Bill's Bountiful Blog
May I keep you posted on my thoughts, ideas, observations, and silliness?. Am I serious? Is it relevant?. Does anyone care? Probably not much.
But in today's age of everyone has something to say, why not me? And who can blame me for jumping into to the pool? For speaking up For laying it out?
"Freedom of the press is guaranteed only to those who own one." - Thomas Wiley, Journalist
Everything Instant - Lodging Newsletter September 30, 2024
By Wm. May
Published: 09/30/24
Topics: Education, Investment, Lodging Management, Profit, Selling, Vacation Rental Management, Yield Management
Comments: 0
Long ago with some partners, we made an offer to purchase (of all things) a radio station.
The partners had experience at managing radio stations, but no experience at the process of actually closing a business purchase that included a Federal Communications Commission (FCC) license application, tangible and intangible assets sale, engineering evaluation, and how to write all the necessary contracts.
The attorney engaged to facilitate the closing, had dozens of questions, when one partner innocently said, "Well, how long will it take for you to prepare the documents so we can close the deal?"
He informed us that he could have the first-draft of the closing documents in about week, then it would take the FCC about a month to review our application.
The partners were crestfallen. What could possibly take up to a week to type up some papers? The attorney was cordial in saying that this time is shared among numerous clients and, more importantly, the work must be done carefully and it must be done completely.
Overtime, with the advent of overnight document delivery services, then email, then mobile phones, and now texting, consumers and even business people have come to believe that everything little thing can be done immediately. But smart businesses still benefit from knowing when and when not to make things instantaneous.
We like to quote John Wooden, the head basket ball coach at UCLA from 1947 to 1975, won the NCAA national championship 10 times (7 consecutively). No other coach has come close. Many experts consider him to have been the best sports coach (in any sport) of all time, famous for admonishing his players to perform:
"Be quick. Never hurry."
That is especially helpful guidance in today’s era when more communications methods have caused everyone to want everything instantaneously.
Later in life, Coach’s players admitted they not only fully understood the wisdom at the time. It helped them navigate life ever since.
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In the vacation rental and lodging management business, the list of duties, tasks, and obligations is long and varied. Of course, it is necessary to maintain and clean the physical properties, to assist guests in every way they may need, and to communicate with the property owners.
Over decades, the list of obligations continues to increase. Create and maintain websites. Continually invest in technology to synchronize rates, dates, and information with "Online Travel Agency" (OTA’s) websites (such as VRBO, AirBnB, Expedia). Produce web-optimized still photos, drone aerial photography, 3D Tours, and even floor plans. Utilize devices to monitor guest behavior, while also being available 24-7-365. And help with government permits.
Along the way, an unexpected burden has been imposed.
Communicating in new ways is a good thing. Years ago bookings came in by phone, with confirmations sent by mail, or even fax (remember faxes??). The arrival of email was helpful. Online bookings facilitate bookings. Mobile phone ordering convinced guests to book on the go, and also helps coordinate housekeeping. Texting allows guest and manager to reach out and touch at any time.
But is that all good?
More communication methods have actually decreased personal communications. OTA’s interfere between guests and managers. SMS texting makes for overly short words, requiring much back and forth. Guests demand to text at 3AM with non-essential questions. Owners install security cameras to surveil guests (who just hate that).
So to provide top service to everyone we embrace that John Wooden quote, "Be quick. Never hurry".
No one method takes preference. Bookings, phone calls, emails, texts, online chats, are parsed to determine priority. Quick - guest onsite property services. Quick - weather and utility interruptions. Quick - housekeeping and maintenance scheduling and tracking. New bookings ae processed quickly, depending on arrival date.
All the other hundreds of duties, questions, and requests come after those. Accounting is scheduled. Advertising is planned far in advance. Owner reports are periodic, but not daily. For owner questions about projections, accounting, or other inquiries, time is taken to ensure that responses are accurate and complete.
Coach Wooden also advised, "It’s the little details that are vital."
So by following prioritized communications, we can achieve the best outcome for owners, guests, and staff alike.
Author: Wm. May – Administrator, Vortex VIP
Blog #: 1000 – 09/30/24Sponsor: Vortex VIP – – VortexVIP.com
Frozen Guests - Lodging Newsletter August 31, 2024
By Wm. May
Published: 08/31/24
Topics: Education, Investment, Lodging Management, Profit, Selling, Vacation Rental Management, Yield Management
Comments: 0
Author: Wm. May – Administrator, Vortex VIP
Blog #: 0999 – 08/31/24Sponsor: Vortex VIP – – VortexVIP.com
Wallowa Valley - Lodging Newsletter July 31, 2024
By Wm. May
Published: 07/31/24
Topics: Education, Investment, Lodging Management, Profit, Selling, Vacation Rental Management, Yield Management
Comments: 0
Author: Wm. May – Administrator, Vortex VIP
Blog #: 0998 – 07/31/24Sponsor: Vortex VIP – – VortexVIP.com
Vacation Rental Greed - Lodging Newsletter June 30, 2024
By Wm. May
Published: 06/30/24
Topics: Education, Investment, Lodging Management, Profit, Selling, Vacation Rental Management, Yield Management
Comments: 0
In the movie "Wall Street", actor Michael Douglas’ character Gordon Gekko proclaims:
"The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit."
In 2015, the "U.S. Open" Golf tournament took place near Tacoma, Washington. Promoters said it would be a massive boom for tourism. But they failed to say - only if you know what you are doing. With our first office having opened in 1964, we have watched how many events affect lodging. Our advice? If you don’t have sophisticated yield management to maximize profit, greed will cause pain.
Normally, clients are not allowed to set rates for the very reason that played out at the U.S.Open. But in this case, a large client insisted his rates be raised ten-fold. To our later chagrin, we gave in.
But by now you may have guessed what happened: It seems that the golf watchers prefer to stay in hotels where they can gossip with like-minded golfers, and maybe rub elbows with pros. The privacy of a private home is not what they come for.
Then the owners of usually non-renting homes, on and near the course, arranged to move out of their houses to offer rentals during the tournament. The market became flooded.
Although our property was very nice, it was far away from the action. Attendees wanted to avoid driving back and forth several times a day for a whole week.
As the championship week approached, our client panicked and screamed "Drop the rates! Let’s get some bookings, any bookings." We did not say, "I told you so." But we could have.
But it was too late. Event travelers plan far ahead and there were no guests to be had. While the property could have earned $10,000 that week, instead the owner made zero, zip, nada.
Setting proper rates is difficult even for skilled experienced managers who have research on rates, dates and competition. Clients do not, so they should drop their ego, ignore the greed, and let the pros make maximum profit for their homes. Sometimes the author Ron Rash, is correct:
"A small profit is better than a big loss."
Making a profit is good. Being greedy is dangerous. Here is how we pursue profit.
Authority - Let us do our jobs for you. Accept Yield Management as the powerful tool that it is - even if it seems not to work to you at times. Follow our recommendations, approve our ideas, and invest in the little things that make a difference.
Pride - Swallow it during seasons when no one is coming to town and as rates drop. Remember rates will soar during high seasons and yes, even during events. The telemetry we buy considers past, present and future events. It reacts quickly to changes such as weather, travel challenges, and everything competitors are doing - hotels, motels, inns, resorts and vacation rentals, of course.
Doll It Up - It is an old phrase my father was fond of as he "dolled up" his business, his car, his garden, and his 3 boys as he dressed us up for Church every Sunday. As a six old boy I swelled with pride as our teacher reminded students to see "Billy’s garden on the way home. His father grows the most beautiful roses." Dolling up a rental home is more than just good amenities, it is special touches that make a difference.
Buck Up - Ok, here is another phrase from my dad. Because rentals deal with consumers, accept that someday some guest will hate your town, your neighborhood, your resort, your house, your furniture, or even your manager. They are wrong of course, but the best defense is to make your place very nice and keep it that way.
Wise Up - I mean this as no disrespect, but this is the third phrase my Dad trumpeted - be wise. We pay attention, we study, we watch the competition, but we also search for new and innovative ideas. To operate properties tightly, advertise widely, and generate the best results.
Digest - Owners are subjected to the neverending hype about vacation rentals, even as the market supply grows and even if demand does not keep pace. Our team members spend countless hours mastering this seemingly simple industry and all so that our clients don’t have to do so.
Cooks - Yes there can be too many in the soup. And yes my dad told me that too. Repeatedly. It is wonderful to receive tips and ideas about the industry. Keep us posted as we spend overtime working for each and every client.
Do Your Part - Keep your home in tip-top condition, with upgrades, replacements of textiles, kitchen wares, and more. Or you can just call and authorize us to spend money where necessary. Every day, every owner competitor is improving steal your guests. If your place looks a bit worn, your income will drop. Guests won’t return. Or they’ll leave a negative review.
Passion - This last one from my Father is the most important. Tiring of how everyone tells young folks to find something to be "passionate" about, he said. "That is the wrong. He said that success is easy if you are passionate about everything. Do your best. Give a damn. Find the joy. Work your patootie off. Be good at what you do. That is the joy."
We can promise every client. That is what we do here. Thanks to all clients for allowing us to work on your homes. The best is yet to come. It always is.
Author: Wm. May – Administrator, Vortex VIP
Blog #: 0997 – 06/30/24Sponsor: Vortex VIP – – VortexVIP.com
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