Investor · Asheville, NC · Member since 2017 · 7 posts · 1 vote
We are in the process of purchasing a property that is currently used as a vacation rental and listed on VRBO and Flipkey. The sellers have done well just listing the house on these sites. However, because I cannot assume their listing (policy of both sites), I will be starting off with no reviews and am nervous about how that is going to affect bookings. Would it be worth it to create a website for the property or should I list it on a website that specifically lists local vacation rentals?
If anyone has any suggestions about how to keep the home booked without reviews, please share. I would be very grateful!
Los Angeles, CA · Member since 2016 · 565 posts · 391 votes
9y
No discount, just a lower than "regular" price. You can change the prices at any time. Regular price being the one which came out of your market study or the one the seller is successfully using. I don't think you need to discount more than 15% for the first 3 to 6 months.
Investor · Roseville, CA · Member since 2016 · 893 posts · 1k+ votes
9y
Hi @Anna Mommsen. Good question, the first will be to make sure you are not violating any agreement with VRBO or FlipKey in creating another marketing source. I doubt there is and even if there is you could always point your own site back to VRBO/FlipKey to convert the booking (which is what I do). I mostly do this because it's simply easier to manage that way.
I currently have my own website as well as a Facebook page to supplement my marketing coming from Evolve/VRBO/AirBNB. I'm in IT so creating my own WordPress site for my VR was more of a 'fun weekend project' but I did it also to provide additional details and insights to the property the others may not have or allow me to list. It was also something to point my Facebook page to as well. If you want more insights into my Facebook strategies, feel free to reach out directly and I'm happy to share.
So, long answer to your short question, there is no such thing as bad publicity and you can never have too much marketing behind your product. As for not having your reviews yet, you will get some traction just in the fact that it is a new listing, VRBO/FlipKey does not want you to fail either so their algorithms will help you out since it's now a 'new property' to look at. You can supplement that simply by reaching out to your guests to make sure they provide honest reviews after each stay and start your review count going again. Just be sure you are providing them with exceptional service and quality during their stay, especially as you build your review list.
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
9y
Two thoughts.
1. Create new listings and start off with their pictures so it will look familiar to repeat customers. Lower you prices to start woth to quickly build up some good reviews. Make sure you have a good cleaning person so that you don't get any negative feedback on cleanliness.
2. Assume their listing. They could change the password and give you the new password. Change the bank deposit info. Get a new gmail account similar to theirs. Don't change everything at once. What the listing service doesn't know ....
Option 1 with a clean start may be best. You could ask for the email address of past customers especially repeat ones and introduce yourself and hope they stay a repeat customer for you.
Also ask previous owners to forward any emails or calls from past customers to you. Possibly pay them a referral fee for anyone they send to you that makes a reservation.
Investor · Asheville, NC · Member since 2017 · 7 posts · 1 vote
9y
We are going to go with option 1. The seller is going to share the listing info (pictures and text) so our listing will basically be identical to the current one and easily recognizable. The current rates are already pretty low for what you're getting. Maybe discounting even $25 would look better? Or perhaps giving a 10% new owner discount. What did everyone else do when their listing was new? Did you provide a discount?
Los Angeles, CA · Member since 2016 · 565 posts · 391 votes
9y
No discount, just a lower than "regular" price. You can change the prices at any time. Regular price being the one which came out of your market study or the one the seller is successfully using. I don't think you need to discount more than 15% for the first 3 to 6 months.
Would it be worth it to create a website for the property or should I list it on a website that specifically lists local vacation rentals?
Hi Anna,
Congratulations on your new vacation rental property!
In my opinion it IS worth it to create a website & a Facebook page to advertise your property as well as list on vacation rental websites. It is worth the time to develop each marketing avenue. You don't want to put all of your "eggs in one basket" so to speak, just in case something happens. It is good to spread out your marketing dollars to several different avenues.
I have three VRs and one just about to come on in a new market for us. We have found that the majority of our bookings come from VRBO. We also advertise on Airbnb and TripAdvisor.
We have one website for our first three VRs and I'm creating a new, separate website for the fourth property. We have separate Facebook pages for each property.
I would recommend that you brand your property with a specific name, and incorporate that name into your website and Facebook page. I have had guests contact me through my own website or Facebook page after having found my property on a commission-based website. Because each of my properties has a name, they googled the property name and found either the property's Facebook page or my website and were able to save having to pay the site's "Service fee" that way.
Investor · Roseville, CA · Member since 2016 · 893 posts · 1k+ votes
9y
@Kevin Lefeuvre there are a ton of them out there. I used one called RentMyHouse from the CreativeMarket WP theme site.
As for calendar plug ins I'm currently using one from WP iCal Availability since I'm just showing available dates. My Book Now goes to my booking sites. There is another popular one called VRCalendarSync.com I believe that you can purchase the premium package and it will do everything for you.
Real Estate Broker · Thousand Oaks, CA · Member since 2017 · 63 posts · 33 votes
9y
Yes, definitely create your own wordpress site for the property. Use it to market the heck out of your property and the local area. As to the prior listing's reviews, make sure you purchase the rights to those from the prior property owner then add them to your site. Many people make reviews subject to their use for future marketing efforts. I'd get a download/PDF of all of them and JPGs. Just make note that where they talk about the landlord it was in reference to a prior landlord (do this for each individual review).
One other option (which may or may not violate the "cannot assume the listing" reg you mentioned), if this was their only property on that VRBO account, maybe you can assume the entire account? Just note property changed hands on X date so no one thinks the owner reviews before that date are about you.
Investor · Denver, CO · Member since 2016 · 533 posts · 433 votes
9y
@Anna Mommsen Similar to @Jon Crosby I too built my own in Wordpress (though not in a weekend). I use it as a branding site as @Valerie Rogers mentioned, but I rarely get direct bookings from the site. I'm considering more of a full court press as VRBO/Homeaway has been raising their rates and I do have some desire to be a bit more autonomous. I use my brand in this capacity: When a guest books on VRBO / Airbnb (the two sites I use), I then request and collect their email address by offering them a copy of my House and Area Guide. Virtually all guests will provide you with these details. I then use my own URL branding to communicate with them directly (though I do send them final instructions through the booking site - safer bet). Over a two year period I have been able to capture over 300 guests information and growing which can be used for direct marketing / branding. In a nutshell, the website has provided me with a "presence" that I am serious about my business and providing guests with the tools and resources they want and need to have a great experience.
Investor · Denver, CO · Member since 2016 · 533 posts · 433 votes
9y
@Anna Mommsen BTW - I used a Wordpress theme called Travel Eye by Wen Themes and additional plugins from VR Calendarsync and WP iCal Availabilty as @Jon Crosby referenced.
Investor · Asheville, NC · Member since 2017 · 7 posts · 1 vote
9y
Thank you so much, everyone! I can't thank you enough for the advise. I will definitely look into creating a website and Facebook page. I will also be lowering the rates about 15% for the first few months, at least. @ Ryan Huggins, I cannot assume the sellers' account. I have looked into this and according to some folks I've spoken to, VRBO will shut it down. Not exactly sure how they find out. I can copy and paste the reviews into the comments section of my VRBO page. I will mainly use the ones that do not reference a landlord but will also mention that these reviews were created under previous ownership. I think it will still really help to advertise the house. Again, I appreciate the responses!
Los Angeles, CA · Member since 2016 · 565 posts · 391 votes
9y
@Anna Mommsen may I ask if you are paying a premium because they have been successfully renting out as VR? Can you tell us a bit about the "value" you accepted to pay, as a buyer, for the proof of valid VR business on top of the regular Real Estate value/appraisal?