In the competitive world of vacation rental management, success often hinges on a combination of effective marketing, exceptional customer service, and smart business decisions. Tom Stewart, COO at Resort Realty on the Outer Banks, is a seasoned professional who manages 594 properties.
Tom recently shared insights in a podcast with Lynell Gordon on the How We Grow: The Vacation Rental Show where he shed light on the strategies that have helped him grow his business.
In this blog, we’ll explore Tom’s experiences and how leveraging data, as provided by Streamline, can help maximize revenue and provide excellent customer care to property owners.
Data-Driven Decisions
Tom Stewart emphasizes the significance of using data and tools like Streamline Revenue Management in the vacation rental industry. By collecting and analyzing data, property managers can make informed decisions about pricing, marketing, and property maintenance. Data helps you understand the market, the preferences of your guests, and how to adapt to changing trends. The more you understand about your business and your customers, the better you can optimize your operations.
The 80-20 Rule for Owners
Tom mentions the 80-20 rule, where 80% of your time is spent on 20% of your issues. This rule can be applied to owners as well. While it’s crucial to provide excellent service to all owners, focusing extra attention on the top-performing properties or those with the most significant challenges can lead to substantial improvements in your business. Data analysis can help identify those properties that need special care or opportunities for improvement.
Success Story: Owner’s Property Transformation
Tom shared an inspiring success story about an owner who had a property struggling to generate income due to the property’s outdated condition. By using data, including insights from Streamline, they demonstrated the potential for the property’s growth. This involved discussing potential renovations, amenities like a pool and hot tub, and repositioning the property in the market. The owner’s revenue increased significantly, showcasing the power of data-driven decision-making.
Data-Driven Owner Care
Property managers should provide owners with comprehensive data-driven reports, showcasing the property’s performance and suggesting areas for improvement. This not only empowers owners with information but also strengthens the relationship between property managers and owners. With Streamline’s tools, you can generate detailed reports, helping owners make informed decisions about their properties.
Owner Acquisition Strategies
The vacation rental market has become increasingly competitive, making owner acquisition more challenging. To address this, Tom recommends dedicating resources to business development. A dedicated business development team can focus on acquiring new owners, providing personalized attention, and helping them understand the potential of their properties. While it may be an investment, it’s essential for growth in today’s vacation rental landscape.
Guest Stories and Data-Driven Decisions
Tom’s guest stories highlight the importance of data analysis in enhancing the guest experience. Data can help you identify guest preferences, enabling you to tailor your offerings, amenities, and services to meet their needs. A successful guest experience not only results in return visits but also positive reviews and word-of-mouth recommendations.
Leveraging Technology
Tom emphasizes the need for constant innovation and leveraging technology to stay competitive in the vacation rental industry. With Streamline’s tools, you can gain insights into guest behavior, pricing strategies, and property performance. Additionally, new features like automated leasing and insights help streamline operations and decision-making.
Getting Back to Basics
In the midst of technological advancements and data-driven decision-making, it’s crucial not to forget the fundamentals of vacation rental management. Tom recommends that property managers remember their core responsibilities: booking properties, maintaining them, and ensuring they are spotlessly clean. These basics should be the foundation of any vacation rental business, supported by data-driven insights.
Bottom Line
Tom Stewart’s insights into maximizing revenue, providing excellent owner care, and improving the guest experience are valuable for property managers looking to grow their businesses. Streamline’s tools and data analytics can be essential resources to help property managers make data-driven decisions, acquire new owners, and offer the best possible experience to their guests. By focusing on the core responsibilities of booking, maintaining, and cleaning properties, property managers can build a strong foundation for success in the vacation rental industry.
Watch this podcast here!