5 Ways to Market Your Property in a Recession

It's no surprise to hear we're living in uncertain times. With a looming recession, skyrocketing inflation gas prices, and airline instability due to layoffs - the travel industry is experiencing extreme volatility after enduring two years of a worldwide pandemic.

Since 2019 - there's been a lot of change in the way consumers are searching and selecting their vacation destinations. While cleanliness, safety, location, and unique amenities remain the top reasons why travelers confirm reservations - this year hosts & hoteliers will need to shift once more to overcome unprecedented competition and budget-conscious travelers.

Here are 5 tips to help you market your property during a recession.

First - Get hyper-targeted.

Locate the largest cities within a 50-mile radius of your destination and up your digital marketing strategy. Run ads on social media and Google. Find Facebook groups geotargeted to those interested in visiting your area. Engage with tourism accounts on social media that have a heavy concentration of travelers to your destination. It will be easier to attract budget-conscious travelers who won’t have to spend a fortune on gas or purchase a plane ticket.

Second - Look for alternate income streams.

Sites like Giggster, PeerSpace, and Splacer allow you to rent your property by the hour to local photographers and videographers. You can also consider half-day events for elopements, bridal showers, baby showers, or corporate retreats.

Third - Consider medium or long-term rental contracts in the off-season.

A 3-6 month lease may be a great option for a property that has a slow season, but limited real estate available for purchase. Travel nurses, contractors, or families moving to the area are great markets to attract - plus there is a stable income and less overhead on nightly turnovers.

Fourth - Up your referral marketing efforts.

Create a referral program that rewards past guests with a special discount or incentivizes local event and real estate professionals with a small commission or weekend stay for referral bookings. Reach out to event planners, wedding photographers, and realtors who can pinpoint travelers before they make their booking arrangements.

Fifth - Create a local experience centered around seasonal events.

Offering anniversary, birthday, and even sports-related packages that upsell flowers or champagne upon arrival allows you to create a desirable vacation package that other properties may not offer.

Need more property marketing tips? Download the 2022 Hospitality Social Media Guide - completely free and linked below.