3 reasons why seasonal rental companies fail
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Hello and welcome to the channel I'm displaying full, the channel which helps seasonal rental companies, professional sub-lessors and seasonal rental concierge services to become serene and ultra-profitable seasonal entrepreneurs. Today, we are going to talk about the three mistakes that cause seasonal rental companies to fail, seasonal entrepreneurs as I like to call them. Three mistakes that I really recommend you not to make, so that's why I'm doing it, finally, that I'm sharing these elements in video. These are trends that I have observed over time with them. Here are the exchanges and collaboration with seasonal rental companies, I was able to observe a trend in fact on these fairly recurring errors to avoid them for you I wanted to share them today. So, this is the second live today because I, not to hide anything from you, I already tried to do a Live earlier and they told me Elise, we can't hear you not and in fact, I looked after the video and they couldn't hear me at all. So here, I can even confirm to you who are already many with me, can you hear me well? Can you hear me well? I believe that this must be the case, but this time I am being heard clearly, I would be happy to be confirmed on this point. Waiting for your return, if you haven't yet subscribed to the YouTube channel I'm full, oh great! now it's better, you can hear me, great!
You see, I persevere! It's not because of a technical problem that I stop there. I had some interesting things to share with you today so I'm persevering to do so. Great, thank you very much! Besides, if you join us live, don't hesitate to say hello, say your first name, are you already renting today? It's always a pleasure. As I shared in the previous one, in the aborted live a few minutes ago, live for me is important because in fact I could do the same content, I could do it behind my computer alone and then publish it like that on YouTube, but in fact it's still a lot less nice. What I like is being with you so that we can discuss, that you can ask your questions. So honestly, don’t hesitate! Write to me. This makes me really happy to talk together. Hi Roma, great thanks for the confirmation, thank you very much Pascal, it’s great. Thank you very much, thank you! Hello, welcome! So this subject that we are going to talk about today is the subject of the three errors that I have observed the most on people who are just starting out, or who are not starting out that much, but there can be a tendency to fall into ways of operating that really pose a risk to the sustainability of your business.
I'm going to start straight to the heart of the matter, I suggest let's go, let's get started. The first thing really is the first error that I observe most often, most frequently sorry, most often or the most... in short you understand, the first error is not to accompany professionals for the whole subjects that deserve it. We can tend to say to ourselves I'm going to do with what I can, I'm going to do with what I can find on the internet. Obviously, I'm not blaming consuming the content online, I'm producing free online content for you, so obviously I find it very good to watch it, use it, etc. That's great, but there are a whole bunch of subjects and I'm not even preaching for my parish, there are a whole bunch of subjects on which in fact, we can't limit ourselves to that. For example, when it comes to decoration, being accompanied by a decoration professional is essential. This weekend I published the video of Violaine Richard of clever renovator. We feel when we watch this video, it's actually a job and what's more, Violaine's advantage is that she is focused on real estate investment. There is that, there is taking photos. We will very soon publish a video on this subject of taking photos of an apartment. Despite everything, being accompanied by a professional on this is essential. In fact, why am I telling you that it is essential? Because in fact, we cut back a little from right to left, etc., and in the end the sum of the amounts disclaimed will mean that you have a financial loss that is ultimately much greater than the money that you initially saved. In other words, by investing a little bit in these elements, the gains will be much higher and in the end, what do higher gains represent? Well, it’s profitability and above all, it’s financial sustainability for your project. Which means that you will be able to have the additional income you want, you will be able to have a banker who can follow you and be able to reinvest, you will perhaps have the capacity to leave your position. All this only happens if the financial stability, the profitability of your activity is at the top level, and for that we cannot operate with pieces of string, tape and scissors, that's it. You need to have cutting-edge methods and for that, you need to be supported by professionals. So that's the first point that I observe the most, it's wanting to operate economically, doing so with tape and scissors, pieces of string and in the end obtaining a mediocre result which will result in poor financial performance.
We at I display full on the ads that we optimize, we see very clearly the difference between an apartment which is perfectly decorated with professional photos and an apartment which we decorated with what we thought was good and photos what we did alone. It's night and day in terms of financial potential. So, it's really super important. So, you say to me, Hello welcome to you “I am starting the LCD adventure, looking forward to knowing the mistakes to avoid”. So there you go, listen, we have already shared a first which is really important. Hello Pascal, welcome welcome. Pascal who is watching us from the YouTube channel, so if you are not subscribed, don't hesitate to do so because you will be alerted when I come live and that will allow us to discuss together, so it's really really cool. So that is the first error, the second error that I also observe the most, it is an uncareful development, that is to say that we can have a sort of greed, of lure of the economy of scale, to say ok well there, the bank is following me so here I take yet another, another and another. The problem is that there are many people who skip the steps with a desire that is also burning, to leave their position or to have cash flow, that is to develop. The only thing is that it is better to develop a little more slowly, but on extremely sound foundations, rather than to develop very quickly with something which is a little shaky because in fact, these problems you will find them very quickly afterwards in mental load, in time spent and what you probably want with seasonal rental is not necessarily that it is a nest of constant problems. So development, we must accept that sometimes it is a slower development which is healthier and which allows you to have sustainability over decades of what. Among the errors in development, there is the fact of absolutely wanting apartments, but which are not necessarily profitable or of doing the profitability calculations badly by saying to oneself well it will be fine, on the profitability calculations it is really imperative to have an extremely low estimate, I call it fundamentalist, that is to say to estimate the profitability of your apartment by making the hypothesis that the low periods are only what you are going to earn and to have everything else, all the bonus gain. So obviously, it's very fundamentalist, but still do the exercise to see this worst-case hypothesis, some call it the crash test, do this hypothesis to see what it gives. If you only base your estimates on average or even optimistic hypotheses, you really take the risk of having something that does not actually hold up over time, especially since at some point you will have to delegate, you will have to have fees. It's illusory to say that you can run a business because seasonal rental is a business. It is illusory to say that we will be able to run a business by doing it alone like that and then develop without delegating, it is not possible in fact. So point number one, I'm not really bothered by having done a second live, for number one there you have it, being accompanied by professionals even if we say to ourselves ah there's plenty of free content online, etc, ah the decor It’s okay, I’m going to copy Lucas. Honestly, get help from professionals! If you invest maybe a little bit now, but actually the results in terms of profitability are going to be so much better that actually it's the best decision to make. Point number one, point number two: do not try to develop too quickly in any way, make careful calculations of anticipated profitability the fact that with the increase in capacity, we will have to delegate, that these are expenses and all that actually increases the P&L, the profit & loss, and therefore the income statement. That's the second point, not developing too quickly and the third point is actually knowing how to manage your turnover, that's crucial. This time, I'm preaching for my parish, obviously, I'm pleading guilty, but it's still important. That is to say that today, we have far too many seasonal rental companies who are not in the business of managing their turnover, who still think that they will be able to automate the price and the figure. business and that is completely illusory in fact. When you are a business manager, you can actually delegate when you are a business manager, you delegate part of the management of the activity, you delegate the generation of turnover with a sales team for example, but you will not automate the arrival of turnover, especially in the field of tourism. there are things that can probably be automated, I don't know the stock market is more of a currency, I don't know anything about it, it's not my area of expertise, but what I do know is that in tourism it there are so many unexpected things, so many things that change, we are in a changing field that we still need a human brain today. Perhaps in 15 years, this will no longer be the case, but today, we need a human brain capable of managing these turnovers on a daily basis. And without that, you have an average performance with an average profitability and therefore the prospect of moving forward towards new projects which is still relatively reduced, that is to say a banker who is not necessarily calm about you re-borrow and a cash flow which is relatively low which does not allow you to leave your position. So there you have it, all that and three elements that are key to preventing you from failing. Honestly, years of experience, when we look at the seasonal renters who end up, for example, handing over their apartment for a long term, it's always the same thing, that is to say that either they didn't have enough turnover figures, either they had miscalculated profitability, or they offered a product on the market which was halfway between Tati Jeanine's sofa and the photo taken by the cousin on a Sunday afternoon. So you see, all this, I'm sure that when I tell you this, it will actually speak to you, but in the end, what is it in concrete terms? It means working with professionals, knowing how to manage your turnover and making relatively fundamental calculations upstream, not trying to grow very quickly, growing perhaps more slowly, but in a much more serene and sustainable way.
There you have it, those are the points I wanted to share with you today. I hope this has helped you avoid these pitfalls, the pitfalls that we find in many situations. If you have any questions, don't hesitate to ask me and I realize I'm really confused today, because I realize that I didn't watch you during the whole video, I watched the screen instead of looking at the lens. So I'm sorry for that honestly, it must be really unpleasant. Well, it was a bit of an unusual day, I'll do better the next time. If you want to find me live, I do a Live twice a week on Tuesday at noon and Thursday at noon, we meet either on the YouTube channel or on the Facebook group seasonal rental prices and maximization of turnover. Listen, welcome to you hello, so I'm finishing the live, but you can find the replay on the YouTube channel I'm full. I'm telling you an excellent weekend, I'm also publishing a video on Sunday which is an interview with a partner or a client so don't hesitate to find me also on Sunday on the channel I'm fully booked, I see you Tuesday for the next live. Have a great weekend, take care of yourself!