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 [email protected]

 


 

Next up…

 

Part 2: Will the property work as well for paying guests as it does for your friends and family?

 

Here’s the whole ‘Does your property rental business model have the potential to be a success? ’ series:

 

Part 1: Have clear financial goals, otherwise it’s difficult to measure the success of your business.

Part 2: Will the property work as well for paying guests as it does for your friends and family?

Part 3:  How can your property stand out from the crowd?

Part 4: How do you set pricing that is attractive to guests and acceptable to you?

Part 5: How do you ensure respectful guests will LOVE your property, and keep coming back?

Share this

Written by... karen

karen

Hi I'm Karen, I'm part of the OVO Network sales team . I've lived in Manigod for the past 18 years with my family, and love sharing this amazing part of the world with visiting friends and family - [email protected]

You might also like

Geneva Airport’s departure lounge for under fives The journey back home is never the best part of your holiday. Well help is at hand at Geneva airport, in the shape of the airports best kept secret...
Does your property rental business model have the potential to be a success? Part 5 Last time we discussed how to set the right price for your rental property. In this final post we explore ways which help towards hitting the mother l...
Keep cool by the pool this summer With spring just around the corner it is time to start thinking about your summer holiday, and nothing says summer holiday like a villa with a pool.