Fall and spring mean it's shoulder season in Memphis.
Just because the city isn't seeing those big summer crowds doesn't mean you have to put your rental business on hiatus. On the contrary, there are strategies for attracting guests in the off-season.
First, think about Memphis attractions that have year-round appeal. These would be museums, historical sites, theaters, Beale Street, and some of the best restaurants in the country.
Here are a few ways to attract more off-season travel to Memphis.
Adjust Prices to Boost Rental Income
The most powerful off-season marketing strategy in your toolbox is pricing. Don't be afraid to adjust your rental prices to attract more guests. Likewise, you can raise your prices during peak seasons when there is more demand.
Check your state's regulations for vacation rental pricing. These regulations also include mandatory guidelines for business permits. For example, you could be fined $50 or more for operating a rental without a permit.
Next, check the prices of the surrounding rentals in your area. Memphis is a tourist-friendly city. You can expect a large number of operating vacation rentals.
Browse short-term rental sites, including Airbnb, to gauge an average rate for your square footage, property type, and amenities. Your pricing strategy must reflect the market rate but remain competitive in the area.
Vacation Rental Tips for Upgrades
Think about the necessary upgrades you would need to justify a higher rate. Even off-season rentals can be competitive in Memphis.
The above process starts with the guest's perspective. Think about the type of experience guests want when they visit Memphis. Many of them will be on foot exploring the area; thus, they would require a relaxing space.
Unlike typical residential rental homes, short-term rentals come furnished with the following features:
- Beds and bedroom furniture
- Home entertainment systems
- Kitchen Appliances
- Furnished living rooms
- Bathrooms
- Pools and jacuzzis
Assemble guest welcome packages complete with travel itineraries, food gifts, sunglasses, water bottles, Memphis keychains, and other souvenirs.
Attracting Guests in the Off-Season with Social Media
As a vacation rental owner, you have even more opportunities to unleash your creative side.
Effective real estate marketing relies on creative strategy. With so many things to do in Memphis, you can create an enticing vacation marketing campaign that attracts everyone from families to college students on spring break.
You don't have to dig too deep into your marketing budget.
Social media is one of the most cost-effective marketing strategies for vacation travel. Active users check Instagram daily which makes it an excellent platform for capturing off-season travel. The platform is designed to capture market segments through photo-perfect content, including video.
You can register an account for free and start uploading professional photos and videos of the property. Diversify your content strategy with videos of famous Memphis attractions and hidden gems.
Increase Year-Round Bookings
You don't have to close up shop during shoulder seasons. Memphis is the perfect place to capture off-season tourism. Follow the above tips for attracting guests in the off-season through pricing strategy, property upgrades, and creative marketing.
PMI Bluff City specializes specifically in short-term rental management in the Memphis area. Our tools are designed to both manage and scale rental property portfolios. We're part of a nationwide property management network with over 20 years in the industry.
Book an appointment with our property managers today!
