USP: The One Thing Every Rental Needs

USP: The One Thing Every Rental Needs

A USP, or Unique Selling Proposition, is one of the most important things you must identify when starting a short-term rental business. A USP can be defined as the element of your business that makes it special. Your USP is the thing that sets you apart from your competition. In other words, what makes your place better than others? What does your unit offer that makes people excited to stay with you? It’s imperative that you’re able to determine what your USP is and find a way to communicate that idea in a short, easy phrase that can attract potential guests.

It’s possible to have more than one USP, but I’d really encourage you to focus on one thing that makes your place special. Here are some ideas that people use to form the basis of their USP :

  • Location

  • Special Features

  • Services

  • Price

For example, the thing that makes our units so desirable is their location. We strategically chose properties near Universities. My listings all advertise that we’re within walking distance of the University’s stadiums in the listing title. This highlights our proximity to collegiate sporting events, but also makes it clear that we’re within walking distance to campus. The main draw to our units is our proximity to the University and so we highlight that upfront in the listing title. Potential guests can’t miss it.

Get Creative.

If you’re not sure what makes your unit unique, there are ways to differentiate your place by getting creative. If your place doesn’t have an obvious USP, what can you change or add that will give you one? What service could you provide, or features could you add, that would make your place stand out from the competition?

We recently spent the weekend at a short-term rental where the owner includes a gourmet breakfast brought to your door ever morning. I’ve stayed in other places that advertised they had no cleaning fee. Both these features were central to the listing and attracted me to stay there.

Put yourself in the position of someone searching for a place to stay in your town. Check out listings and see what attracts you, but also consider what’s missing. What could you offer or highlight that would make your place stand out from all the rest?

When in doubt: Compete on Price

If all else fails, you can always be the best priced option in town. This requires minimal effort on your part, but also won’t maximize your profits. When you compete on price alone, you’re always vulnerable to others who might price their places more aggressively than yours. Price is the worst place to compete but can be effective if you’re committed to being the best value in your market.

If you decide to take this route, I’d advise you to pick a secondary idea that reinforces your value. Highlight a USP of your property and then attach a lower price tag than everyone else to drive business to your place. For instance, be the “cleanest best priced place in town” or the “best priced historic property in town.”

USPs are central to businesses everywhere but are especially important in the short-term rental business. Potential guests have a lot of options to choose from and it’s important to highlight what makes your place special up front. Take some time to create a meaningful USP for your rental, so you can stand out from the rest!