Challenges and obstacles in the s.t.r. industry
Challenges a New Vacation Rental Owner Might Encounter
Managing Guest Expectations: Ensuring guests have a positive experience by managing what they can realistically expect from the property. Overdelivering by leaving tiny surprises and extra cozy spaces for them because you will be able to communicate with them before and after their stay.
Maintenance and Upkeep: Keeping the property in top condition and addressing repair issues promptly can be labor-intensive. Finding and keeping people you know do a great job is tricky. Adding some maintenance items onto your list of requirements for your Management person is a good plan. That person should be able to handle basic things and not require outside services to assist every time there is a small issue.
Marketing and Promotion: Developing effective strategies to attract renters, including social media and listing sites like your own website and even adds on face-book are a good idea. You have a choice of multiple websites, apps, and reservation companies that can help you be seen by more eyes.
Guest Communication: Establishing clear and continuous communication with guests to ensure a smooth rental process before and after their stay. Create life long friends from having the opportunity to get to know you better and enjoy visiting. Remember- you are even going to charge friends to stay. This is a business after all.
Understanding Seasonal Fluctuations: Adapting to changes in demand during different times of the year to maximize occupancy rates is good. It is also a good time to make changes, do maintenance, deep cleaning, and do your best to help your full time contractors like Management person and housekeepers paid during the slower times. If they are dependable and you are happy with the work they do, then keep them on helping in any way that helps you make money and prevents them having to spend extra time between guests during the very busy times. Products that can sell online and time spent now to save you money during the busy months are two ways to help create time for these dependable people now.
Obstacles a New Vacation Rental Owner May Face
Initial Investment Costs: The upfront financial burden of renovations if chosen to do, changing furnishings out to suit your style or to replace items that are not good for an STR environment, and setting up the booking sight & marketing can be substantial. Even these investments can be assessed and possibly skipped at the beginning with a good cleaning and beginning photos. Allow the location to book for the first year and then do additions and replace furnishings as needed while the property is helping pay for those items. Also, these items can be written off as you go.
Financial Management: Keeping track of income, expenses, and taxes related to the rental property requires knowledge of the requirements. The first year is easier to find an accountant to help keep everything together the first year. It is so much easier to focus on what you want to focus on and enjoy the creation & progress of your business.
Time Management: Balancing the demands of operating a rental with personal or professional obligations can be challenging. Getting clarity on what you want to do yourself and what you will need to succeed will be your best choices.
Technology Adoption: Utilizing various platforms and technologies for bookings and guest management can be daunting.
Dealing with Conflicts: Managing conflicts or unexpected situations with services or guests who may not respect the property.
Negative Guests: Dealing with unhappy guests or negative feedback that can impact the property’s reputation if you are booking online.
Sourcing Quality Vendors: Finding reliable Management, contractors for maintenance, cleaning, and property service needs can pose a challenge.
Staying Current with Trends: Keeping up with changing guest preferences and industry trends to remain competitive in the market. Don’t worry about what’s trending, or it looking like a professional interior decorator or vacation rental “professional” helped you set up and pick out everything. If you make it comfortable and welcoming to you, add the things that you love to be cozy and relax, then your guests will like it too. There are a ridiculous amount of vacation spaces out there, but your connection to the space is what’s going to separate this one from the rest. If you don’t add your own touches and create a consistent theme throughout then it will create a feeling of clutter and guests will not be able to relax in the space.
Always remember that less is more when cleaning and organizing a space. Efficiency and easily memorable for your housekeepers, guests, and especially the Management for your property. The biggest obstacle I have found with getting started is all the opinions on how you should do it. I feel your opinion is the only one that really matters and you get to make the choices for yourself. If you choose to do research on each subject and educate yourself in the process and then make educated decisions, you will be better prepared to make changes in the future for yourself and your property.
This includes easily cleaned furniture, rugs, appliances, and even the lighting fixtures and ceiling fans. Remember it is a short term stay. Guests just need the basics ready for use. If you furnish small appliances for your guests to us; keep them put away unless needed. This lowers the clutter in the kitchen area and makes a basic clean go much faster and you guests will have room for the things they brought with them.
Efficiency in cleaning and hosting should be the top priority when choosing all interior design and décor. Other than that, your financial standing for booking your property and whether you will be the one doing all the work or hiring to do the things you choose to let go of are the next big focus topics. All can be challenging and create obstacles but creating the opportunity for yourself to get the education on the different topics for running a successful and efficient vacation rental property will be your best choice.
Be clear, be confident and don’t overthink it. Your location is going to continue to evolve and your space can evolve with it. Your goal should be to make it comfortable for right now. Challenges will create the opportunities to make the changes you choose to make. It will take care of itself as it pays for its own changes and needs. It always does.
Vacation Rental Success Consulting Offer
Unlock Your Potential with Expert Guidance
Are you a new owner in the vacation rental industry looking to make a mark? At Phoenix Spark, we specialize in empowering women entrepreneurs like you to thrive in the competitive world of short-term rentals. Our tailored consulting services are designed to provide you with the insights, strategies, and support you need to set your rental apart and maximize your profitability.
What We Offer:
Personalized Consultation: We begin with an in-depth one-on-one consultation to understand your unique vision, goals, and challenges. Together, we’ll craft a roadmap that aligns with your aspirations.
Operational Efficiency: Get clarity of what you have and need- to create consistency and systems. We’ll help you streamline your operations for maximum efficiency. Understand how to manage your property effectively, ensuring communication and understanding of what you want from each of the people you hire for your location.
Owner Analysis: We believe getting started asap is best for you to learn and for your property to gain its followers as it is booking. Your education in the environment is key to making educated choices for your property. We’ll help you identify opportunities for growth and improvement as you earn income from your property. Taking advantage of our education and experience to skip over some very expensive items will help you start out on the right foot and skip a lot of expensive choices when starting out.
Website and CRM Development: we help you learn how to create a compelling website and business hub that nurtures your guests and creates extra opportunities for you to reach out to them before and after their stay. We’ll guide you in developing a strategy that draws in guests and keeps them coming back, because you will be their contact person and your able to save all their information and keep in touch from your website and customer relationship management area.
Ongoing Support: Our commitment doesn’t end after the initial consultation. We offer continuous support through follow-up sessions, resources, and community networking to keep you inspired and informed.
Transform Your Vacation Rental Journey
Join us at Phoenix Spark and take the first step towards transforming your vacation rental business. With our innovative approach and holistic coaching methods, you’ll gain the confidence and knowledge to navigate the industry with success.
Contact us today to schedule your initial consultation and ignite your journey in the vacation rental market!
