By now, lockdowns, closures, and restrictions have become the topic of discussion around the world. Although different for everyone, these restrictions and limitations have changed the way the travel industry now operates, and may operate in the future: gone are the days of one night stays at an Airbnb (for certain areas). What does this mean for short term rental operators and property managers? Considering the old business model is no longer valid, a change is not only necessary but encouraged if wanting to stay ahead of the curve. When determining how to make your properties continue to generate revenue, you must consider where they are located, and the amount of business you are currently seeing. If you’re content with your occupancy, great, however, as time goes on greater restrictions may be put in place, so stick around for possible solutions.
Location
When determining the next steps for managing your properties, it’s crucial to consider their geographic locations. If your properties are spread across multiple continents, adapting to the specific restrictions and regulations of each region is essential. For instance, New Zealand has maintained a robust approach to virus control since the early days of the COVID-19 pandemic, leading to less stringent restrictions compared to those in North America. Understanding the local rules and requirements will help you navigate and address the unique challenges and opportunities in each market. By tailoring your strategies to meet these regional guidelines, you can better manage the unknown aspects of your business and ensure compliance with local regulations.
Occupancy rate
If your current occupancy rate has remained virtually unchanged by the pandemic, that’s an impressive achievement! However, if you’re among the majority who have experienced a decline, it’s time to reassess and adapt. Even if you’re still receiving bookings, it’s important to understand why guests are choosing your property at this time. If they are booking to quarantine or self-isolate, consider pivoting your rental to cater specifically to these needs. Transforming your property into a safe haven for individuals needing quarantine accommodations could not only attract more guests but also position your property as a top choice for those seeking secure and reliable isolation options. By preparing your residence for such purposes, you’ll likely see an increase in bookings, as the demand for quarantine-friendly accommodations continues to grow.
Strategies
Self isolating guests and those looking to quarantine may not be how you envisioned how your property would be used, but that’s one way of garnering more guests to your properties. If you are uncomfortable with guests using your property this way, then you have to come up with other ways your property will be used. As travel is at a low, and there are no longer any in person conferences, there are fewer reasons for people to stay in short term accommodations. This, however, does not mean your property is DOA. Employees of large businesses are still traveling from country to country to discuss deals and have meetings of their own. Transforming your properties into a business haven could also see your business breathing new life.
Thoughts
However you want to tackle the issue at hand, challenges will be around every corner. Planning out every stage of your business plan will ensure the longevity of your business and will even see new guests staying with you. If you currently have or own a short term rental business or property, feel free to email us at contact@ensoconnect.com to discuss your stories and how you’ve managed to circumvent the restrictions.
