Maintaining a rental business in the best way possible is a top priority for many landlords and property managers. With travel restrictions implemented worldwide, the entrance of new tenants while keeping a close relationship with current clients is a challenging task. Moreover, you could be struggling with vacancies and last-minute cancellations in the properties that you currently manage.
The pandemic has affected our lives and businesses. Yet, during this time, it is for us to develop a mindset that solves problems. It is our responsibility to turn this challenging situation into a productive one. It is indeed possible to maintain and boost your business despite this challenging time. Here are a few suggestions that will help you recover from the blows of COVID-19.
Perform maintenance work when there are fewer customers.
Now is the perfect time to perform maintenance work. Fewer customers mean that there are fewer people who will feel inconvenienced by noisy repairs and maintenance work. Call your duct-cleaning service provider, your electrical contractors, and repairmen to help you fix whatever needs to be fixed.
Keep yourself updated.
When maintaining your short-term rental business, it is best to keep yourself informed with the latest news. Educate yourself and prepare for what is about to happen instead of worrying about losses. It is the perfect time to practice flexibility. Plan so you can maintain things that you can easily control.
Adaptability is a must since there will surely be last-minute cancellations and needs by your guests. Even if it seems that your location is unaffected, you must understand the concerns of your guests. Be patient and extend grace when they ask for rearrangements or cancellations.
Be prepared for financial challenges.
There is nothing businesses can do to stop the economic effects of the pandemic. However, it is important to stay calm even if sales are decreasing. Many vacation rentals can sustain their business for about two to three months without clients.
Check how long your business can operate without profit. Keep your workers motivated by still paying them on time. They are important because they help keep your business operating even during these trying times. Take out loans if necessary and cut down on unnecessary costs to cover the losses.
Your government can also provide financial assistance during this time. You can look into grants that will help you fund the needs of your employees and the operation of your business. When in doubt, ask your accountant for advice. Calculate how long your business can go without any profit.
These pauses can be an opportunity for you to review the way you operate. It buys you time to think of ways to improve your service. As the economy opens, you will have leverage over your competitors.
Check how your competitors are faring.
Lowballing your services may not be the best for your business. Some businesses drastically reduce their rates to get more bookings, yet this causes them more harm than good. A good strategy is to monitor how your local competitors are faring for their rates and adjust yours when the need arises.
You can also ask your tenants and short-term guests about their financial situations. Many businesses allow installment payments where guests can spread their dues for a longer period. You can also give them contract extensions if needed.
Boost your listings.
The visibility of your listing matters, even at the height of COVID-19. As most people feel that rental properties are closed, there are still those who need your services now more than ever. Keep your business visible on different social media channels and communicate with your viewers. Advertise on bigger channels for more chances of visibility.
Target domestic guests.
With the decline in air travel, there are definitely fewer international customers. Countries have closed their borders, too. Target domestic travelers or even customers who want a staycation.
Embrace online transactions.
As much as possible, limit your person-to-person contacts for now. Thanks to technology, it is easier to run a business with paperless transactions. If people want to see your location, offer a virtual tour instead of a physical ocular visit. If your customers are about to pay, offer cashless payment schemes instead. Encourage your customers to use online forms instead of filling out physical, paper forms for your transactions. This will keep you and your customers safer.
This temporary halt may hurt for a time, but your business is meant to thrive. By following these tips, you are giving your business, your people, and the industry hope for a better future. Stay safe!