About 50% of you do not accept a form of online payment
You spend about 1 HR a week on your site
About 15 - 25% of bookings are direct
How much time do you spend per week:
Work / travel to work
Watching TV, Netflix
Facebook and other social sites / internet
Family time/lunch/dinner etc.
Sports/walking dog/gym memberships/other
Your bills and investments? CC Interest/Mtg Interest? (I put this on the low part of this list)
What are your monthly costs of Elec/TV/Internet/Coffee/Phone/Gas/Magazine subscriptions etc?
What are your largest investments?
Your second home? - (Mortgage) / Stocks? (Usually, the older you get the less stocks you should own and the more bonds = income / or second home - mtg (Income)
Now: I'm going to let you think: Are you spending your time wisely? Should you spend more time on your larger investments? What is your time worth?
Cristina told me the other day, do NOT start preaching people what to do.. I agree, it is none of my business.. however:
I posted something interesting about time 10 days ago, which has been seen by 12! people: It is about what you and your guests spend on AIRBNB for what income, the same for VRBO, including your time spent, + on other sites, etc. (=Total time spent for X income)
I did some numbers yesterday for my 2018 taxes and thought let me ask on Houfy.. What is my time worth? I know Julie wrote an article to list on as many websites as you can.. hmm.. I see these sites with texts like: we are committed to providing you...
On accepting online bookings: This would cost 2.9% + maybe $0.30 per transaction = $3 on a $100 "reservation deposit". (The balance can be wired/transferred directly or paid by check) This improves guest experience and might save you a lot of time.
How many bookings do you get per year: 20? X $3 = $60 = $5 a month (How much do you spend on magazine subscriptions per year? or coffee at Starbucks)
On Airbnb/VRBO fees: 15%: You are not doing anything for this = spending hardly any time. Airbnb and VRBO are marketing for you and this (15%) is the price you/guests pay. The same for investing in stocks, mutual fund fees etc. You are not spending much time on this. Apple has its employees and customers and earns X. The stock goes up/down based on the (projected) earnings. Both are uncontrollable.
Your second home (Vacation Rental) : Value X - Mortgage Y = Z
Net Income on Z? = $ .. & Time spent? Does the income and time spent seem right for this investment?
My point is: Are your pictures OK? Is your pricing right? Your description? Is your site mobile friendly? Calendars updated? Did you list on all sites you think will give you bookings? and:
With Houfy we are trying to educate you to start writing a few posts/stories with information around your property. The sole purpose is to give your guests a better experience. Writing stories does not take much time, you can edit/delete anything you do. You can write whenever you want. Your second home might be one of your larger investments for your retirement, so why not spend less time on Facebook/Netflix and more on your second home.
I'm sure you will get rewarded in one way or another.
Our goal at Houfy is to help you go from 10 to 20 to 30 to 40% direct bookings the next years; this will however require some of your help of course.