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The Benefits of Short Term Rentals A Comprehensive Guide

The need for changing attitudes in a changing world

Introduction

Have you ever had a difficult tenant in a rental property? If you’re a property owner or investor in South Africa, you’re probably no stranger to the risks associated with long-term rentals.
 
The legislative environment tends to favor tenants, making it challenging for property owners to manage their investments effectively. In recent years, however, the short-term rental industry has gained traction, offering an alternative solution for property owners. In this comprehensive guide, we’ll explore the benefits of short-term rentals in sectional title schemes and how platforms like Airbnb can provide a more rewarding experience for both hosts and guests.

Our Story: From Long-Term Tenant Troubles to Short-Term Rental Success

As property owners ourselves, we’ve experienced firsthand the challenges of dealing with difficult long-term tenants. Our “granny flat” had its fair share of excellent tenants until Frans moved in. Despite his good references, Frans soon became a source of frustration due to late-night parties, a tumultuous relationship with his girlfriend, and eventually missed rental payments.
 
After Frans left and we decided to try another solution: Airbnb. With an initial investment in furniture and equipment, we transformed our granny flat into a short-term rental. Over time, we met an incredibly diverse group of guests who treated our property with care and respect. Our lives became richer for the experience, and none of this would have been possible without the Airbnb platform.
 

The Benefits of Short-Term Rentals

1. Built-in Vetting Systems

One of the significant advantages of using platforms like Airbnb is their built-in vetting systems. As hosts, we can set our listing to automatically accept bookings from guests who have achieved a minimum rating from previous stays on Airbnb. This ensures that we only welcome well-behaved guests into our property. In turn, we rate each guest when they leave, creating a transparent system that encourages good behavior.
 

2. Self-Check-In and Automation

As we grew more comfortable with the platform, we introduced self-check-in through a key safe system. This allowed guests to retrieve their keys and let themselves into the unit, streamlining the process for both parties. We also implemented checklists and automated messaging on the Airbnb app to ensure a consistent and value-based guest experience.

3. Reduced Risk of Badly Behaving Guests

In our three years of operating our Airbnb, we’ve encountered only a handful of problematic guests. The vast majority (90% and above) leave our unit in pristine condition. This goes against the prevailing idea that short-term guests are less likely to adhere to house rules. In fact, our experience has shown the opposite.
 
Handling the few instances of badly behaving guests is also much simpler in short-term rentals. For example, after one group caused excessive noise and damage, we gave them a negative rating on the app, reducing their chances of booking with other hosts in the future. In contrast, it took us six months to get rid of Frans, our long-term tenant.

4. Support for Local Tourism and Economy

Short-term rentals have become an essential part of local tourism and economic growth. For instance, the City of Cape Town has partnered with Airbnb to create an industry that supports tourism and job creation on a massive scale.
 
Between January and December 2021, Airbnb hosts netted over R2 billion in South Africa. By offering short-term rentals, property owners can contribute to this growing sector while benefiting from increased rental income.

The Future of Short-Term Rentals in Sectional Title Schemes

Despite the benefits of short-term rentals, many property management companies seek to change conduct rules to exclude owners from letting out their units on a short-term basis. However, platforms like Airbnb have built-in safeguards that protect owners, communities, and promote local tourism.
 
Trustees advocating for minimum periods for short-term rentals may be opening themselves up to claims from property owners who are being denied full use of their properties.
 

Conclusion: Embrace the Potential of Short-Term Rentals

If you’re considering turning your property into a short-term rental, our comprehensive Short-Term Rental Property Guide can help you prepare your property, navigate the Airbnb app, and implement effective marketing and pricing strategies. By embracing the potential of short-term rentals in sectional title schemes, you can enjoy a more rewarding experience as a property owner while contributing to the growth of local tourism and the economy.
 

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Digitally First but Physically Enhanced

In today’s rapidly evolving digital landscape, businesses must constantly adapt and innovate to stay ahead of the competition. Embracing a “digital first” approach is no longer optional; it is a necessity for survival.
 
However, simply having a digital presence is not enough. To truly thrive in the digital realm, businesses must also enhance their physical presence in a way that complements and amplifies their digital efforts.

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How Small Businesses Can Achieve Success with the Pareto Principle

Do you feel like success is always just out of reach?

Are you a small business owner struggling to make ends meet?

Are you a small business owner struggling to make ends meet? Do you feel like success is always just out of reach? The Pareto Principle, also known as the 80:20 rule, may be the answer you’re looking for.

The Pareto Principle states that 80% of results come from 20% of effort. This principle applies to almost every aspect of our lives, including the distribution of wealth and the results of our efforts. It’s a powerful tool that can help small businesses achieve success.

One of the most important things to understand about the Pareto Principle is that there is never an even distribution of outcomes. This means that a small percentage of businesses will experience the majority of success while the rest may struggle to make ends meet. But this doesn’t mean that success is unattainable for small businesses. In fact, by understanding and using the Pareto Principle, small businesses can increase their chances of landing in the successful 20%.

So, what actions can small businesses take to ensure that they end up on the successful side of the equation?

  1. Focus on the 20% that matters: Identify the 20% of your customers, products, or services that generate the majority of your revenue and profits. By focusing your efforts on these areas, you can increase your chances of success.

  2. Improve efficiency: Use the Pareto Principle to identify the 20% of tasks that generate 80% of your results. Then, find ways to streamline and automate these tasks to increase efficiency and productivity.

  3. Invest in marketing: Marketing is essential for small businesses to reach new customers and generate revenue. Identify the 20% of marketing efforts that generate the majority of your leads and sales, and invest more in those areas.

  4. Develop strategic partnerships: Identify the 20% of businesses or individuals in your industry that generate the majority of referrals or collaborations. Develop strong relationships with these partners to increase your chances of success.

Small businesses often struggle to compete with larger companies, but the Pareto Principle can help level the playing field. By focusing on the 20% that matters and making strategic decisions, small businesses can achieve great success.

So, if you’re a small business owner struggling to make ends meet, take a step back and consider the Pareto Principle.

Call me earlierBy understanding and applying this powerful tool, you can increase your chances of success and take your business to the next level.

The Online Marketer
10 STEPS TO ONLINE MARKETING SUCCESS

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Digitally First but Physically Enhanced

The Online Business Model has usurped the Physical Business Presence as the primary business presence. Physical businesses now support the online versions.

This transitioning has been fraught with difficulty but has been terribly exciting. Successful transients are alive with possibilities…

The value of the Pareto principle for small business Read More »

Build business processes to predict success
digital first but physically enhanced

Online Businesses grow exponentially

Digital First but Physically enhanced businesses are a reality

The trend to online businesses

In recent years, there has been a trend towards online businesses. This means that businesses are increasingly focused on digital platforms and technologies, and less reliant on physical resources.

There are many advantages to this trend.

First, digital businesses can reach a wider audience more easily than physical businesses.

Second, digital businesses can be more agile and responsive to change.

Finally, digital businesses often have lower costs than traditional businesses.

However, it is important to note that this trend is not necessarily all-or-nothing.

Many businesses are now adopting a digital-first approach, but still maintain a physical presence in order to enhance their customer experience.

As the world becomes increasingly digital, it is clear that businesses will need to adapt in order to survive and thrive.

What does this mean for your business?

In order to take advantage of the opportunities presented by digital transformation, businesses must be willing and able to embrace new technologies.

Businesses should look for ways to leverage existing technology investments and make use of cloud computing and other services in order to create a more agile, responsive, and cost-effective business model.

Additionally, businesses must ensure that they are providing customers with an outstanding customer experience by leveraging data-driven insights in order to identify areas for improvement.

Finally, businesses must continue to invest in digital strategies in order to keep up with competitors and maintain a competitive edge.

By doing so, businesses will be well positioned for success in the digital age.

By taking these steps today, businesses can ensure that their future is secure as we move into a more digital world. It is important to stay ahead of the curve in order to remain competitive and successful in the long run, and these strategies can help businesses do just that. By taking advantage of current technology trends and leveraging data insights, businesses can create an environment where they are well-equipped to succeed in today’s digital marketplace.

With these strategies in place, businesses will be ready for whatever comes next.

 

How to make the transition to a digital first but physically enhanced business

In a world that is increasingly digital, businesses must find ways to adapt in order to stay competitive.

One way to do this is to transition to a digital first but physically enhanced business model.

This means that while the majority of your business operations are done online, you still have a physical presence that customers can visit if they need to.

This can be achieved by having a small brick-and-mortar storefront, or by maintaining a strong online presence with an easy-to-use website and active social media accounts.

Your physical presence supports your transactions which all take place online which effectively gives you greater client reach.

By making the transition to a digital first but physically enhanced business, you will be able to reach more customers and stay ahead of the curve.

 

The benefits of going digital in your business

Over the past decade, there has been a shift in the way businesses operate. With the advent of digital technologies, many businesses have gone digital in order to stay competitive.

There are several benefits to going digital in your business.

First, digital technologies allow you to reach a wider audience with your marketing and advertising efforts.

Second, digital technologies make it easier to track customer data and analytics, which can be used to improve your products and services.

Third, digital technologies can help you save money on printing and production costs.

Finally, digital technologies can help you create a more efficient and effective business operation.

In short, there are many advantages to going digital in your business.

However, it is important to note that going digital does not mean that you should abandon all physical aspects of your business.

Rather, you should use digital technologies to enhance and complement your physical operations. By doing so, you can reap the full benefits of digital transformation.

Case studies of successful digital businesses

GymShark

Gymshark is an online fitness apparel company that has achieved immense success through digital transformation. Founded in 2012 by teenage entrepreneurs Ben Francis and Lewis Morgan, Gymshark built its business model on the use of social media to reach its target audience. Through effective use of influencer marketing, Gymshark was able to quickly grow its brand presence and increase sales.

In addition to leveraging social media for marketing purposes, the company has also used digital technologies to improve their production process. For example, they’ve adopted automated manufacturing processes in order to reduce costs and turnaround times while still maintaining high quality standards. By building a more efficient supply chain, they have been able to manage their inventory better and save money on raw materials.

Furthermore, Gymshark has been strategically investing in digital technology in order to improve customer experience. They have developed a mobile app that allows customers to easily find products, place orders, and track shipping information. Additionally, they’ve invested in virtual try-on technology which gives shoppers the chance to view products on their own bodies before purchasing them. By utilizing digital technologies such as these, Gymshark is able to stay ahead of the competition and provide its customers with an enjoyable shopping experience.

Overall, Gymshark has demonstrated how businesses can utilize digital technology for marketing purposes as well as streamline operations and increase customer satisfaction. From leveraging social media influencers to automating production processes and developing innovative mobile applications, Gymshark is a perfect example of how digital technology can revolutionize the way businesses operate. As more companies begin to embrace the power of digital technology, it’s likely that we will see even more innovative and effective uses of this technology in the future.

By utilizing these digital technologies, Gymshark has been able to maintain its competitive edge while providing customers with an improved shopping experience. With its focus on innovation, Gymshark offers insight into how other businesses can use digital technology to their advantage. By taking advantage of the opportunities presented by cutting-edge technologies such as machine learning and artificial intelligence, companies across all industries can benefit from improved operations and enhanced customer satisfaction.

 

AirBnB

Airbnb is a digital business that has transformed the way people travel. Airbnb allows people to rent out their homes or apartments to travelers from all over the world. Airbnb has been successful by offering a convenient and cost-effective way to travel. In addition, Airbnb offers a unique selection of accommodations that can’t be found anywhere else. As a result, Airbnb has become a popular choice for travelers who want an authentic experience.

Uber

Uber is a digital business that has revolutionized the way people get around cities. Uber allows people to request a ride from their mobile phone and pay automatically through the app. Uber has been successful by offering a convenient and affordable alternative to traditional taxis. In addition, Uber provides safe and reliable rides in hundreds of cities around the world. As a result, Uber has become a popular choice for people who need an efficient way to get around town.

What does it take to transform your business to digital first in terms of time and systems

Making the transformation to a digital first business can seem like a daunting task, but it doesn’t have to be.

There are a few key areas you’ll need to focus on in order to make the transition.

First, you’ll need to invest in digital tools and systems. This may include things like a new website, online booking system, or CRM.

Next, you’ll need to train your team on how to use these new tools.

Finally, you’ll need to create systems and processes for managing your business digitally.

While this may seem like a lot of work, it’s important to remember that making the transition to a digital first business can offer many benefits.

These benefits include increased efficiency, more flexibility, and improved customer service. With these benefits in mind, it’s clear that making the transformation to a digital first is worth the effort.

It is time to transition

So, what does this all mean for your business?

It’s time to start planning your transition to a digital business.

Luckily, we can assist you in every step of the process.

From designing and building your new website to executing a marketing plan that targets your new online audience, our team is ready to help you succeed.

The benefits of going digital are too great to ignore. With more people than ever shopping online, it’s essential that your business has a strong web presence.

Contact us today to learn more about how we can help make the switch and take your business to the next level.

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Digitally First - Physically Enhanced

The Online Business Model has usurped the Physical Business Presence as the primary business presence. Physical businesses now support the online versions.

This transitioning has been fraught with difficulty but has been terribly exciting. Successful transients are alive with possibilities…

The trend to digital businesses Read More »

Connect with your target market, Build business processes to predict success
#Business Process

The Awesome value of Business Processes

What we call business processes differs.

“Simply put, your job is to prepare yourself and your business for growth. “To educate yourself sufficiently so that, as your business grows, the business’s foundation and structure can carry the additional weight."- The e-Myth Revisited by Michael E Gerber
Some people may refer to business processes as standard operating procedures (SOPS), business systems or even just “the way we do things”. I’ve even heard them referred to as BOMS (Basic Operating Systems). Whatever you call them, they are without a doubt a mechanism for entrepreneurs to build businesses that can operate even when the entrepreneur is not there.
 
Start up businesses rarely last longer than five years and for those that do, a further 80% will close before another five years is over. This sad state of affairs generally has its genesis in the nature of entrepreneurship.
 
A founder, full of enthusiasm and knowledge has a desire to go out on their own. The founder has enormous amounts of energy and self belief and applies themselves to the many and varied tasks of building their business. The most successful start ups normally launch on the founders ability to source new business.
 
The business launches and does relatively well. If the founder is lucky they are able to attract enough talent to help with the operational and delivery aspects of the business. Sometimes the founder may even be skilled in these areas and if not their energy and attention gets pulled into operational issues.
 
Typically he founder naively believes that all the people they recruit are made of the same stuff as them and they believe that their new found recruits will instinctively know what should be done and will apply themselves with the same energy and enthusiasm. Generally though the new recruits look to the founder for guidance because what they really want is a job. A place the new recruit can feel safe with getting on with life and being able to switch off work when they walk out the door at the end of their shift.
 
The founder of course wants to build an empire and lands up putting out fires all the time. The founders feels stressed at the lower lower sales figures because he or her isn’t focussed on sales anymore. The founder typically starts blaming staff for problems and the cycle of staff turnover starts.
 
Sometimes the founder thinks all the problems will be solved with expansion, so they break into new territories or product lines in the hope of solving these problems. The biggest result is that they exacerbate the problems. The stress gets bigger and the problems multiply.
 
The solution for the founder is to create an environment where the founder can take a step backward and take a broad view of their business and spend most of their time on educating themselves and their teams on a better way of doing things. In fact stated another way this means that they should be creating a clear body of knowledge so every staff member knows the correct way of doing things.
 
The ideal way of doing things is in effect to create businesses that are systems dependant rather than expert dependant! This reduces the founders risk when someone leaves.
 
System dependant businesses allows the founder to create predictable and consistent results in terms of sales, customer satisfaction and operational efficiencies.
 
Founders should not be doing all the work. Founders should identify problems and opportunities. The founders job is then to build business process that allows others to get on with the work.

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The Online Marketer
10 STEPS TO ONLINE MARKETING SUCCESS

Digitally First But Physically Enhanced

The swing to digital businesses should be supported by a physical presence. Even if that physical presence takes a new form.

Business Processes Read More »

Build business processes to predict success, Connect with your target market
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