Regularly surveying the pricing strategies of comparable short-term rental properties in the same market area on a weekly basis to stay informed about competitor rates and adjust own pricing for competitive advantage.
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Glossary Term: Competitive Advantage
18 posts
A specific feature, amenity, or benefit that differentiates a short-term rental property from its competitors, making it more appealing to potential guests and increasing its chances of bookings.
The specific benefits and value that a short-term rental property offers to potential guests, differentiating it from competitors and justifying its price point.
Amenities that go above and beyond the basic necessities, such as hot tubs, game rooms, or unique experiences, designed to enhance the guest experience and command higher rental rates.
Providing a well-curated selection of amenities that cater to the needs and preferences of the target guest demographic, enhancing their stay and justifying competitive pricing.
Desirable and often unique features or services offered at a short-term rental that enhance guest satisfaction and differentiate it from competitors, such as hot tubs, fire pits, or bicycles.
Unique or specialized amenities offered to enhance the guest experience and differentiate a short-term rental from competitors.
Employing strategies to achieve higher visibility and ranking for a short-term rental listing on platforms like Airbnb and VRBO. Techniques include optimizing listing content, securing positive guest reviews, and maintaining high booking rates.
A hypothetical term referring to a marketing approach that utilizes data analysis, target audience segmentation, and creative content to attract bookings. Effective marketing is essential for standing out in the competitive short-term rental market.
Upgraded features and conveniences in a short-term rental that go beyond the basics to enhance guest comfort and satisfaction, potentially increasing booking appeal and justifying higher rates.
A business approach in short-term rentals that focuses on highlighting the unique benefits and experiences offered by vacation rentals compared to traditional hotels, emphasizing elements like home-like amenities, personalized touches, and local immersion.
Additional features and services provided at a short-term rental property designed to enhance the guest’s stay and differentiate the listing from competitors.