If you are searching for new ways to earn money through vacation rentals in 2021, starting your own vacation rental consulting business is a worthy avenue to explore. What makes it such an attractive option is that you do not need to boast any prior consulting experience per se. If you have been working in the industry as a host for a while, you have most likely already accumulated more than enough knowledge that will help you to kick-start a consulting business.
What Is Vacation Rental Consulting?
In short, as a vacation rental consultant, you will be sharing your knowledge and experience with other vacation rental owners and, even, property managers in exchange for a set fee. From vacation rental marketing to business strategies, you will help them to solve a wide variety of struggles.
Which Characteristics Do You Need?
The truth is that even if you have extensive knowledge about the industry, it does not necessarily mean that starting a vacation rental consulting business will be the right way that you can put your vacation rental education to its best use. It is not all about knowledge. You also need to have the following important characteristics.
If you have worked as a host, you most likely enjoy interacting with people and have great interpersonal skills. Specific interpersonal skills that consultants need are: they must be able to promote themselves, negotiate with their clients, and portray themselves as an expert.
While the idea of working as your own boss sounds like pure bliss, you have to remember that you will not have an employer to support you. It will be your responsibility to see to it that all the work gets done and on time.
4 Must-haves for Starting a Vacation Rental Consulting Business
While you might not need a formal vacation rental education and specific credentials behind your name, you will need the following:
1. A unique selling proposition
You will have to identify the common challenges hosts face and create a unique service offer that will help them to address these specific issues. Some of the most common issues include standing out in the crowded market, managing vacation rental supplies, getting more five-star reviews, and buying more properties.
2. A proven niche
Let’s face it, helping everyone is an impossible feat. Vacation rental owners want to know that they are indeed working with a specialist. Otherwise, what is the use of working with a consulting business? In fact, virtually all the top vacation rental consulting businesses concentrate on a specific target audience.
If you do not yet know which type of hosts you want to work with, turn to books and blogs about hosting. Here you will find more information about the topics that hosts need the most help with. Also, make the time to research your future competitors. Who are the best vacation rental consulting businesses and what makes them popular?
Armed with the knowledge that you built up by reading resources and studying other consultants, it is time for some introspection. What special skills can you bring to the table? Which of these problems do you think you are best equipped to help address?
3. A marketing system
Now that you have a much clearer idea of the types of clients you ideally want to work with and want to target, your next step is to create a system for building your client base. Without such a system (also called a funnel), it will be challenging to find new clients continuously.
4. A desire to expand your knowledge and expertise constantly
Though, as trends and regulations are continuously changing, you will need to be passionate about the industry and want to keep up to speed with the latest developments. It is essential for being one step ahead of your competitors and finding new opportunities for your business growth.
How Can I Scale My Vacation Rental Consulting Business?
Investing in technology, such as vacation rental management software, and building relationships with third-party vendors, like property managers, cleaning companies, and tax practitioners, will help you to grow your business. Running a business requires a lot of time, and a vacation rental consulting business is no different. With technology, you can boost your efficiency by automating and streamlining many of your daily operations.
As a matter of fact, it is also good for your image. Consultants who are experienced in using tools just come across as more trustworthy and reliable. Put simply, it shows your clients that you have already put systems in place to help you and them.
Guest post courtesy of Denise Langenegger