Does your property rental business model have the potential to be a success? Part 1
Chalet image – Chalet Grange à l’Ours
Do you own a fabulous property in a superb location? YES!
Are there millions of potential guests out there? YES!
Is there a huge choice of large international and smaller specialist platforms promoting holiday rentals? YES!
So setting up a property rental business is easy and a sure fire winner, right? Hmmmm, not necessarily…
In this series we will highlight the questions you should consider before you invest one centime!
Part 1: Have clear goals, otherwise it’s difficult to measure the success of your business.
Do you intend to use the property yourself as well as making it available to guests? If so, for how many weeks? Which weeks? How much will your own use of the property impact on potential earnings?
Will the property be available only during the peak seasons, or all year round?
Are you prepared to remove your personal items from the property, ready to share “your” home with strangers?
Is the property ready for guests, does it need a little love and attention, a refresh, or a major overhaul? Is the property to the same standard throughout?
Are you aiming to cover costs and make a small profit or is the business purely an investment project? If so, how much of a return do you require on your investment?
At what time of year will it be ready to launch? Have you left time in the schedule between the end of the build and first guests arriving for photography, the site to be built, adverts launched and time to market?
Do you plan to provide any extra special services for guests? What are the costs? Who will meet them, you or your guests? Are the services available locally?
How will you manage guests?
How will you advertise and market your business?
Set clear goals, plan for likely costs – set realistic and achievable expectations.
If setting up a property rental business was simple, quick and easy everyone would be doing it, and doing it successfully. We’re just scratching the surface here! The clearer your ideas about the business model you want to offer, the easier it is to gauge if the results you want are achievable.
We hope this series will be of use to you when planning your property rental business, more to follow…
How can OVO Network help?
OVO Network combine innovative technology with market knowledge and creative expertise, to make it easy and stress-free to maximise your property’s occupancy and your rental income.
Click here for more information on the benefits of working with the OVO Network, or to apply to add your property to our rental property platform. Alternatively contact Karen from our sales team directly on firstname.lastname@example.org.
Here’s the whole ‘Does your property rental business model have the potential to be a success? ’ series: