How to Treat Your Property Like a Small Business

Category: Property Management

Published 08/04/2017

If you’re trying to keep your rental property occupied year-round, consider taking some inspiration from your favorite small businesses. After all, they have learned to be detail-oriented and thorough when it comes not only to purchases and staffing, but also with their time and effort. Lift a page from their book and you’ll see your business take a decided leap upward. Hire the Right People Many small businesses make a practice of hiring freelancers to tackle specific business-related tasks. A few such freelancers who may be applicable to property management are: •  Property management service companies are your go-to – particularly when you don’t live in the same area as your rental property. Such firms are qualified to manage all tenant-related responsibilities, guest experiences, and maintenance issues. • Professional photographers who can provide high-quality shots represent a small investment that can pay off big going forward. Make sure you trust a photographer’s artistic sense and judgment and they’ll become a major tool in your arsenal. • Maintenance professionals and contractors can handily take the place of a full-time staffer dedicated to upkeep. Sites such as Craigslist and Angie’s List allow you to post jobs and also hire professionals for tasks such as cleaning, plumbing, and installations. Does It Add Long-Term Value? With every new element you add to your rental property, you’re making a long-term investment. It’s therefore important that you make purchases mindfully in order to be certain that you will see a return on the investment. Here are a few questions to ask yourself when considering a purchase for your rental property: • Does it add long-term value? • Will guests use it? • What costs, if any, will be added as a result? These include insurance and taxes. • Are extra costs worth it to you at this point in the game? • Does this investment have a high upside? Other Tips and Tricks Here are a few other ideas used successfully by small businesses – and these ideas can translate beautifully into owning and managing a property: • Consider converting one room in your rental property into office space to diversify possible uses – and consult your property manager for the legalities surrounding this move. • Use online tools to handle your web presence, thereby freeing you up to pursue more property-specific tasks. • Automate your redundant tasks such as updating online calendars after a booking, sending emails to guests upon a booking, and updating listings and availability calendars on various outlets. Many if not most of these tasks can be handled by vacation rental dashboards. Your property is your small business. Treat it as such!