The Foundations of a Short-Term Rental Business
The business of rental has changed dramatically in a short time. New players have come into the market, altering the dynamics of marketing, operating and strategically managing individual and multiple homes.
To be successful is no longer a matter of listing a property and expecting guests to come. It now takes an understanding of competitive market places; analysis of revenue models and an appreciation of today’s expectations of hospitality.
This foundation course aims to revitalize your business by building out skills and practices that will underpin your success over time.
> Why a business plan is a necessity and what should go in a live document
> How to define your target market
> To use a SWOT analysis to identify areas for growth
> What you can do to find your competitive edge
> The building blocks of a successful STR business
> How to meet service expectations
Short-Term Rental Entrepreneurship
In this course we use the concepts of the Myers Briggs Type Indicator (MBTI) test to identify your entrepreneurial skills and limitations so you can make educated decisions about your business strategy.
It’s a fun exercise and we’ll be revisiting the results in many other areas of the program, as having an understanding of why you operate the way you do will help in your decision making at the strategic level.
> The difference between fixed and growth mindsets
> To identify your strengths and weaknesses
> Your entrepreneurial type and how it impacts different aspects of your business
> How to fill the skills gaps
Owner Attraction & Acquisition
Property owners are the lifeblood of your business, and in a competitive market you need creative methods of attracting and acquiring new ones. From identifying different owner types to developing the materials to attract them, this course will take you through a step-by-step process that will encourage trust and respect from your clients.
> What different owners want and how to appeal to each type of owner
> The components of an owner attraction package
> What makes a compelling owner page on a website
> How to develop lead magnets that will draw prospective clients to your business
> The way to track leads efficiently
> To keep owner interest through long-term nurture techniques
The key to retention is to treat your owners royally after they have signed up. This means having an onboarding workflow for each of your owner types, working with their communication styles and levels of involvement, and making life easier for them along the way.
Owners that enjoy the onboarding process will stay with you longer, make more referrals, and be generally more satisfied than those who feel ‘lost’ in a system.
> The 8 components of an onboarding workflow
> Planning for a photoshoot
> How to adjust the workflow to suit different owner types
> To identify and manage owner expectations
> Ways of building strong owner relationships
> What to put in a guest guide and an owner manual
The Foundations of Vacation Rental Marketing
Despite what people may think, a vacation rental has to be marketed to be successful.
To be successful you have to understand your differences and your target market. Sure, you can post your rental on a few listing sites and wait for the bookings to roll in. But, at some point, you will realize it is not that easy.
Who, What, How, And How Much…
> Guest Avatars
> Your Unique Selling Point
> Listing Sites
> Direct Booking Website
> Channel Management
> Marketing Budget
Branding Your Business
A brand is a representation of what your business promises – its story and history; the quality and integrity; and the promise it makes. When people are doing business with a brand, they choose it for these reasons. They want to be part of it.
This module introduces the elements that go towards creating a brand people will remember, and share with others.
> What having a brand actually means in business
> How to be unforgettable in a crowded market
> Why you need a brand story and how to create one
> The importance of sharing your mission and values
> What a brand personality is and how to build yours
> To create a visual identity