Entrepreneurs come in all shapes and sizes. Regardless of the industry, they share common traits that differentiate them from the average person.
The one thing that separates business owners/entrepreneurs from others is their desire to grow. There has to be something that is getting worked on, fixed, tweaked, updated, etc.
The work is truly never over. Their business’s growth, or desire to grow, is never-ending.
A lot of us at Futurestay have backgrounds starting tech companies. We spend our days helping rental entrepreneurs. It makes sense to talk about the ways that vacation rental owners are similar to tech entrepreneurs. Here are three ways that rental owners are like techies.
1. They Take Calculated Risks
Every decision that is made by a tech entrepreneur is a data-backed decision.
The content they generate, their product features, website design, layout, and any product change has quantifiable research behind it.
Why? It eliminates the risk of failure.
Let’s be honest, nobody likes failing, especially entrepreneurs. Though it is the safest of investments, owning property is still a risky venture, especially vacation rentals.
A rental business is a culmination of hard work, promotion, a wonderful location, and the experience guests have. So make sure that you’re constantly improving the experience. This will be the difference between a couple of bookings per month, versus a year-long waiting list.
Look at what your competitors do. Find out what attracts people to visit other rentals in your area. See if you can replicate the process, or if possible, best it.
Invest in items that help your business and improve renter’s experience. At the end of the day, the customer experience drives renter’s to come back and visit often.
2. They Test Out The Minimum Viable Product
When it comes to building technology, tech companies test one small feature before building all the accompanying parts. The reason that some online products feel ‘incomplete’ is simply because they’re missing the feedback and usage to see if it’s worth investing resources into.
The reason is that the company is testing out the minimum viable product. Seeing what can eventually work to make the product even better.
This process of testing features can apply to owning a rental property. You have the ability to add a couple of things, little-by-little, and see if it adds value to your property.
A couple of examples: if you have a hostel-style property, you can try adding a smaller bed to the room. See if it’s possible to fit more beds in a smaller area, to house more guests.
Want to try getting more reviews from guests?
Try leaving a guest book for users to leave notes and hand-written reviews. If this works well, invest in ‘thank-you notes’ that have the name of outlets and listing channels that your property is listed on. This may lead renters to your site to write a large review.
Whatever the case may be, do your best to learn from your guests to keep growing your successful rental business.
3. They Are Constantly Looking For New Ways Of Doing Things
If you’re a vacation rental entrepreneur that has properties in busy parts of the world, you need to do your best to stand out from the rest.
In tech, figures like Steve Jobs or Elon Musk are able to get their brands to convey what they believe in. When we think Apple, we think of creative disruptors. When we think of Tesla, we think of breaking down traditional business models to make it their own.
Though property management is a different realm than tech, it’s important to be inspired and motivated to see lasting results; whether it’s returning business, new bookings, or generating more interests.
How can vacation rental owners do things differently?
Ask yourself the following:
- What makes your vacation rental stand out?
- Why would travelers choose you over a competitor or a hotel?
- What can you do to improve your property?
If you feel comfortable with the answers to all those questions, that’s fine. However, if you don’t, find a way to make it better. Whether it’s adding a new feature, amenity, or service, find something that makes you stand out.
It’s very easy to get caught up in running a business, but it’s vital to make sure that you’re reinventing yourself as an entrepreneur and constantly striving to take on a new adventure.
Don’t be scared to fail or do something that’s too different from others. Branch out and find something that works.
How Do You Run Your Vacation Rental Property?
As a vacation rental owner and entrepreneur; do you settle after you find a formula that works? Or, do you try to find new and unique ways to improve? Let us know in the comments below.