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No Vacancy: Maximizing ROI

7 Posts tagged with the blog tag
2

"A Rising Tide Lifts All Boats" – John F. Kennedy

 

YearConventional Wisdom at Given Point In TimeCorrected Wisdom Beyond Said Point In TimeYear
1960We can’t walk on the moon, more than 10ft of space dust covers it and a man would “sink!”One small step proves minor amounts of dust, nothing a 6-iron couldn’t handle (see photo).1969
1999Older computers are going to crash, causing major global havoc and Lord knows what else!!Turns out a couple people had to reset the timers on their VCR’s, that’s about it.2000
100’s -1543Ptolomy had the whole world believing the sun and planets revolved around the earth.Copernicus, Galileo & others proved that 1500+ years of globally accepted FACT were wrong.1543
August
2013
An increasing number of vacation homes in my area is hurting my vacation home business!Keep reading, the Corrected Wisdom won’t fit inside this box, so we’ll have to get out of it…September
2013

 

 

Now That We’re Outside The Box


I’m going to challenge you to stay outside the box for the rest of this blog.  Like 1,500 years of people before us who thought the universe revolved around them, we’ll need to change our thinking to realize the profitability of your vacation home doesn’t revolve around your area.

 

When we started renting our first vacation home in Anaheim in 2007, our house was the 13th listing on VRBO in our area.  When I started writing this blog post last Thursday, there were 198 listings on VRBO.  By the time I finished it, there were 201.  No doubt some of you out there have seen the same rapid growth, maybe even more so.

 

 

Here Are 3 Reasons Why We Should ALL Be Happy About Increased Competition:


1. Competition Makes Us Better – The idea that someone is trying to take food off our table compels us to get better.  What are you doing to constantly improve?  Reading this blog for one.  Not everyone in your area is, so you’re already gaining on them!

            *Best Practice: After you’ve read through all the No Vacancy Blog Posts, try reading

             my competitor’s, I mean my friend Joel’s blog on VR Success

 

2. Competition Validates Us – If there are homes popping up all around you then you must be in the right place and doing something right, right?  Give such good service that the number of repeat guests outruns the vacation home growth and ride the wave.

 

3. Competition Creates Loyalty – Now that you’ve read all the No Vacancy blogs you know that we’re trying to create Customers for Life (CFL’s) because they are great for ROI.  By allowing #1 above to drive us, we create a gap that future CFL’s will recognize, appreciate and award you their ongoing business for doing so.  And when your CFL’s friends travel to your area and say “there are so many homes to choose from,” your CFL will adamantly say “don’t even bother calling anywhere else, stay where we stay.”  Smells like a Referral’s cookin’.   

 

 

Here Are 3 More Things You Can Do To Leverage The Rising Tide:


1. Get In Cahoots – What local businesses other than vacation homes are also benefitting from the rising tide?  Eateries, entertainment venues, touristy places?  What are you doing to partner with them? 

 

2. Partner With Other Homes – Find a home similar to yours in your area, establish a relationship with the owner/manager and fill each other’s vacancies.  We’ve all turned business away when two inquiries for the same dates go out. Lob one over to your new friend in anticipation that they will do the same.  Don’t forget to pay/collect that referral bonus!

 

2. Keep Your Sights Set On the Horizon – It’s easy to become narrow-minded and short-sighted when we are about to eat vacant nights, but remember we’re running an endurance race, not a sprint.  Keep doing all the Little Things right and the business will be there.

 

Moon photo.jpg

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

But was JFK right about ALL boats rising with the tide?  Let’s ask Dwight from "The Office."


Dwight photo.jpg

 

Here we have to concede a point to Dwight.  Sunken boats are indeed unaffected by tides.  Don’t be a sunken boat.

 

 

 

Here Are 3 Ways to Not Be Sunk In A Rising Tide:

 

1. Don’t Cry About It – If you are committed to your business, always look for the upside.  Whining is terrible for ROI. 

 

2. Don’t Immediately Slash Your Rates – Continue to sell the value of your home to inquiries, and do it over the phone, not email.

 

3. Don’t Be Like Everybody Else – If you haven’t figured out your market niche, what is it?  Value? Luxury?  Family?  Location?

 

 

The Bottom Line: 

 

All boats rise with the tide, unless they are already sunk.  As the number of vacation homes in your area increases, so does the number of vacation home guests.  Every time one of your guests (or theirs) has a great experience in a vacation home an incremental potential CFL for you has been created.  Do what you can to leverage the rising tide.  The formula we are working from is: 

 

More Vacation Homes = More Vacation Home Guests = More Potential CFL’s For You = Higher ROI

 

Here’s to high tides and higher profits.

 

Cheers!

Michael

0

The Dad Factor, as I define it, is what adds up to make all Dads 100% awesome. Each Dad’s factor is comprised of varying levels of ego, competency, age, # of children, stubbornness and many other elements. 

 

However, within the factor there are some basic certainties that apply universally to Dads, certainties that might be considered when looking at Dad’s experience in your vacation home.

 

First, what do we know about Dad’s role while in your vacation home?

  • He is usually the one to unclog the toilet (who clogged it notwithstanding).
  • He is usually the one to change a light bulb.
  • He is usually the one to fix “it” when it breaks.
  • He is usually the one to figure out how to use the TV and remote.
  • He is usually the one to fire up the grill.

 

Considering the above, there are things that we, as vacation home owners, can do to increase the likelihood that Dad will Love his stay in our home and ideally become a CFL (customer for life).

 

Here are some ideas (please share yours in a comment below):

                                                                                             

Help him be useful if he wants to be (he does), so give him the right tool for the job. 

Make sure that Dad will have no problem finding the plunger when his 4 year old princess uses half the roll of toilet paper.  Better yet, upgrade your plunger to the type intended for big clogs.  You know, the ones for heavy doodie use? 

 

While at the hardware store, it’s not a bad idea to pick up a twenty dollar basic home tool kit when you are buying that HD plunger.  Having basic tool kits in our houses has had a positive ROI by helping Dads resolve an unexpected situation for us, preventing a call to the handyman.  After all, every Dad is somewhere on the handyman spectrum.

 

Help him be the problem solver. 

Make sure there is a flashlight with good batteries so he can investigate that noise outside.

 

Let Dad replace the light bulb your property manager hasn’t noticed is out yet.  Put a few of each type of light bulb somewhere accessible but out of the way, such as an upper cabinet shelf.  Dads usually are the ones asked to reach it off the upper shelf anyway. 

 

Help him prevent meltdowns by providing basic step by step TV/DVD/Satellite instructions with the remote control so Dad can get the Disney channel on before the little one loses it.  It’s her vacation too! 

 

Provide long wooden matches or a long BBQ grill lighter somewhere in the kitchen or near the grill so if the igniter isn’t working (as they often aren’t) the burgers and dogs won’t be delayed.  BEST PRACTICE:  Give the grill a good cleaning every checkout, Dads always appreciate a clean grill.  And provide proper tools (stainless steel grilling instruments) for the job! 

 

Help him make great memories.

Help Dad easily make some lasting memories with his family while enjoying your house. Family board games or video games, pool toys, game tables like foosball or shuffleboard, or a basketball hoop can do the trick. 

 

What’s unique to your area?  Maybe you have a big lawn.  When was the last time anyone played croquette?  I have great family memories playing croquette with my grandparents, uncles, cousins and my Dad.  Those are the kind of Delightful Memories we want to provide.

 

Another delightful memory maker we’ve had success with is providing a waterproof digital video camera for our guests to use in the pool and around the house. Guests who want it willingly pay an additional $5/day for their stay and thank us specifically for it upon checkout.

 

The Bottom Line:  Dads are awesome, every single one of us.  Our experience in a vacation home should be at least as awesome as we are.  Vacation home owners can consider Dad’s experience and do a couple things to help Dad stay awesome while on vacation.  Do things to win Dad’s vote to stay at your house next time they come to town.  Help him be useful if he chooses to be, and help him keep his family’s trip from any hiccups related to the house.  Most of all, help him make some delightful memories that will further his family legend of awesome for years to come. 

 

Here’s to Dads, and to the rest of you who put up with us…Happy Father’s Day! 

 

Cheers!

 

Michael

1

“The shortest period of time lies between the minute you put some money away for a rainy day and the unexpected arrival of rain.”  Jane Bryant Quinn

 

I see saving up for a rainy day, or establishing a Reserve Fund, kind of like how my kids see their vegetables.  We both know what needs to be done and we both know why it should be done…

 

“But if broccoli smells this bad, won’t it taste even worse?”  - Me My Kid

 

The idea of putting additional money (we can’t spare) aside for some unknown thing that may or may not happen just smells bad.  Then after that first month where you reduced your owner draw by 20% to start the Reserve Fund, the originally smelly idea ends up tasting just as bad as it smelt.  Or is it smelled? 

 

I am here to tell you that I am now a believer who LOVES broccoli. 

 

Termites? Not so much…  Pesky little termites gave us our first opportunity to dip into our Reserve Fund, which we reluctantly and nearly did not set up a year ago as we started renting the third house. 

 

I never thought paying thousands of dollars to eradicate tiny little house-biting bugs could feel so good. 

 

The first time a band of termites set out to eat one of our houses it caught us completely by surprise and $3,600 later we were left thoroughly bummed out.  We had the money in our account but we were headed into our off-peak season when cash is tighter, and it made for an uncomfortably long winter and some dismal owners draws.

 

Here’s How The Rainy Day Fund Works (adjust according to your house’s specific circumstances.)
*I’ll assume that you are in some way tracking your revenue and expenses.  If you are not, yet, then be sure to read the next blog.

 

Step 1: Determine a target amount to have in reserve (as cash, and accessible).  Let’s say $10,000.

Step 2: Figure out how much you can pull from your monthly owner draw, enough that you will feel it but it won’t disrupt your ability to cover monthly expenses.  Let’s say 20% of monthly net income.

Step 3: Set this money aside and use your first month’s reserve to open a new savings account.  *Not a must-do, but we’ve found it to be convenient for book keeping.

Step 4: Don’t cheat the fund.  You’ve got to be consistent and build your monthly P&L to account for this money being set aside.  Now watch it grow! 

 

Here’s Why I Wanted to Tell All of You About It

 

Consistent Cash Flow is the first reason our reserve fund worked great.  We took a $3,000 expense hit in stride and still received 100% of the owner draw that month.  We had enough money in the reserve account to cover the extraordinary and unforeseen expense.

 

Consistent Level of Service is perhaps a more valuable reason to establish a Reserve Fund.  We did not have to scramble for the money, wait for more bookings or put it on the dreaded profit-munching credit card in order to take care of the problem.  The repairs were completed over our first three day opening because we had the cash on-hand to do so.   We did not have to inconvenience guests with our problem, and even if we had to put them in other accommodations we had the money on-hand to do so without worrying.

 

Peace of Mind is what the first two benefits above add up to.  But there’s more.  Our Reserve Fund is more than 60% to our goal even after the termites, Lord willing it will hit the goal in 2013.  Once that happens we can look forward to a 20% Increase In Owner Draw, a welcome pay raise.

 

The Bottom Line: Saving up for a rainy day is a good idea that is worth the short-term pain to get there.  Having a Reserve Fund will stabilize your monthly cash flow and provide a nice sustainable boost in owner draw once your fund is met.  The peace of mind in knowing you have that cushion will pay dividends every day, and the immediate access to cash in the event that something major happens will help you make the repair sooner, accommodate the inconvenienced guests and ultimately provide that WOW moment in the face a potentially bad situation.  Those are the moments that create a customer for life, and we could all use more of those. 

 

Here’s to the month after our Rainy Day Funds spill over.

 

Cheers!

 

Michael

2

Sorry for the delay everyone, I’ve been “off.”  This is the time of year that Angela, the kids and I make the 1,350 mile drive to California for a getaway.  This time we invited another family along with us to really see things from our guests’ perspective.   

 

If you aren’t spending time “off”, as a guest, in the home you own or manage, you should be.

 

In this post I’ll share some of the things that we’ve uncovered during this trip.  We hope that you will:

 

  1. ) Benefit from some of our learnings, and
  2. ) Realize the value you can create by making it a priority to spend time as a guest in your home.Disney kids.bmp

 

We try to “get away” to our homes at least once a year.  Often we even block peak calendar time for ourselves because it always proves to be a great return on our investment (not to mention the write-off that the expenses from the “business trip” can provide).


I’m not talking about staying at your home for regular maintenance or while you remodel the bathroom.  Although maintenance and remodels are important, this time in your home is different.  This time “off” is meant to allow you to experience first-hand the joys and frustrations that your guests feel when they stay at your place.     


I’ll readily admit that it’s very difficult for us to stay in a guest’s frame of mind when there are so many things to be done as the owner.  But each time we’ve stayed it’s gotten a little easier to get away for partial and full days at the home and the insight has proven valuable. 

 

3 Useful Tips We’ve Learned:


  1. It’s easier to switch from owner-mode to guest-mode when you have Loved ones with you. 
  2. While at the home, only “work” on tasks that you personally add value to and try to plan your stay with a dedicated day or two for projects then the rest for making memories with Loved ones.  If something can be handled after you checkout or by someone else in the coming weeks, just make note of it and resist the temptation to knock it out during your stay.
  3. On your last day, sit in a comfy spot and ask yourself from a guest’s perspective, “What does this place really need to give me an experience to tell others about?”  (Read Creating Delightful Memories)

 

The Fruits from Our Stay:


  • Backyard sound system – In theory the surround sound in the family room was intended to easily provide sound in the backyard, but in practice we found that we really needed a dedicated music source outside.
  • Broken water guns are a bummer – After a two-day drive we all hopped in the pool.  A water gun fight quickly ensued only to find out that three of the four super soakers were completely non-functioning.  Went ahead and took care of this one myself…for the kids of course.
  • Fan made a slight knocking noise – This isn’t bothersome until you are trying to fall asleep under a clicking fan. I cringe at the thought that this has kept our guests awake like it did me.
  • Alarm clocks are clumsy and behind the curve – I wanted to play music from my Android but our alarm clocks were not equipped.  Most hotels offer this now; we probably should have them for $20 each.
  • Gate to the backyard was stuck – This only matters to whoever takes out the trash, but it’s an unnecessary nuisance that will be easy (for someone else!) to fix now that we know about it.
  • Half bath needs a “noisy vent fan” – Noises from a half bath downstairs make all who are within earshot uncomfortable.
  • Window glare on TV from setting sun – For about 45 minutes per day the big screen has a giant glare across it from a high window.  We found residual tape from one of our guest’s attempts to correct the same issue.
  • Additional finds:  
    • Needs more towel/closet hooks
    • Keys need a keychain/lanyard
    • Linen closet needs labels
    • Nail in the floor popped up – Ouch!
    • Toilet seats are loose
    • Several doors squeak
    • iPod cord is “lost”
    • Pack n Play is clumsy

 

The Bottom Line:  By becoming your own guest for a few days you will see your business from your guests’ perspective.  That perspective will help you make informed decisions about your business + smart investments into your business.  The output should lead to increased guest satisfaction = increased occupancy = increased revenues = increased ROI. 

 

Now quit “working” and go enjoy some time “off” in your favorite vacation home! 

 

Cheers!

 

Michael

1

“You got to know when to hold ‘em, know when to fold ‘em,
know when to walk away, and know when to RUN!”

Kenny Rogers - The Gambler


You may be thinking “What does Kenny know about the Vacation Home Business?”  Well, maybe not much.  But those lyrics above are very appropriate when it comes to dealing with security deposits.  Humor me for another 660 words and I’ll explain.

 

Why Have Security Deposits? 


We like security deposits for two reasons:

  1. They constitute an agreement between the vacation home owner/operator (O/O) and the guests.
  2. They provide a great opportunity to create incremental bookings and maximize ROI.

 

Think of it like this: 

deposit1.jpg

 

“Look, I realize unforeseen accidents can happen while you are in my home.  In the event that they do, I just want to know you are good for it if it was your fault.

 

deposit2.jpg

 

“If I damage something I’ll pay for it so I don’t mind the deposit…as long as you don’t look for reasons not to give it back to me.”

 

 

 

 

Therein lies the problem: how to establish a clear line on when to keep deposit funds or when not to.  Ultimately you hold the money so it’s you that determines the line.  We break ‘em into four categories.

 

Take it away Kenny!

 

Know When To Hold ‘em – O/O and guest both agree that deposit money should be kept.

Guest’s kid climbs the pool umbrella and breaks it.  Dad calls, apologies profusely and along with insisting to pay for a new umbrella assures you that his kid “never acts that way at home.”

 

Know When To Fold ‘em – O/O wants to keep deposit but the guest doesn’t openly agree.

This is the biggest opportunity of the four because it will likely have a direct impact on your future business with that guest, specifically their likelihood to:

  • Consider your home for their next trip
  • Give you a positive review
  • Recommend your home to others

 

You may be able to turn these lemons into lemonade if you can find middle ground.  Let your guest know the costs you will incur and explain that prior to their check-in the damage did not exist.  Ask them what they think should be done about it, and then use that as a starting point to find an agreeable solution for both sides.

 

**Possible Best Practice:  On two occasions we have offered guests a credit toward their next stay in the amount of the withheld deposit funds.  Full disclosure: Neither has taken us up on the offer…yet.  But, we recovered our loss, planted a seed for future business and the conversations ended on a positive note.

 

Know When To Walk Away – Keeping the deposit is expected by the guest, but you choose not to keep it.

Here’s where we can make a customer for life.  For three years in a row Rick and Raul have stayed two weeks with us while attending an annual convention.  This year one of them accidentally walked through our screen door and destroyed it.  At checkout they apologized and asked us to take it out of their security deposit. 

 

Valuing their business we elected to eat the $150 and use the opportunity to tell them just how much we appreciate their business.  We jump at every opportunity to show some Love to our high value guests.

 

Know When To RUN! – Flagrant damage happened and the O/O doesn’t ever want the guest back again.

This has happened with us three times out of 500+ bookings.  Gross negligence resulting in excessive damage to our home gave us no option but to withhold deposit funds.  As Lovingly as possible we informed our guests that there was substantial damage at checkout and provided an itemized detail of the expenses incurred, including our time to repair them.

 

**Best Practice:  The Loving approach meant we recovered our loss AND avoided a nasty guest review.  

 

The Bottom Line:  How we handle deposits when damage occurs in our homes provides us with an opportunity for incremental business in the form of Repeat Business, Strong Guest Reviews (our next topic) and Referrals.  If we can utilize the Fold ‘em or Walk Away approach effectively we turn a negative experience into a positive experience, all but obligating our guests to reward us with more business.   

 

Here’s to customers who take care of our homes and won’t stay anywhere else!

 

Cheers!

 

Michael

 

2

How many of your bookings in 2011 have been from referrals?  Or more to the point, how much of your revenue in 2011 is from referrals? 

 

Are you content with your answer to these questions?  Wouldn’t it be nice to have one or two more referrals each year?  In this blog we’re going to look at five ideas that, when used together effectively, will help to drive incremental bookings through referrals. 

 

  1. Be Worthy of a Remark – The best form of advertising for any business is a customer testimonial via word of mouth.  Give your guests a reason to tell anyone who will listen about their time in your home. Whether it’s your attention to detail, your amazing collection of board games or your 120” home theater screen, give them something to be excited to tell others about.
  2. Get “Real” Business Cards – Invest a little money and have some professional business cards on heavy stock printed up (rather than the cheap looking “print at home” variety). Business cards are often the first impression someone gets when hearing of your business.  Include your HomeAway.com and VRBO.com listing numbers along with a one-liner or a few key words that articulate the reason why someone should consider calling you for their next vacation.   
  3. Implement a Guest Referral Program – Give your guests and others who know about your business a reason to refer people to stay with you.  Money is always a great motivator, it’s what we’ve used for several years now.  We pay $15/night to any person who refers a booking to us, that’s over a hundred bucks for a week long booking.  Cash is a good reminder and incentive for someone to mention your business.
  4. Ask for Referrals – Without being pushy, ask your guests and those acquainted with your business to refer anyone who they think may be interested in staying with you.  With our business we do this a couple different ways.  First, in each of our homes we have placed an 8.5 x 11” acrylic stand with a full color flyer in it that talks up our referral program and encourages our guests to take several cards to hand out when they are back home. The acrylic stand has a built-in business card holder and our property managers make sure they are always full. Second, in both the checkout email and in the handwritten “Thank You” cards (remark worthy) our guests receive we remind them that we have a referral program and point out that if they enjoyed their time in our home the best compliment they can give us is to refer us to a Loved one.
  5. Stick with the Plan - Given the nature of our business, long sales cycles and relatively few annual transactions, referrals can be few and far between.  But, that makes each referral even more valuable to business such as ours.  Angela and I diligently performed the actions above for nearly a year before we actually booked our first referral.  Yes, we frequently discussed whether it was worth the extra effort, but that first referral payment we made for $105 on a 7-night booking that was clearly incremental (and off-peak!) made it all worth it.  You are planting seeds that may or may not bear fruit down the road, but at least you are giving them a chance to bear fruit if you keep planting.  

 

The Bottom Line:  Referrals are one of those areas of business that can seem easier said than done.  But each referral is an incremental booking, which can be the difference between a good month and a great month.  Word of mouth is the most powerful form of advertising for any business.  Giving your guests a reason to tell others about their experience in your home, and making it easy for them to do so, is an effective and inexpensive way to maximize your revenue. If you will give them an experience that is worthy of a remark, and if you make it easy for them to refer you to others, your bottom line will reflect your efforts.

 

Here’s to bigger bottom lines…

 

Cheers!

 

Michael

0

KPI 1.bmp

There are many ways to measure the success of a vacation home rental business.  How do you measure yours?  Are you hitting the goals you’ve set for yourself?  Or more importantly, do you even have goals for your vacation rental business beyond “to cover our mortgage” or “make a profit?”

 

In this blog we’re going to look at a few different ways to set goals for your vacation rental business in order to track your success.  Some of them can be tied directly to your profits and losses, while others may not directly impact your bottom line, but are good indicators for success, nonetheless. 

 

To start off, it’s a good idea for any business owner to establish goals.  As a general practice, I like to use the old business adage that every goal should be S.M.A.R.T.  (For more information on S.M.A.R.T. goals visit http://en.wikipedia.org/wiki/SMART_criteria)

 

For example, let’s suppose one of our goals is to increase our revenue from $65,000 to $77,000 the following year.  Here’s how we make it S.M.A.R.T.:

 

  • SSpecific:  Increase revenue by $12,000 to $77,000 in the calendar year 2011.
  • M Measurable:  If our annual revenue reaches $77,000 at year end, we will have been successful.
  • A Ambitious:  The goal represents your very best effort or maximum output
  • RRealistic:  Considering vacancy rates (in this case) a $1,000/month increase in revenue is achievable.
  • TTime Bound:  We are using the 2011 calendar year as our time constraint.

 

Other examples of S.M.A.R.T goals may be that your vacation home does not sit vacant more than 5 nights in any calendar month, or that your non-rental revenue in the year 2012 exceeds $5,000.

 

This may seem like a simple exercise but you’d be surprised how easy it is to set a goal that doesn’t line up with the S.M.A.R.T. principles.  Using this approach to set appropriate goals for your vacation rental business will help ensure your goals are driving your business towards increased profits.

KPI 2.bmp

 

Equally as important as the goals you set are the metrics you employ to track your progress. Many businesses refer to their primary metrics as Key Performance Indicators, or KPI’s.  My wife, Angela, and I established our KPI’s early on in our vacation rental business and have stuck with them ever since. 

 

We set our goals using the following KPI’s:

 

  • Rental Revenue – includes regular nightly revenue and fees for additional guests
  • Non-Rental Revenue – includes cleaning and pool heating fees, underwater camera and video game console rentals, and commissions from attraction ticket sales
  • Booked/Occupied Nights– the total number of nights in a year our home is occupied  including:    
    • Personal Use – nights we stay in the home for our own use
    • Donations – nights we are able to give away with little or no revenue in return
    • iTravex Exchange – nights we’ve taken in trade using iTravex.com 
  • Vacant Nights  – missed opportunities during the year when our home has sat empty

 

We have kept track of these KPI’s by month and by house for more than four years.  The historical data has proven to be invaluable to us in terms of understanding and managing our business while maximizing our ROI. 

 

I spend 30-45 minutes each month putting the KPI information we gather into a simple Microsoft Excel spreadsheet that allows us to monitor the progress of our business over time.  If you have not been tracking this information, I recommend taking the time to go through past bookings to compile whatever data you can to give yourself a benchmark. Then going forward you’d only need to maintain the spreadsheet moving forward.  To me, this is definitely time well spent. 

 

With this information readily available, you can make more informed decisions on:

  • Which reservations to take when check-in and check-out dates conflict
  • Which bookings to discount
  • When to run special offers or featured listings
  • When to take trades
  • Which nights are available for donations

 

Donations have become an increasingly more important KPI for us in our vacation home rental business.  In our next blog we will explore several ways to grow your vacation home business, (and your heart) by donating time in your vacation home. 

 

The Bottom Line:  Proper goal setting and tracking of KPI’s is an integral part of maximizing the ROI of any business.  A business running without goals or established metrics to track the progress towards attaining those goals is analogous to a ship at sea without a rudder or a compass.  The time you spend setting goals and tracking your progress will help you run your business more efficiently and profitably while paying dividends in the long run.

 

If you have success stories related to goals you’ve set for your business please share them in a comment below.  Until then, here’s to knowing where we’re headed and how we’re going to get there! 

 

Cheers!

 

Michael