Tips For Creating Experiential Stays to Increase Vacation Rental Bookings and Revenue
Want to grow your short-term rental business? The VRMA 2024 Spring Forum in New Orleans hosted many amazing sessions addressing the challenges property managers and homeowners face when managing their vacation rental properties. One session I attended, The Growth of Experiential Stays in the Vacation Rental Landscape, struck a solid chord with me and has yielded some actionable tips for you!
What's an Experiential Stay, and Why Are They Sought After??
This may go without saying, but an experiential stay goes above and beyond a simple overnight lodging. It is a curated experience that attracts guests and makes them feel amazing. When a guest books an experiential stay, they expect to be wowed and given an opportunity to vacation like they’ve never done so before. In short, your goal is to provide an immersive and memorable experience that they’ll never forget.
How Do You Spot an Experiential Stay?
It’s Instagrammable, more expensive and features custom amenities that make a property extremely competitive.
Jeff Iloulian , CEO and Co-Founder of HostGPO moderated this lively panel of experts.
Bryndee Barton , Co-Founder and Design Manager at Loma Homes, reinforced this idea, stating that people will pay premium prices for creating experiences and memories. Her advice? “Appeal to people who will pay a premium.”
When building out an experiential stay, factor in:
Creating an experiential stay is intentional. People look for uniqueness and novelty.
That Being Said, Where Should You Spend Your Money?
“Invest more in the common areas like living and dining areas, mainly outdoor dining. Next, spend in the primary bedroom,” shared Matthew O. Brimer , co-founder and chairman at ZZ Driggs.
Regarding which guests will pay more for an over-the-moon stay, Ben Wolff , Co-Founder of Onera, said, “Couples are the highest spending per square foot, willing to pay more when celebrating anniversaries, and so on.”
He relayed that if your experiential stay is in an area with no 5-star hotel experiences, your vacation property providing an experiential stay could indeed be the best stay in town.
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Putting First Things First
Creating memories families will cherish means getting back to basics and prioritizing the dining experience.
“When saying how many people can stay at your vacation rental, make sure the entire party can eat at the dinner table together,” offered Amy Dourson, owner of Red River Gorgeous.
Families want to sit around the same table when breaking bread. Make it happen!
What Not To Do
Now that you know what to do, surely there are some missteps to avoid when creating an experiential stay.
Matthew O. Brimer recommends that you steer clear of:
Tell Me About Your Experiential Stay
Have you created an experiential stay? I'd love to hear about your vacation rental and what makes it Instagrammable, competitive, and unique!
Warm regards,
Stephanie
P.S. To list your experiential stay by the water, visit Lake.com and list your lakeside vacation rental today!
P.P.S. Be sure to attend the next Vacation Rental Management Association (VRMA) International Conference in Phoenix, AZ October 14-17, 2024.
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7 个月This is an interesting insight and coming from a perspective of design and marketing, all I could think of is how this also applies to building your brand. You need to give your target audience an experiential stay. Create strategies that attract them, make them feel wanted, and make them feel amazing. Loved reading this!