5 Tips for Scaling Your Property Management Business
What will help to power your business today won’t necessarily be the same as two years ago. It’s important to be aware of industry trends and adapt your business plans accordingly. This year, remote working, sustainability, and technology are set to dominate the industry.
So, with these trends in mind, here is some advice on scaling your short-term rental business in 2022.
1. Utilize Top Technology
You’ll need the right toolkit to scale your business to its full potential. So, invest in the top industry tech on offer.
Partner with short-term rental property management software to automate and streamline your processes, so you can focus on growing your business. Together with integrations, these systems allow you to optimize tasks like cleaning so you’re notified when guests check out early and can profit from the opportunity by offering early check-ins.
2. Automate What You Can
To grow your portfolio, you’ll have to up your owner acquisition. More and more second-home owners and long-time hosts are looking to list new properties to profit in the current climate. But, how do you get quality homes on board to build a strong portfolio? And how do you attract the best of the best when it comes to properties?
Reassure owners of your professionalism as a property manager, by simplifying the process with automated systems. Vacation management software provides an all-in-one platform for bookings, guest communication, cleaning notifications, and much more.
This automated tech relieves pressure and makes for a smooth-running business for both you and property owners. It offers owners a sense of security and frees your time to focus on the growth of your business.
3. Invest in the Right Location
Location matters. According to Evolve, the top U.S. locations for short-term rental investment this year are Pennsylvania, Virginia, and Tennessee, judged by rental performance across the nation, rental value, and yearly expenses.
The Poconos in Pennsylvania has been top for four years running due to its beautiful lakes, mountains, small-town charm, and a cap rate of 15%. Rural destinations have flourished in recent years, as people begin to live more flexibly and take advantage of longer stays while working remotely.
Urban rentals are set to make a comeback in the latter half of this year though, with data suggesting a rebound growth of 33% and a full recovery by 2023.
Top urban locations spotlighted for this year are Palm Springs, California for its music festivals; Cincinnati, Ohio; and Sarasota, Florida where hosts witnessed longer stays leading the mid-sized city to have the highest winter occupancy in America last year.
4. Focus on Guest Experience
Growth in the short-term rental industry means increased competition from other property providers. So, go above and beyond to add value to your rentals by keeping current trends and demands in mind.
Guest expectations will be higher than before, especially when it comes to cleanliness and hygiene. And most importantly, guests seek hosts who can offer the best guest experience throughout the whole travel process. The rentals that focus on these guest expectations will be the ones that thrive this year.
5. Build a Strong Team
Your business is only as strong as your people. Build a dream team by sourcing talented employees to drive your business forward.
Recruitment is a challenge right now in the era of the Great Resignation. Vacation rental services can connect you to reliable teams to automate tasks like room cleaning, so you don’t have to worry about schedules.
Use These Tips to Scale Your Business in 2022
Growing your short-term rental business has never been so exciting, with so many opportunities out there.
Optimize your time by replacing long-winded, multi-software tasks with an automated all-in-one solution that provides you with the best on-trend tools. Attract quality new properties to scale your business in the most sought-after locations. Provide unforgettable guest experiences, all while scaling your business responsibly.
This article was written by Uplisting, a short-term rental property and channel management software built specifically for helping managers scale their businesses.
