Diversify
Some markets are starting to see a bounce back after restrictions have been lifted and people are anxious to get out after being stuck at home for some time now. Yet with the future still seeming uncertain and the economy still not headed for a recovery, now is a time to take a good hard look at some aspects of your business. Its time to seek out revenue where you may not have before or time to stop spending money on things that just aren’t producing for you like they should.
Lets start out with going over some ways to seek out additional revenue streams. If you have never jumped into the realm of owner service or home care agreements, now may be a good time to try it out. These homes could bring in some additional revenue for you during these times when you can’t necessarily rely on rental revenue to get by. Owners who live far away from their vacation home market are always looking for reliable managers to take care of their homes, assist with maintenance, projects and who knows, maybe down the road they could turn into a rental property for you as well. Another way to diversify your business is to provide additional services or equipment rentals. Have something that guests are always looking for when they visit? Why not spend the money and offer rentals on the things guests most need while visiting? This could be anything from fishing equipment, paddle boards, beach chairs, bikes, you name it. Or partner with a local company or shop to start up an incentive program for guests you refer to them.
Take a look at your distribution channels. Get rid of channels that just aren’t producing for you or are too risky in regards to terms and conditions or too high of commissions. Give em the boot! Do some research on other channels you could be partnering with that may be a better fit for your inventory or your business model. If you don’t have many direct connection options through your property management software, find a reliable channel manager that can open doors to new business for you. If you need help with evaluating channels or a recommendation on channel managers, Alpine Vista Consulting can help you. We have extensive knowledge on many of the major and more select channels out there. We also have used many different channel managers and don’t mind sharing the good, bad and the ugly!