How’s the Dollar doing against the Pound Sterling? Life’s too short to be chasing after foreign currency rates, right?
If you’d wanted to follow the machinations of foreign currency you’d have gone into the stock exchange not vacation rentals. Besides, you’re an independent vacation rental owner with a limited budget, not a large organization with an eye on world domination.
And yet, those foreign guests who bring foreign currency can offer a great way to maximize your reservations and revenues – particularly if you market to them in your low season (which may, in some cases, coincide with their high season, making your property look even more advantageous).
If you wanted to benefit from that, you could sit down once a week and pore over the financial sites to estimate and update your future foreign currency rates in line with expected currency shifts. Then, when you’ve fixed them, update your own website and contacts and update the sites you’re listed with to coordinate the information that inquirers and guests will see.
A cloud-based solution?
Alternatively, some SaaS (software as a service) providers have this covered and can supply you with easy to use cloud-based software to handle this without busting your budget. The more sophisticated solutions will work for you to pre-arranged parameters.
Where this is integrated into your website it opens up new possibilities for ease of use and added appeal to foreign inquirers. It’s possible to have the service fully automated to your specification. For example, there are programs that will personalize your email responses to inquirers by rounding numbers automatically for more guest-friendly quotes – even after foreign currency conversion has taken place.
Depending on the package you choose, the exchange rates applied on your site are usually updated automatically at regular intervals or may be set manually at your discretion. This removes the unexpected element in foreign currency fluctuations and helps make your rates competitive without needing your constant attention.
Updates in real time
Using a software service will almost certainly enhance your property’s appeal if you want to attract foreign guests. Ideally, what they should see on your website is a realtime updated booking calendar with prices displayed in their own home currency – plus the ability to make reservations instantly with a few clicks. If they have email questions, some programs will automatically translate these for you – as well as any replies you make.
And if you’re worried about handling foreign currency, there are service providers who will arrange for all money to go directly into your bank account with payments received in the currency of your choice.