Navigating the unknown!

Your property management business has been steadily operating for a few years, perhaps you took the organic growth route or maybe you acquired a business with an established portfolio, but now you have your exit strategy vision and aspirations of taking your business to the next level of growth.

Scaling a business is like stepping onto the latest adrenalin-promising rollercoaster, it fills you with a mix of excitement and fear in good measures.

The journey of taking your business to the next growth stage can be exciting and challenging but it can also come with potential pitfalls, which can derail your progress, and cost you financially and reputationally if they are not proactively managed.

Growing your property inventory from sub 50 to 100 or more properties is no small task.  But let’s be honest, moving out of your comfort zone into unchartered territory can be uncomfortable and the easy option would be to stay put, stay comfortable and play small!

As you mentally gear up for this next growth stage, you might find yourself facing the dinks of imposter syndrome and the undeniable truth “You don’t know what you don’t know.” 

The good news for you is that in the fast-paced short-term rental landscape, we are fortunate to have a growing industry knowledge bank, so you can ride that roller coaster knowing what to expect and your growth ride will be much smoother. 

The answer lies in education, advice and support from industry experts, your peers, and the incredible short-term rental community.

Embrace the learning curve.

Whether you are a seasoned property manager or a recent entry into the short-term rental sector, every day in business should be a ‘school day.’  

Being open-minded to continual learning and personal development is key to business growth.  The day that you think you know all there is to know is the day that your business stagnates and watch your competitors stride past you.

Attending industry-specific events, workshops, and masterclasses, puts you in front of new knowledge, and industry experts who have been where you are now.  

When you are stepping into unchartered waters, education will be your compass, it will equip you with the tools and industry insights to anticipate market trends, make informed decisions about how to build brand value, how to finance your growth, what is the right business service model for today’s market,  when and what will be the right integrated tech solution and which service and rental pricing strategies work to name just a small number of growth challenges.

Be a sponge in this industry bucket of knowledge.

Seek Wisdom from the Wise.

Why waste time reinventing the wheel when you can reap the knowledge from those who have already been there and done it? 

Connecting with industry experts who have successfully scaled a short-term rental business, engaging in mentoring programs, following thought leaders, and participating in industry forums are an investment of your time and money which will pay dividends.

Seeking advice and support is not a sign of weakness, it’s a smart business move.

A curious business owner who is willing to ask questions, share your experience and business vision and tap into the wisdom and experience of those who have been in your shoes and tackled the same challenges that you might be facing, is a smart business owner.

Being open to learning from the success of others is a shortcut to growth.

Strength in Numbers – Peer Power

Your industry peers are going to be your greatest allies on your growth journey. 

But how can this be? Surely, they are your biggest competition.

The saying “together we are stronger” holds truth in the opportunity that is collaboration, knowledge and experience sharing.

Joining industry-specific communities, online forums, social media groups and industry associations brings you together with your peers, the only people who will relate to and fully understand the unique struggles and the many hats you have to wear in a hosting service business.

Listen to your peers, discuss common challenges, share best practices, build collaboration opportunities, learn from their experiences and mistakes, and use this to carve out innovation in your business.

Being part of a community provides access to knowledge, practical help, and peer support, which is a powerful motivator on what can be a very lonely path to business growth.

The Scaling Takeaway: You can’t do it alone and that’s okay!

Acknowledging with honesty that you don’t know what you don’t know is a leadership strength, not a weakness,

Be open-minded and curiously seek out knowledge and mentoring from industry experts, join communities, seek support from your peers, learn, connect, and grow.

You don’t have to try to navigate scaling your business alone, by investing in your business and having the right skills, knowledge and support your business growth will be faster and more resilient.