How to Conduct Market Research for Your Short-Term Rental

We’ve already discussed the importance of Defining Your Target Guest for Your STR or Boutique Hotel, but how exactly do you do this? Know your audience, and design with them in mind!

 

 

Read-on and watch below for PWD-approved tips to conduct market research for your short-term rental!

Research Competing Accommodations:

    • Understand the landscape of nearby accommodations (luxury hotels, budget rentals).
    • Position your property to offer unique value compared to competitors.

    Leverage Guest Feedback:

      • Analyze reviews to pinpoint what guests appreciate and where improvements are needed.
      • Use this feedback to enhance your property and guest experience.

      Adjust to Seasonal Trends:

        • Recognize how guest demographics change with the seasons.
        • Adapt marketing strategies and offerings to cater to seasonal demands.

        Optimize Your Digital Presence:

          • Showcase your property with high-quality photos and engaging content.
          • Use social media to connect with and attract your ideal guests.

          Understand Your Guests’ Preferences:

            • Customize amenities and services to meet the specific needs of your target audience.
            • Offer personalized experiences to enhance guest satisfaction and loyalty.

            Consider Guest Lifestyle and Interests:

            • Incorporate design elements and features that resonate with your target guests' lifestyle.
            • Create themed rooms or unique features that align with their interests.

            Monitor Market Trends:

              • Stay informed about trends in the hospitality industry.
              • Adapt your strategy to align with evolving guest expectations and market conditions.

              Tools we Use:

              • AirDNA: For comprehensive data on rental performance.
              • Airbnb: To see what’s trending in your area.
              • Instagram: For visual inspiration, scoping out competition, popular spots in the area, and connecting with potential guests.
              • TikTok: To scope out the competition, see what’s popular in specific markets, and stay in the loop with the latest trends.

              These tips and tools will help you define your target guest effectively, allowing you to attract more bookings and build a loyal guest base. Once you know your audience, you can design specifically with them in mind, and you will be able to break into the top 1% of listings in your market!

              Need a hand with the design? 

              The Pink Wall Designs Team is here to help you create spaces that leave a lasting impression! Book a consultation with us today, and join The PWD Academy for more insights on all things short-term rental and boutique hotel.

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