Vacation rental experts agree that the industry now stands on the brink of an exciting period of growth. That assessment is based on some impressive evidence.
How to Grow Your Vacation Rental Property Management Business
Kigo's "Vacation Rental Investment Fuels Need for Channel Management Software" notes that investment in the vacation rental industry is up a whopping 750 percent. To industry insiders, it is no surprise that investors are eager for a piece of the vacation rental pie. With $2.2 billion in disclosed funding raised by start-ups in the vacation rental industry in 2015, the time is right for growth.
Investors are justified in putting their money on the industry, as vacation rental trends indicate a substantial increase in the number of potential guests looking to book vacation rental properties. Kigo's "Book Your Share of the Rising Vacation Rental Industry" article notes that one-third of respondents plan to spend more on vacations than they did in previous years according to a recent TripBarometer study. This renewed interest by investors and travelers alike makes the outlook for the vacation rental industry rosy indeed.
Placing Growth on Your Calendar
Are you poised to take advantage of this growth to take your vacation rental management company to the next level?
Perhaps the greatest impediment to leveraging this period of growth in the industry for the benefit of your company is the problem of finding the time to plan for growth. This classic entrepreneurial problem is not insurmountable, however.
The key to sustainable growth lies largely in establishing a firm foundation upon which to build. What does this mean for your vacation rental property management business? Simply put, you must examine your processes in terms of efficiency and automation. Are you using the best tools at your disposal to achieve efficiency?
Expand Your Business Step-by-Step
Vacation rental management growth consists of a number of essential steps for success. Each of these steps requires effort, however that investment will pay off many times over in terms of growth for your vacation rental management business. How do you follow these essential steps for success?
Detailed information on each step below will follow in the Kigo "Vacation Rental Management Growth Secrets" article series. Subscribe to the Kigo blog so you don't miss a step!
To grow your vacation rental property management business you must:
"Get a Plan" focuses on the importance of assessment of current processes and market conditions, creating business goals, and crafting a comprehensive growth plan.
"Get Found" explores the use of your website, proper SEO techniques, and channel management to extend your marketing reach.
"Get Competitive" discusses the role of inquiry management and revenue management to bolster your position in the marketplace and grow your vacation rental property business accordingly.
"Get Booked Solid" examines how automating your booking process and calendar management adds value to your business. In addition to reservation management, the advantages of working with a contact center are discussed.
"Get Automated" explores the ways automation technologies impact the vacation rental management business, from online payment processing to robust reporting that provides actionable insights to busy entrepreneurs.
"Get New Owners" examines best practices with regard to marketing yourself and managing your reputation as a vacation rental property manager.
Successful Vacation Rental Growth Is Possible If You Start Now
As a vacation rental property manager, you are presented with a great opportunity in the current industry climate. Maximize your chances for consistent, sustainable growth by following the outlined steps in the Vacation Rental Management Growth Secrets series.
Schedule a no-obligation web demo of Kigo vacation rental software.