Written by: Robin Veinotte, Director of New Ventures
We know that the vacation rental industry is growing; just look at the statistics projecting that there will be 38.4 million property users in the vacation rental industry by 2023. Along with that, consumers are getting tech savvier and the managers are too. It is easy to be lured into the temptation of managing your own technology for your vacation rental business. The technology was first created for residential consumers after all, so why not? Well we are here to tell you that you should be using commercial equipment with a commercial service provider in order to scale your vacation rental business at the speed that you need to grow. Here are a few reasons why we suggest using an expert for your technology needs:
- Lack of focus can kill a business; just see what Forbes has to say about this. You are incredible at your business and one of the best decisions that you can make as a rental owner or manager is to focus and maximize your strengths. There is a reason that most vacation rental companies now are not building their own apartment buildings – they are working with existing builders and leasing their units. The same principle should be applied to your unit technology – do not try to be an expert at technology because it is changing every day. Focus on your strengths and find commercial technology vendors who focus on their strengths to provide you with the best quality product or service.
- You already wear a lot of hats and you should not be looking to wear the ones that you do not have to wear. We know that it is likely already difficult enough to keep your operations straight, adding the duties of a CTO (chief technology officer) to your list will only add stress and time to your day. Having a commercial vendor take over this role for you provides you with someone to communicate your needs to and they get all the work done.
- Budgeting is easier with fixed costs and scalable numbers. Using a commercial vendor with an agreed upon fee structure ensures that you can forecast your numbers as you grow instead of having to add new employees at unforeseen times. Adding an accounting team member to manage your Internet service accounts or a new support staff member because you have an influx of guest questions in your peak season is a nightmare to manage. When you have a commercial vendor ensures that you are able to budget for your growth and they take care of the necessary fluctuating costs.
- What happens if you lose your key employee who has done all of your technical installs? What if they need to take time off for personal reasons? What if they get pouched by a rival company? You assume all of this risk when you choose to take the technology in house instead of using a commercial vendor. And as we know, these types of challenges rarely arise when it is “convenient” for you, so hiring a qualified staff member quickly is challenging. Using a commercial vendor lessens your risk as they are focusing on employing the right people.
- Using experts ensures just that – expertise. Yes, it can be tricky to find the real experts and avoid those that fake the expertise well. But if you find the right commercial vendor who knows their business well, you will benefit from them. As an example, we have 23 years of hospitality experience and understand how to apply the hotel like experience to vacation rentals. Expertise isn’t guaranteed when you use a commercial vendor, but you’re much more likely.
Give us a shout – we would love to chat about how we will provide you with commercial grade equipment and services to scale your business.