Looking for tips for slow season

[Brendan Connolly]

I launched an STR this past June in Cleveland, Ohio. Now that we're entering the slow season, we're experiencing a significant dip in bookings. Given Cleveland's cold winter weather, this downturn wasn't entirely unexpected. To address the slowdown, I've made some adjustments in hopes of increasing bookings:

1. Reduced the Minimum Stay
   • We lowered our minimum stay from two nights to one. However, we also disabled Instant Book to avoid potential issues with one-night stays. This change has helped generate more bookings, but it comes with a trade-off: guests booking single nights on Fridays or Saturdays might prevent full weekend bookings.
2. Lowered Prices
   • We’re utilizing PriceLabs for dynamic pricing and have reduced our rates to stay competitive during the off-season.
3. Listed on Furnished Finder
   • We created a Furnished Finder account to target mid-term stays, which I hoped would solve our slow-season problem. However, we’ve faced challenges with lead quality: Most leads are solo traveling nurses, and their budgets don’t align with our 3-bedroom property. We’ve received leads from displaced families, which are more promising given their larger budgets. My concern, though, is committing to a long-term stay that could extend into the peak season, potentially limiting our ability to capitalize on higher demand during that period.

Has anyone else faced similar challenges with their STR during the slow season? I feel like I'm taking reasonable steps, but I'm curious to hear from others about strategies that have worked for you. Any advice or insights would be greatly appreciated!

[Lauren Kormylo]

A suggestion about Furnished Finders, their calendar sucks because you can't block off your high-season months, a real detriment to taking bookings through them. I recommend putting in your description there that your high-season months are for short term rentals and book at much higher prices per night.  Discuss and emphasize that with all interested parties. And when you do a lease for MTR, you'll need to put that in the lease in case they stay through high season, spelling out exact prices for each calendar month, so there is no confusion and it is legally enforceable. 

I have a 4 bedroom beach property, so have the same problem as you with FF. I tried renting there one off-season, and I had the same concerns with guests overstaying. I STR it for 15-20K a month in the summer, and was offering it for rent for $2100 a month in the winter (lower than any comparable houses), and was getting tire kickers at that price. The only real offer I got through FF was for $1700 a month, and I'd rather leave it empty than take that and pay for the heating bills and the extra wear and tear of long term renters. I have an LTR also, so I know the upkeep they require between renters, even when they're not furnished. I am also long distance, and would have to pay someone to show the house. So I don't rent on FF any longer.