Ways to Cut Costs with Inflation
Inflation not only makes filling up your gas tank painful, but it also affects your vacation rental business and the travel industry as a whole. Increased costs have made running a vacation rental in 2022 tough, which is why knowing how you can cut costs can be so beneficial.
TrustYou came up with six suggestions on how you can fight back against inflation, and Modern Innkeeper put a vacation-rental-owner spin on them so you can continue delivering a one-of-a-kind guest experience.
Review Costs and Earnings
Before you make any significant financial decisions, it’s important for you to have a clear picture of your costs and earnings because inflation may require you to change some spending habits. Reviewing your costs and earnings will help you have a better understanding of how you can be an even smarter host and business owner, which brings us to our next point.
Reevalulate Your Investments
Delivering an unforgettable guest experience requires you to invest in your vacation rental. And that’s completely okay! There’s a cost of doing business, however, reevaluating your investments may help you better prioritize them.
With summer so close, maybe you want to replace your back patio’s outdoor furniture. But if you also have to pay someone to repair your backyard’s sprinklers, you need to prioritize what’s more important. As tempting as that new couch you’ve been eyeing is, guests won’t find a backyard with a dead garden very appealing.
Timely System Maintenance
Speaking of repairing those sprinklers, any other maintenance work should be a top priority too. That’s because ignoring any maintenance work your systems may need, no matter how small, can end up being a huge headache, and cost, for you in the future. You’ll thank yourself for taking care of it sooner rather than later.
Reduce Energy Use
Controlling how much energy your guests use during their stay is tricky, but it’s possible to reduce your vacation rental’s energy use and save money without them even knowing. Maintaining your pipeworks can save you money because your system will operate more efficiently, and investing in systems like a smart thermostat can keep your guests comfortable and your energy bill down (we call that a win-win).
Invest in Your People
As a vacation rental owner and host, you don’t have as many employees as, say, the manager of a large hotel. With that being said, there are people who help you provide your guests a one-of-a-kind guest experience, and they deserve your thanks!
Showing your appreciation for the people who help make your vacation rental what it is is a worthwhile investment, no matter what the global economy is doing. Taking them out to lunch or other team events can help your vacation rental stay busy for years to come.
Lean on Technology
Technology is something that guests want and can make you a better, more efficient host. Hotels use technology because it helps employees spend less time on tasks and more on the guest experience. Technology can help you:
● Know your guests better
● Simplify the check-in process
● Bring in more revenue for the local economy
More ways you can use technology to your advantage are here.
Rise Above Inflation
Knowing how you can cut costs during times like these will not only benefit you in the near future, but also further down the line. That’s because, according to The World Bank, prices may remain “historically high” until 2024.
If you learn how you can cut your vacation rental’s costs now, you’ll thank yourself later.