Things are opening back up in the US! While we all take a moment for a collective sigh of relief, remember that COVID-19 hasn’t gone anywhere just yet. How can you prepare yourselves for a second wave and potential future stay-at-home orders?
To talk about that we have returning guest Steve Trover. He’s been in the vacation rental industry for over 20 years, so we lean on him and his expertise in preparing for the future. Nobody saw COVID-19 coming, but now that it’s here we have a chance to look ahead and prepare for what could potentially come in the future.
If you’re going to be in business, you have to be prepared for disruptions to occur. Make sure you have capital set aside so it doesn’t put you out of business.
You also need to be prepared to pivot. If we have another wave, we will likely see short term rentals halt — but we will still see mid- to long-term rentals be completely viable. Think about what that possibility will look like, just so you are ready if the time comes.
What should you consider when thinking of mid- to long-term rentals? How does it differ from your typical short-term guest?
We don’t know what the future will hold, but we can learn from the past. There’s definitely a chance that we will be dealing with COVID-19 for a while, and it’s best to look at what we could have done differently from the beginning to be better prepared for something like this in the future.