By now, lockdowns, closures, and restrictions have become the topic of discussion around the world. Although different for everyone, these restrictions and limitations have changed the way the travel industry now operates, and may operate in the future: gone are the days of one night stays at an Airbnb (for certain areas). What does this mean for short term rental operators and property managers? Considering the old business model is no longer valid, a change is not only necessary but encouraged if wanting to stay ahead of the curve. When determining how to make your properties continue to generate revenue, you must consider where they are located, and the amount of business you are currently seeing. If you’re content with your occupancy, great, however, as time goes on greater restrictions may be put in place, so stick around for possible solutions.
When determining next steps for your properties, where they are located should be on your mind. If you have properties spread throughout several continents, then being able to adapt each property to the restrictions in that area is key. New Zealand has been on top of virus control since the initial spread of COVID-19 and as such, restrictions here are less stringent than in North America. Determining what rules you need to follow will help you outline the unknown aspects of your business.
If your current occupancy rate has remained virtually unchanged by the pandemic, then that’s incredible! However, if you’re a part of the majority who has been affected (even severely), then some work needs to be done. If you are still getting bookings, ask yourself why are these guests booking right now. If they’re staying for quarantine or self isolating measures, perhaps pivot your rental into a safe haven for those looking to quarantine. Preparing your residence to be used like this will not only encourage others looking to self isolate to choose your property, but will also see an increase in bookings as there are more and more people needing this accommodation.
Self isolating guests and those looking to quarantine may not be how you envisioned how your property would be used, but that’s one way of garnering more guests to your properties. If you are uncomfortable with guests using your property this way, then you have to come up with other ways your property will be used. As travel is at a low, and there are no longer any in person conferences, there are fewer reasons for people to stay in short term accommodations. This, however, does not mean your property is DOA. Employees of large businesses are still traveling from country to country to discuss deals and have meetings of their own. Transforming your properties into a business haven could also see your business breathing new life.
However you want to tackle the issue at hand, challenges will be around every corner. Planning out every stage of your business plan will ensure the longevity of your business and will even see new guests staying with you. If you currently have or own a short term rental business or property, feel free to email us at firstname.lastname@example.org to discuss your stories and how you’ve managed to circumvent the restrictions.