Vacation rental management is a great way to earn extra income or even make a career out of managing your properties. One thing that many new vacation rental managers might not know, however, is how to scale their business beyond simply one property. As you grow and expand your portfolio of vacation rentals, there are some factors to consider when scaling so that you can manage all of your properties effectively.
If you own or manage a vacation rental business, it’s important to think about scaling. However, if you’re new to this industry and don’t know where to start, the whole concept of scaling can seem overwhelming. A zero cost vacation rental property management software is one of the tools that can make managing vacation properties easy; it helps to increase bookings and help with other aspects of property management.
In order to scale your vacation rental business successfully without any hiccups along the way, here are 5 tips that will help guide you in the right direction:
The biggest challenge in scaling a vacation rental business is dealing with staffing. Many new vacation rental managers don’t realize that it’s not just about hiring more people to handle the additional properties. You need to find great staff members who are willing to work for you and bring their own personalities into the mix. This can be challenging sometimes, especially if you’re used to working with your previous staff members on a one-on-one level.
2. Marketing Your Properties
Another thing to consider when scaling your business is how you plan to market all of these homes. As the owner, you might want to personally handle marketing even if you have a team, so you have to have some sort of plan in place.
There are many different things you can do with marketing, from creating websites to writing articles on the subject of renting properties as a vacation rental manager. These things will inevitably cost money until your business is established. That’s why starting with a couple of free tools is a great way to go when scaling your business initially — just focus on driving traffic and making sure that people know about all of your properties
3. Checking In on Your Properties
When you’re scaling a vacation rental management business or just getting started, it’s important to remember that one-on-one time really matters. This means that even if you hire other people to help run errands and check on your properties, you should still take the time to meet with them.
4. Finding New Properties
If there’s one thing many vacation rental managers know about scaling their businesses, it’s that finding new properties is an ongoing process. One of the main reasons why so many property managers have been able to scale successfully is because they’re constantly finding new homes to add to the mix.
5 . Keep Growing Your Network
Finally, remember that growing your network is essential when scaling a vacation rental management company. If you’re already in touch with other owners who have multiple properties, then it’s definitely worth reaching out and trying to build a relationship with them even if you’re not familiar with them. You never know when they might be able to help you out in some capacity, but for the most part, it’s best to keep all of your options open.
If you’re looking to scale your vacation rental business, a crucial first step is finding an all in one zero cost vacation rental property management software; this will help reduce costs while increasing revenue through bookings.