With experience I notice a very recurring error which prevents beginner seasonal rental companies from becoming serene and ultra-profitable seasonal entrepreneurs. I share this error with you so that you avoid it.
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Hello and welcome to the channel I display complete, the channel which helps seasonal rental companies to become serene and ultra profitable seasonal entrepreneurs. Today, we are going to talk about an error that I see very often. It's a mistake to begin with when you start your seasonal rental, when you have perhaps one apartment, two apartments. The error that I see most often and yet easy to correct. I'm going to share it with you today to prevent you from doing this and so that by correcting this, you can achieve much greater profitability. When you arrive with me on live, don't hesitate to say hello, it's always a pleasure to see you. Don't hesitate to leave me any comments, say your first name, hello like that, do you already have an apartment, are you seasonal, but you haven't started yet. Tell me that in the comments, I will be delighted to be able to read you.
So, when we started I show Complete to share this expertise of we will say the science of getting your prices right, the science of having the maximum possible turnover in a tourism activity, particularly for us seasonal rental . I noticed something very important, which is that the seasonal rental company when it starts, it will tend to say to itself, to know if its performance is good or not, it will tend to look at them directly on the site Airbnb or the Booking site, its calendar to ensure whether or not it has reservations for the coming weeks. It's the first reflex that we have, we want to reassure ourselves, do I have reservations, click we open and we have the information or we open the channel manager if we have a channel manager . What is very important to have a channel manager, I would like to take this opportunity to remind you of this in passing. Why is this information partial? This information will be partial. Hello to you, welcome! Ah, hello Sandra. I'm doing very well, thank you, I hope you are too, welcome! Why is this information partial? The information which consists of going to see if we have reservations in the calendar. It's partial because honestly, so unless you tell me I have an incredible elephant memory, I'm able to remember how I did last year on the same date, etc. But otherwise, if you are just a normal human being like me for example, well opening the calendar and realizing that for example in the coming month we have ten reservations out of the 30 possible nights, at this stage it's is impossible to know if it is good, if it is not good, is it a lot, is it not a lot compared to colleagues, competitors and also compared to you -even. What did you do last year on this date? When last year, we are going to take the month of September will be easier, random month, if you look at the month of September and you say: I have ten resas over the 30 days of September. Last year, on the same date when we were looking at September, did you also say resas on the 30 days of September. It is absolutely impossible to know this information when you just look at the calendar. So what's going to happen? We see resas and therefore, the judgment of whether to change prices or not is purely emotional. That is to say, either you see a reservation quota that reassures you, or you see a reservation quota that worries you and in these cases, you will implement pricing actions. But the trap is that you could quite well have a reservation quota which reassures you when in fact it is worrying because all the others are doing much better, and you are being late. Or conversely, you could have a reservation quota that worries you, when in fact this emotion is not at all relevant because, I'll give you an example, last year at the same date it was exactly the same and you were completely finished in the end. So there is no need to go and cut prices or other actions like that which will degrade your profitability. So you see, we see that the emotional perception that you can have on your performance by just opening your calendar and saying is it good because it's not good, it's not going to bring you to obtain the best profitability. Another illustration is that you know many business leaders who have and who make decisions to manage their activity without having quantified indicators, without having a dashboard on the company's cash flow, on the number of sales, etc. So, there must be some perhaps, but overall I think we will agree to say... hello, welcome... I think we will agree to say who it is after all, very rare people business leaders who manage their business without having a dashboard of their activities; or unfortunately, we would not give much, we would not give a long life and sustainability to their business if that were the case. Well, it’s the same thing for us. Remember, I say now, I say it at the beginning of each of the videos, we don't want to be a seasonal renter, we want to be a seasonal entrepreneur, we are all business leaders as soon as we have an apartment. And to be able to have precisely the life that we want with this seasonal rental activity, you have to take on this role of business manager and in the role of business manager, that does not mean doing everything yourself. elsewhere, but in any case taking on this role and that means in particular having management documents, having just a few key figures which will allow you to make the best rational decisions in the service of the financial performance of your activity and not emotional decisions because there you were, you were a little more tired, you saw eight reservations, said to yourself: ah, it's not going well, it's a little stressful, I'm lowering my prices. Do you see? We must cut this emotional perception of things which is more the operation of a seasonal rental company just starting out, and move on to a perception of business leaders who manage their activity with management documents.
Hello Grégory, welcome from Youtube, Grégory watches us then YouTube. So this is the point that I wanted to share with you and I think that with the illustrations of the data here, you can see it well, do not hesitate to ask me questions if there are aspects that are not clear, but I think that with this, you clearly perceive how the absence of management documents, the absence of numerical indicators will bias your perception and therefore make you make bad decisions. Besides, there was someone who said, I don’t remember his name unfortunately, but “we can only improve what we measure”. I don't know his name anymore, if you know tell me the name of the person in the comments. I wonder if it wasn't Ford who said that. Well I don’t know! Maybe I'm saying something stupid. In any case it's completely fair, we cannot improve, in any case we can only improve what we measure. And once again, many, many seasonal rental companies when starting out do not measure their performance by a few key figures and that causes harm. We cannot achieve the best profitability if we operate like that, a bit with a wet finger.
Now, to finish this video of the day together, I'm going to give you a shot, because the question you might ask yourself at this point is: well OK! We understand, you have to look at a certain number of figures, but when you say figures, what are you talking about Élise? Actually, what are the numbers that need to be tracked? I'll give you some ideas. The most important number, there are some really important numbers to follow. The first is the occupancy rate. So this is the sales level of your apartment. The second is the average price. The third is turnover. There is one last indicator, I'm not going to explain it in detail in this video, but I could do another video on that if you're interested. Don't hesitate to tell me in comments. A final indicator is Revpar, it is written REVPAR. You can get started without any problem, but it is still an indicator that with the development of your portfolio could help you. So at a minimum: occupancy rate, average price, turnover. And so, what is the prism of time? That is to say, do we need to have these figures every day? Should we have this figure for each week, for each month, for each year perhaps? To start, I really suggest you have at least for each month. That's twelve months in the year obviously, to have this amount for this year and last year that's important, and if possible to be in a position, we have tools that calculate that, because that it is essential to be able to make good optimization. If possible, make sure you have a view of the state of your portfolio last year at the same date. I was telling you earlier: when it's September this year, and we have ten sales, what were we like when we looked at the same time in September last year? Did we also have ten sales? Did we have eight sales? Did we have twelve sales? This vision is also crucial. We have tools that we have built on Excel which allow us to have this, which we share with our clients and this is what will really ensure that you make the best decisions at the right time.
Ah, William Thompson, thank you very much, thank you very much. So not Ford at all, no connection. It wasn't Ford at all, but thanks for finding the author of the quote. So, if you have any questions about this, don't hesitate to ask me, I'll give you a few minutes perhaps to ask me questions. I would like to take this opportunity to share with you that if you wish to continue to be alerted of the Lives that I produce twice a week, on Tuesday at noon and on Thursday at noon, do not hesitate to subscribe either to the Youtube channel which will alert you of the arrival live so that we can be together and you can ask me your questions on the current topic live live. You can also join the Facebook group called “Seasonal rentals, prices and maximizing turnover”. This group upon registration, you will also receive a free bonus of the six mistakes not to make when you calculate the cost of seasonal rental and when you make your prices for your seasonal rental. So, don't hesitate to join us in the group, we are a group of people who all aim to become or be serene and ultra-profitable seasonal entrepreneurs. There you go, listen, I don't necessarily see any questions for today. I was delighted to do this live with you. It was a video perhaps a little short, but nevertheless the point is of major importance. So, try to see how you can implement this at home with Excel just by taking the sales that you've made and summarizing that in Excel. In doing so, if you have any questions, you can always describe them to me afterwards in the comments of this video, I will answer them with pleasure and I will see you next week for the next live video. Take care of yourself !