The new year often marks new beginnings, goals, and ambitions. With many professional managers approaching 2023 with plans to level up their operations, Breezeway has gathered advice from industry pros to help managers plan for the upcoming year. From revenue management to brand standards, don’t miss these experts’ predictions for 2023.
Focus on Brand Standards - Wil Slickers, Founder of Hospitality.FM.
"If you're going to master your vacation rental business in 2023 - I would focus on standards as a brand and not just a host or property manager. What can your housekeepers and maintenance staff use as a north star for your property turnover and operations? What can your guests expect and depend on whenever they stay at one or multiple of your homes? How can you set the proper expectations with your owners as your company grows? Standardization in your business not only gives you a 5-star baseline but also sets the best foundation for you to build on as you create a business focused on sustainability and profitability."
Rely on Technology for Efficiency - Bryan Leblang, Strategic Advisor at RentalWise.
“As tech continues to be adopted throughout the industry, it’s empowering property owners with better digital tools to manage their properties and, in doing so, manage their investments. Investors no longer have to pay exorbitant fees to stock brokers to trade their portfolios; apps have taken over that industry. And now, property investors no longer have to pay high management fees to invest in STR real estate. I could not imagine a better landscape to begin an STR business, with digital toolboxes available at every management level, enabling out-of-the-box businesses to take root quickly, efficiently, and successfully.”
Level Up Your Listings - Marcus Räder, Founder & CEO at Hostaway.
“The STR consumer demand will outpace supply in 2023 due to the impact of increasing interest rates, energy costs, and labor costs when OTAs are finding new ways to source high-quality, professionally managed inventory."
Find Accountability with Numbers - Sarah Karakaian & Annette Grant, Thanks for Visiting.
"Many property managers enjoyed inflated ADRs over the past couple of years. As we continue to lean into more normalized travel patterns, it's more important than ever to master your numbers for your business. We need to be on top of revenue management to ensure our rentals are priced appropriately, but we also need a deep understanding of our numbers for our business. The beginning of the year is a great time to review your operating expenses and trim any fat that isn't necessary. How were your profit margins in 2022, and is there anything you can do to make those margins healthy in 2023? What steps can you take to revisit your numbers throughout the new year? Set up appointments with your team, or yourself, now so that your business numbers are constantly being reviewed and are a priority throughout the year!"
Plan for the Future - Sarah Duguay, Sales & Marketing Manager at WebRezPro.
"The vacation rental market has enjoyed rapid growth over the past couple of years, but with talk of recession, it's more important than ever to future-proof your business. Automating operations—from direct online bookings and guest communications to staff scheduling and reporting—is key to driving efficiency, personalized guest experiences, and revenue to stay relevant and competitive in a changing market."
Book a demo to learn how to level up your vacation rental business in 2023.