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Did you know that every year accommodation providers set aside a budget of €1,500 to €5,000 to invest in their properties?
Some will invest a larger part of that budget in renovation, while others will invest in furnishing, but many will wisely spend part of the budget on marketing and additional amenities.
Before deciding exactly where to invest their money, accommodation providers will carefully consider what is essential, what should be done, what would be good to do, and what the competition is investing in.
So that you do not fall behind, we bring you a guide to planning your investments in 2022 together with advice on how to approach investment wisely.
STEP 1: Analyse the current situation
The first step in any investment is an analysis of the current situation. What needs to be invested in? What needs to be renovated or repaired, and what should be replaced with something new or purchased?
Some things will cost money, and some will cost time. You need to be aware of both kinds of “costs” and investments.
STEP 2: Plan your investments
After analysing the current state of your own business, as well as the competition, it is time to decide what to invest in this year. Maybe not everything will be necessary or urgent for the coming season, but some things will certainly need to be addressed soon.
The choice of what to invest in will largely depend on your budget, time, and resources, such as your own knowledge and experience or the availability of skilled workers, so plan rationally.
When planning, you should also be guided by future savings. For example, investing in photovoltaic panels will eventually reduce electricity costs, investing in pool heating will extend the season and attract more guests, while also allowing you to raise the rental price.
Investing in direct advertising will bring more direct bookings and therefore higher earnings.
Smart investment is not just an expense, but a way to increase occupancy, improve the quality of your offer, and boost profit in the long run.
STEP 3: Research what your competition is investing in during 2022
When analysing your situation, do not only look at what needs to be renewed, but also what the competition has and what they are investing in so that you can keep pace with the market offer.
These do not necessarily have to be major investments such as building a swimming pool. They can also be toys or virtual games for children, a website, or Netflix — features that will certainly be well received and positively mentioned in reviews.
Below we bring you a list of what people will be investing in the most this year.
Website
If you still do not have your own website, now is the right time to invest in one. If you want to present yourself on the market as a serious host, you will build your credibility through a modern, responsive, and fully functional website.
Besides saving time, because you can simply respond to inquiries on social media with a link to your website, a website also saves thousands of euros that would otherwise go to agencies and platforms as commission fees.
A website is also an online business card — a link guests can always return to in order to explore nearby attractions or send to friends looking for accommodation for their holiday.
Also, with a website, communication with guests is much simpler and faster, and when guests find you on Google and contact you, the chances are much higher that they will actually book your accommodation than when they are sending inquiries to hundreds of hosts through listing portals.
Investment in an Apartmanica website: €398 one-time + €92 annually for maintenance
Photos
As a rule, new photos of the entire property should be taken every two years. You can create a complete new set of photos of all areas or only of those you refreshed with new colours, furniture, or decoration.
If you later built a pool, arranged the barbecue area, or created a children’s playground, take photos only of those features. Maybe you still do not have night photos or aerial photos — now is the time to create them.
Even if you have not changed anything major in the property, it is good to refresh your listings and website with new photos. Every year, a guest searching for accommodation sees the same photos on your listing, and to them that may be a sign that you have not changed anything or invested in the property for years.
If you replace the existing photos with new ones showing different bedspreads, decorations, towels, or simply a different shooting angle, your entire offer will look different.
Investment: €133 – €398
Netflix
More and more accommodation providers are deciding to offer guests Netflix with a wide range of content for all ages and interests. The minimum is usually a smart TV with the Netflix app already installed, while many go a step further and allow guests to watch content at their own expense.
Investment: smart TV €265 – €664, Netflix €7.99 – €11.99 monthly
Board games
What should we do on holiday? This is a question guests often ask themselves while planning their stay. If they know that board games are waiting for them in your property, there is a higher chance they will choose your property over a neighbouring one.
Pictionary, Twister, Uno, Monopoly, and chess are just some of the games that both children and adults can play, and many are available in foreign languages as well.
Investment: around €27 per board game
Baby equipment
If your property is suitable for families with small children, make family holidays as carefree as possible for parents.
Equip your property with a travel cot, changing mat, high chair, child bike seat, baby swing, educational toys, inflatables, balls, sand toys, a foldable beach or garden tent, and plates, spoons, and cups labelled “BPA free”, among other things.
Parents will be very grateful because everything you provide is something they do not have to bring themselves. And these are all items that you can quickly and easily store away for the next group of guests without children.
Investment: up to €265
Beach towels
Whether your property is near the beach or has a swimming pool, guests will use beach towels, and no matter how many they pack, they never seem to have enough.
They often then reach for the white bathroom towels and take them outside, after which they become so dirty that it is impossible to restore their whiteness. Many accommodation providers have decided to provide guests with beach towels as well, thus saving many bathroom towels from having to be replaced too soon.
Investment: around €9 per towel
Pet equipment
If your property is pet friendly, ensure comfort and fun for your four-legged guests.
From food and water bowls, litter boxes and supplies of litter, to comfortable beds and toys — all of this can be provided in your property for very little money. Pets will enjoy it, and their owners will be grateful because they will not have to bring all of that equipment with them.
Investment: around €66
STEP 4: Decide what is essential, what should be done, and what would be nice to do
Based on the analysis of your own property and the competition, create your own priority list and assign each item a certain amount and the year when you plan to invest in it.
If the value of the items on your list for this year exceeds the budget you have set aside, move the non-essential items to the following year’s list, and start setting money aside during the season for future investments.
When choosing where to invest, besides repairs and new items to replace the old ones, do not neglect investments in the quality of your offer, amenities, and online presence, because this is exactly what ensures higher occupancy and better reviews, on the basis of which next year’s guests will also come.
Investments in quality, amenities, and online presence often make the biggest difference in a guest’s perception and final booking decision.
Did you know that your competition is investing in a website this year?
Do not fall behind the competition. Let guests find you on Google already this season and book your accommodation directly.
