You’ve started up and are settling into the business quite nicely.
Your confidence is up, numbers are looking good, guests are happy.
Not only is it natural but important as well to start thinking about growing.
Data, numbers, charts and tools are your best friends in finding lucrative markets to invest in.
Yes, it may seem a bit intimidating BUT that’s what we’re here for.
So, let’s dive into the checklist which will get you started off just right.
- Pick a location type
Do you want to go for a destination/resort (mountain/lake/coastal), a large city (urban or suburban), perhaps a mid-size city or small city/rural?
This is your natural starting point.
Tip: Find out how many professional property managers and total properties are operational in that area. You don’t want to go for oversaturated or underperforming areas. - Choose the best market to expand
Different markets experience different trends. Are you thinking local or overseas?
Study the regulations, contact local governments or join a social media group to connect with other property managers. - Pick a property type
Here you can get truly creative but be strategic.
Think about what the guests in that area will expect the vacation home to be like.
So, a multi-story house, studio apartment, condo?
Tip: offering an experience that can’t be duplicated is everything. Immerse guests in the local culture, giving them reasons to keep coming back while ditching chain hotels. - Choose the amenities
Here is where it gets really competitive.
Learn from other property managers’ successes. Whatever offerings are working for top-performing listings, it would be wise to incorporate them.
Tip: Dig deeper into nitty-gritty details and see what makes or breaks them. - Calculate return on investment (ROI)
Before a new acquisition, be certain that this property (at this time is exactly) is what your portfolio needs.
After analysis, ask yourself is it driving you toward more revenue?
Tip: Calculate how many bookings each one of your homes makes per month. Then divide its total bookings by its number of nights available for rent.
This calculation will give you an idea of how much income each property generates.
6. Hire a professional property management company
And not just any company, get OnePerfectStay on board!
If you really want to get things rolling, you have to hire the experts.
