The short term rental (STR) market has exploded in recent years, with platforms like Airbnb, Vrbo, and HomeAway enabling homeowners to monetize their properties in new and innovative ways. 

This growth has been fueled by a number of factors, including the rise of the sharing economy, the growing popularity of travel, and the increasing availability of online booking platforms.

Another big part of the STR boom has been increased travel after COVID restrictions were lifted, coupled with the fact that, during the pandemic, more and more professionals began working from home. As such, they were able - and wanting - to take longer, more private vacations; thus, they wanted something more accommodating to a stay of a week or more.

More fish in the pond

As the market has grown, so has the competition. With more and more homeowners offering their personal properties as STRs for vacationers, it's becoming increasingly difficult for individual rentals to stand out from the crowd. This is especially true in popular destinations like major cities and tourist hotspots, where there may be dozens or even hundreds of rental properties available at any given time.

To succeed in this crowded marketplace, short term rental companies need to be able to differentiate themselves from the competition - to offer unique and compelling properties, provide exceptional customer service, and be able to effectively market themselves to potential guests.

Marketing is a must

Effective marketing is particularly important in the short term rental market, as travelers have a wealth of options available to them when it comes to choosing a place to stay. A well-executed marketing campaign can help a short term rental company get noticed and attract bookings, while a poorly executed one can leave them struggling to stand out.

In addition to the competition among individual properties, short term rental companies also face competition from other types of lodging providers, such as hotels, motels, and bed and breakfast establishments. While short term rentals offer many advantages over traditional lodging options, such as greater privacy, more space, and often lower prices, they also have some disadvantages, such as the lack of on-site staff and amenities like room service.

To compete with these other types of lodging providers, short term rental companies need to be able to effectively communicate the unique benefits of their properties to potential guests. This requires a targeted and strategic approach to marketing and public relations, as well as a deep understanding of the needs and preferences of the target audience.

Here are some ways that PR can help a short term rental company:

Build brand awareness

One of the key benefits of PR is that it can help build brand awareness. By crafting compelling stories and pitching them to relevant media outlets, short term rental companies can generate buzz and get their brand in front of a wider audience. This increased exposure can help drive traffic to the company's website and ultimately lead to more bookings.

For example, a short term rental company might work with a PR agency to create a story about a unique property that they manage. The story could be pitched to travel publications and blogs, generating media coverage and driving traffic to the company's website.

How might this look in the real world? If you’ve ever vacationed in Door County, you know that this region - located on a peninsula that juts out into Lake Michigan - is a popular tourist destination known for its stunning natural beauty, charming small towns, and abundant outdoor recreation opportunities. One of the top attractions in Door County is its scenic coastline, which is dotted with lighthouses, beaches, and picturesque villages.

And each of those breathtaking little villages has a plethora of lodging options for visitors. How can an STR property stand out? The owners of Grandview Farm Cottage know. Their charming cottage is located on a small Door County farm that dates back to the late 1800s. The cottage was originally the laundry facility and woodshed (since updated, of course). It featured lumber salvaged from the original property, giving it a special story that no hotel room could ever claim.

The owners of Grandview Farm Cottage have applied marketing techniques to tell the story of their property in their online listings, offering potential visitors a chance to step back in time and vacation in a piece of history.

Establish credibility

PR can also help short term rental companies establish credibility with potential customers. When a company is featured in respected media outlets, it can help build trust and legitimacy. Customers are more likely to book a rental property from a company that they perceive as trustworthy and reputable.

To establish credibility, short term rental companies can work with PR agencies to secure media placements in relevant publications. This might include interviews with company executives, features on unique properties, or stories about the company's commitment to sustainability or community involvement.

Manage reputation

In the age of social media, it's easy for negative reviews or comments to spread quickly. This can be especially damaging for short term rental companies, which rely on positive word-of-mouth to attract customers. PR can help companies manage their reputation and respond to negative feedback in a timely and effective manner.

For example, if a customer leaves a negative review on a short term rental company's website or social media page, the company can work with a PR agency to craft a thoughtful response. This response can be shared publicly, demonstrating that the company is listening to feedback and taking steps to address any issues.

Create partnerships

Another way that PR can help short term rental companies is by creating partnerships with other businesses or organizations. These partnerships can help drive traffic to the company's website and increase bookings.

For example, a short term rental company might partner with a local tour company to offer package deals that include both a rental property and a guided tour of the area. The partnership could be promoted through PR efforts, generating interest from travelers looking for a unique and convenient vacation experience.

Position as thought leaders

Finally, PR can help short term rental companies position themselves as thought leaders in the industry. By sharing insights and expertise on trends and best practices, companies can build a reputation as experts in the field. This can help generate media coverage and establish the company as a go-to resource for information on short term rentals.

To position themselves as thought leaders, short term rental companies can work with PR agencies to develop and pitch stories that showcase their expertise. This might include sharing insights on trends in the industry, providing tips for homeowners looking to rent out their properties, or commenting on regulatory issues that impact the short term rental market.

Short-term rental, long-term success

Effective PR strategies can be a powerful tool for short term rental companies looking to stand out in a crowded marketplace. By building brand awareness, establishing credibility, managing reputation, creating partnerships, and positioning themselves as thought leaders, these companies can attract more customers and grow their businesses. Working with a PR agency can help short term rental companies develop and execute effective PR campaigns that deliver real results.

Imperium Group is an American public relations and marketing consultancy firm. Founded in 2016, it specializes in guaranteed placements, creating utmost transparency for its clients. Imperium Group generates over 15M impressions a month for its clients. Its team is based out of New York, Dallas, and Los Angeles. 

For more information about Imperium Group, please see https://navigator.imperiumgrouppr.com/.