Start Off Right
Moving to a new country can be overwhelming in and of itself, but when you combine moving overseas with starting a business, it’s a massive undertaking.
Of course, the best way to grow your business is to set yourself up for success. But ‘how’ is the key factor.
If you’re just starting out in the business and juggling too much, you may make a mistake that could cost you your business.
You’ll need to learn exactly what is required of you. From licenses, to laws, read on to find out how to grow your vacation rental management company, without sacrificing your new life as a business owner.
Reservations
Your clients (i.e. the owners of the vacation homes) work with you because they want to make the most out of their investment. And when it comes to vacation homes, that means reservations.
Make the most out of your rental reservation listings on sites like Airbnb or VRBO. Don’t be shy with your listing. Make sure you highlight all of the perks of the property, how close it is to the popular tourist areas, and any special treatment that will set your property apart.
The best part about listing on Airbnb or VRBO is that it’s completely free. Only after your property gets a reservation do they get their cut (usually a certain percentage of the booking price). This allows you to grow the amount of properties you manage exponentially because the marketing of the property, plus the reservation system, is completely hands off.
Make sure you have a good way to coordinate reservation schedules so you don’t double book.
One of the coolest features in Airbnb and VRBO is that they have an option to sync to your personal calendar. If you use a more traditional calendar, be sure to write down any and all bookings and scratch out the ones that cancel. We recommend a digital option for ease.
Software
A good property management software can solve a lot of the problems you may be having with scalability. We’ve used a lot of them in the past and have found that CiiRUS, Hostaway, Hostfully, and Owner Rez are the best on the market.
They are your all in one go-to for property management. It takes the guesswork out of your business.
Some key features to highlight that make running your business a breeze, are their ability to sync data from popular listing sites like AirBNB and VRBO, managing cleaning schedules, maintenance, and inspections, texts and emails from potential guests, and managing all types of payment accounts from taxes to paying employees, and paying the property owners. It’s also easy to use via mobile or computer.
Yes, property management software costs money but when your goal is to grow your vacation rental management company, you’ll want a software that can streamline your business. It’s worth it.
Admin Support
It’s hard work to manage the front-end and the office work of managing vacation homes. Figure out what your strong suit is and hire an outside company to do the rest.
You handle the landscaping and maintenance while a bookkeeper does the finances. Or, maybe you’re better at the business side of things. Hire a landscaper/maintenance pro to do the “hands on” stuff.
The point is, that as you grow your business, you will not be able to do it all and maintain a normal life. Our goal is to give you back your weekends. You won’t have to be tied to your phone in case something happens because we take that weight off your shoulders.
Consultant
Hiring a professional property management consulting company can help your business grow exponentially. When you are trying to run a profitable business, being bogged down with paper trails, which licensing you need to secure, plus worrying about the day to day logistics, you will be stunted in your opportunities for growth.
Let someone else do the work for you so that you can reap the benefits.
When you’re overwhelmed, a consultant like GCO can offer personalized assistance on all aspects of vacation property management. We are able to individualize your experience based on your needs.
Are you the type that wants a hands off approach with your owners? We cater to that. If you’re the type of person that likes to be the sole communicator with your owners, we cater to that too.
We know it can be difficult to manage properties, but it’s even more difficult to manage too many properties. Trust us, we tried. Give us a call today to talk about your business needs and what we can do to help.
