If you’re starting out in the vacation rental industry or have been around for a while, you’ll know that finding ways to save money may prove to be quite the elusive task. You’re dealing with essentially a two sided problem: What can save the business more money, while also not impacting the quality of the guests’ stay? Saving money is relatively easy, but doing it in a way that doesn’t change the quality of stay is much more difficult.
Ways to Save on Your Short Term Rentals
One interesting way of saving money is investing in cheaper energy solutions for your property. Considering that longer term stays are becoming increasingly more popular, you will have to adapt to guests’ energy habits. With the increase in energy spending, an investment in a cheaper energy solution like renewable sources may have a good impact for the long run of your business. Although it is a high initial cost, the eventual pay off will outweigh the cost.
Another saving tip also has to do with energy saving, and it’s a little easier to do. Depending on where you live, your property may run either warm or cold during certain times of the year. If you can figure out what aspects of your property have temperature issues, you can then solve them before guests crank the A/C or heat. Adding insulation strips around windows or insulating panels over radiators will ensure proper heating and cooling without having to increase costs majorly.
Sometimes the easiest cost saving techniques are just in front of you, and you didn’t even think about it. On one of our Hospitality on Autopilot Clubhouse sessions, one speaker mentioned that they were able to cut costs by investing in a good set of blinds. Radiant heat that pours in through windows can increase the temperature of a unit, and as such may have the guest increase their energy consumption to counter it. By adding a good set of blinds, you can minimize the amount of heat that pours in.
If you have any suggestions for cost saving tactics that don’t minimize guest experience, feel free to email us at contact@ensoconnect.com.
