The document outlines 12 strategies to help vacation rental businesses avoid failure and improve their operations, particularly in light of challenges like the COVID-19 pandemic. Key recommendations include understanding target markets, reducing costs, improving guest experiences, utilizing social media marketing, and organizing business practices. The document emphasizes the importance of planning, communication, and learning from feedback to enhance overall business performance.

1. 12 Strategies to Save
Your Vacation Rental
Business

2. Why Vacation Rental Businesses Fail
● Effects of COVID-19
pandemic
● No business plan
● Incorrect nightly rate
● Budget too small
● Overly optimistic
● Insisting on doing everything
themselves
● Trying to appeal to everyone
● Growing too quickly

3. 1. Take a step back.
● Take a deep breath
● Look at the business with
fresh eyes
● Don’t get discouraged
● Hold onto your passion for
the business

4. 2. Get to know your target market.
● Identify the market segment
you want to target
● Research what they’re
looking for in a vacation
rental
● Adjust your vacation rental to
fit their expectations

5. 3. Find ways to reduce costs.
● Cut back on energy
consumption
● Ask previous guests to leave
reviews
● Participate in online
discussion groups
● Turn to independent
contractors

6. 4. Organize your business.
● Disorganization costs you
time and money
● It results in frustration
● Can negatively affect your
reputation
● Use a property management
system to keep everything
organized
● Lodgify is a great choice if
your budget is tight

7. 5. Communicate with your creditors.
● Don’t ignore or avoid your
creditors
● Talk to them about your
situation and your plans to
pay off debt
● Often, they will work with
you if they know you intend
to pay them back

8. 6. Don’t waste time on repetitive tasks.
● Free up your schedule by
automating administrative
tasks
● This allows more time for you
to address the issues in your
business
● Automation can be done
through a property
management system

9. 7. Provide an amazing guest experience.
● Don’t forget about your
guests
● Good reviews bring in more
bookings
● Improve your amenities
● Revamp your listing
● Create more resources for
your welcome binder
● Little changes can have a big
impact

10. 8. Ask previous guests for feedback.
● Talk to people who have
stayed at your vacation rental
before
● What did you do well?
● Where can you improve?

11. 9. Learn from other vacation rental owners.
● Join groups on social media
● Reach out to other vacation
rental owners
● Most people love talking
about their experiences
● Ask for advice and
suggestions

12. 10. Try implementing a weekly budget.
● If you’re struggling
financially, a weekly budget
is more helpful than a
monthly or yearly budget
● Helps you zero in on where
your money is going and
where you can save

13. 11. Use social media marketing along with your direct
booking website.
● Social media marketing is
free
● Can make a huge difference
in your business
● Facebook, Twitter,
Instagram, Pinterest
● More visibility and more
bookings
● Always link social media
profiles back to your website

14. 12. Revamp your listing.
● Hire a freelance copywriter or
study up on copywriting to
improve the text in your
listing
● Hire a freelance
photographer or take
better-quality photos
yourself
● Show off amenities
● Highlight health and safety
protocols

15. Thanks for watching!
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