(s), giving you a full written report with recommendations + consult + support. Interested? Learn More HERE Not sure? Hop ON A CALL and lets chat!

*****

Hey Boss! I'm Kate, owner/founder of The CEO Host. If you are interested in taking a leap into short-term rentals - or struggling with your existing business, my goal - passion, and new career, is to help YOU succeed. I've coached hundreds of folks getting started or looking to optimize, analyzed more deals (and duds) than I could count, completed thousands of hours of education and training, attended conferences... So don't be shy. A good CEO knows to bring in expert help - and that's what I'm here for! Lets HOP ON A CALL and chat!

Categories: : kpi, metrics, self management, short-term rental investing