** How to increase the turnover of your concierge service **
Today I am sharing the 3 essential keys if you are today dissatisfied with the turnover of your concierge service. Note and put in place now to prepare for 2021!
🔴 Exceptional conference coming up to learn how to double your profitability, 🔴 don't miss this and immediately take your place right here: https://bit.ly/3nbwyqp
💯Receive the free book by email (the 6 mistakes that make you lose money) by joining my private group on Facebook 💯 https://bit.ly/2KRS5WK
(don't forget to enter your email to receive the bonus)
⚠️ Subscribe to this channel and 🔔 click on the bell 🔔 to stop saying to yourself: “what was the channel that gave good ideas on prices? » https://bit.ly/2OLq0lx
#jannoncecomplet #rentalsaisonnier #revenuemanagement #pricing #price #realestate #rentalsaisonniere #airdna #gite #maisondhotes #rentability #eliseripoche
Hello and welcome to this new video in which we will talk about how to increase the turnover of your seasonal rental concierge service. If today, you are dissatisfied with the financial performance of your activity, if you want the goods entrusted to you to generate more turnover, more income, well, stay with me in this video. I'm going to tell you about the three keys which, in my opinion, are completely essential to successfully increasing your turnover. So there you have it, that’s going to be today’s topic. I think this is a subject that is quite important, because on different forums, I asked the question to concierge services to find out, today, what is the most difficult for you? Is it the lack of time? Lack of goods? Is it the lack of turnover? And what I was told was that in general, it was the lack of turnover. So, I told myself that this was an important subject. We will deal with it together, and I will give you keys to help you in this regard.
If you are not yet, I strongly encourage you to subscribe to the channel I display Complete, to click on the bell to be alerted of all the videos and of the moment when I go live, so that you can be with me, and ask me your questions live. You can also follow the I display Complete page, which allows you the same thing. And please note that at this time, we will soon close registrations for the Thursday evening webinar. So, it's Tuesday, today, when I'm doing this live. The webinar is Thursday evening. So if you want to register, these are the last moments to be able to register. This is a conference that we have worked hard on, on which, in fact, we are going to talk about all our best methods to help you double your profitability as a seasonal rental company. It really is a great way to end the year on a high note. 2020 has been complicated, I think we can all agree on that. So, we might as well try to take the best of what we have left of this year 2020 to capitalize on all the information that we will give you, and use it for 2021, to have a year that is much better, much easier, and which starts off with better omens. So, let's start this live. Please feel free to say hello when you come in. It's always a pleasure. I see there are already several of us live.
What I'm going to talk about today is if you're a vacation rental concierge, and you're not happy, in fact, with the income that you currently have. For me, there are three keys to this subject of turnover to consider, and to implement in your activity. The first key to increasing your turnover will really be to realize, and I say this because I know that this is not the case for everyone, that this subject of turnover, pricing and optimization of goods, this is part of the missions in its own right in your activity. It's a bit like cleaning, you have to do it well. You have to do the arrivals well, do the accounting well, do the revenue management well, do the pricing well, it's exactly the same thing. These are elements on which there is a whole lot of expertise, methods that are not necessarily super complicated, but methods to know and put in place that exist on this subject. It's not something we're going to delegate to an algorithm, like that, just because we have better things to do, and we think we don't know how to do it. I made a video on this, so I'm not going to get into this topic of delegation yet, but it's extremely risky, so you really have to consider the fact that this is a point in its own right on which It’s worth your time to improve your skills and learn the right methods and strategies to implement. So that's the first point.
The second point is to have the right tools to be able to do your job correctly, and increase the filling of your assets, the assets entrusted to you. You can't do it without having the right tools. There are two tools that are important beyond a channel manager, because that, for me, is no longer even a sky anymore a subject. Already, when you are a seasonal rental company, starting from a property, it is interesting to have a channel manager. But as soon as we have a concierge service, we cannot not structure ourselves with a channel manager. That’s unavoidable. So, having a channel manager is super important, but those are not the two tools I wanted to talk to you about. The first is to follow the market, so having an idea of what is happening in the market at that time. The tool we know, which has the best value for money for this, is AIRDNA. This is the tool for monitoring market performance, therefore following what others are doing: are they selling well? Are they not selling well? What price do they sell for?
And the last tool is a tool that you can build yourself, that you can do in Excel, but in any case, it is a tool that will give you the basic performance indicators of your activity: a occupancy rate, have an average price, have average lengths of stay. All of these elements are elements that you need to have in order to really be able to correctly monitor your activity and optimize it. There's a quote, I can't remember who said it, that says you can only improve what you measure. And frankly, this is true all the time. It's really from the moment we measure something that we have a first reference for improving it. Today, many concierge services do not have this measure of their performance, do not have an idea of the occupancy rate, the average prices, and above all, do not necessarily compare it to the right elements, to the past, to last year on the same date. So all of these are indicators that you absolutely must have.
The third thing is that you absolutely must have a revenue management strategy. What is a revenue management strategy? Having a revenue management strategy means being able to make the right prices at the right time, therefore having prices that are differentiated according to the periods, depending on the level of demand that we will have at that time. That's the first thing. The second thing is to optimize your length of stay, that is to say, ensure that your stays are as long as possible. But if it was just that, it would be easy. The idea is to require a minimum number of nights to simply have the longest possible length of stay. I squirm saying it, but basically the idea is to have the longest stays possible. But we must also ensure that in periods of low demand, when we have few requests, we will also accept as many stays as possible. This is why this subject of minimum length of stay is also a subject that must be optimized. It’s not something where we say, “Okay, come on. I'm going to give two nights minimum on my entire schedule, and that's it. " No. In fact, just like prices, we will have a strategy that will be different depending on the type of period. In periods of low demand, we will not have the same minimum length of stay requirements as we might have in periods of high demand.
And then another point, and that, I don't know why it's a point that is totally neglected, when in addition, at the moment, in the covid period, it is completely essential, it is also to look its cancellation conditions. If we have cancellation conditions that are too demanding, that is to say that the time between arrival and the moment the reservation can be canceled is very important, I will give you a concrete example, the reservation can be canceled until one month before arrival, well one month, for example, is really huge, currently, for short-term rentals. And sometimes, there are seasonal rental companies and seasonal rental concierges who tell me: “There, it doesn’t work very well on booking, but I don’t really know why. » We go to booking, and we see that reservations cannot be canceled or refunded after one month before arrival. So, we understand straight away, because today, a month's delay is far too important. The average is much shorter than that. So, also optimizing these cancellation conditions is one of the elements that will structure your revenue management strategy.
So today, if in your concierge service, you are not satisfied with your financial performance, you must first realize that it is not you, it is just that there is a a number of methods and strategies to know. So, you simply have to look into the question, watch videos from J'poster Complet, learn all that, where to join us in webinar, because we are doing a webinar, Thursday evening, just on that. So, don't hesitate to register. The link is either just below if you're on YouTube, and above if you're on Facebook. So, take this subject seriously, and improve your skills to have the knowledge of the few methods to put in place. Second thing: have the right tools, so follow your competitors with in particular AIRDNA, for example, or also have a tool for monitoring basic indicators, occupancy, average prices, etc. In the work that J'poster Complet does, we provide this type of tool, and it is a tool which is also the one we use to optimize more than 200 properties, and which works very well. So there you have it. But if you want to know more, join us in webinar Thursday evening. And the last point is to have a revenue management strategy, and therefore in revenue management strategy, we mean to have the most appropriate pricing possible, to have the most appropriate minimum length of stay strategy possible, and to work also a strategy on cancellation conditions to prevent cancellation conditions from causing harm to the performance of the goods entrusted to you.
I hope that these few posts will help you increase the turnover of your business. What is essential is to really look into each of the subjects, and to put them in place straight away. That's what will make the difference, rather than just watching the videos and not necessarily putting them together. Please note that for concierge services, we take care of revenue management. So if this is something you're interested in, drop me a line. We take care of revenue management for concierge services in order to increase the turnover of the goods entrusted to them. That's it for me.
− Hello Axelle.
If you have any questions, please don't hesitate to ask me. I'll maybe wait another three minutes if you ever have any questions for me as concierge about all of this. I have noted that each time, on the videos, I have questions that are asked to me as subjects to be addressed for the next videos, so I thank you for doing that. If you still have ideas, don't hesitate. I keep them in stock, and I will discuss them in the next videos. So there you have it, don't worry, it will happen, everything is well noted. And if you have any questions about what I've shared just now, don't hesitate to ask. I don't see any questions coming up. I know we have a little gap, but I don't see any questions. In any case, I wish you a very good day. I'll be here again tomorrow for a new live on another subject. Take care of yourself, and I'll see you tomorrow.