What is holding your rental business back? What limitations do you currently have that didn’t before? Has anything changed recently that has affected your properties’ business? All these questions are ones you should be asking yourself from time to time to see how you can grow your business. If you are able to analyze how you are currently running your business, you’ll get a better idea of what steps you need to take in order for it to grow.
Understanding Your STR
So, what limitations do you currently have? Besides anything out of your control, what aspects of your properties can be improved so that it can grow? If you’re finding yourself so busy that you can’t see your family, it may be time to analyze what your properties are requiring you to do. If you’re someone who likes to be in control of everything, you may be feeling a bit burnt out, and may be needing someone to come in to help you out. Special touches that you incorporate into your properties like personalized cards, or welcome presents don’t have to disappear, but when you ask others for help, you’ll be able to maximize your time better.
If you do have multiple people on your team but still feel overwhelmed, try and pinpoint what aspects you’re overwhelmed with. Does it have to do with the booking process or does it have to deal with the maintenance of the building itself? By understanding your problem, you’ll have that much more of a fighting chance to solve it quicker. If you’re realizing that you’re spending a lot of time cleaning your properties, try and consider hiring a cleaning service. Go through your properties and jot down every aspect of the property that you think should be cleaned and which ones should be thoroughly cleaned. Give that list to the cleaning service, and see how they do. If they’re up to your standards, then terrific, if not, it’s still not the end of the world. There are many cleaning companies out there and I’m sure you’ll find one that would be able to fit your needs.
If you feel that your property management business is growing faster than you anticipated, stand back for a second and take note of what things you need for the future. If you’re growing rapidly, make your needs larger than you think so you don’t get stuck in this bottleneck again. Growth is good, but growth with a plan is even better. Figuring out what areas need improving, people you need to hire, or even what you want to change about your properties are all things that will need to be taken into consideration at one point or another.