The Power of Partnerships and the Importance of Patience in the Vacation Rental Industry

By Shawn Moore

Partnerships can be a great way to enter the vacation rental market, as they allow you to pool resources and share responsibilities. However, it's crucial to ensure that everyone involved is clear on their expectations and what they bring to the table. As I always say, "When you're bringing on a partner, make sure that everybody's bringing something to the table and everybody is very clear on what their expectations are and that expectations are very set."

When considering a partnership, it's important to establish roles and responsibilities from the outset. This will help avoid conflicts and ensure that everyone is on the same page. As Dave Sivulich and I have experienced in our own partnership, it's essential to communicate openly and regularly to maintain a healthy working relationship.

Another important aspect of partnerships is aligning goals and objectives. Each partner should have a clear understanding of what they hope to achieve through the partnership. This includes discussing personal use of the property, as this can often be a point of contention if not addressed upfront. By setting clear expectations and goals, you can avoid potential conflicts down the line.

While partnerships can be beneficial, it's important to note that they are not always the right choice for everyone. Some individuals prefer to operate independently and have full control over their vacation rental business. Ultimately, the decision to enter into a partnership should be based on individual circumstances and preferences.

Now, let's shift our focus to the topic of patience in the vacation rental industry. Aspiring vacation rental owners often ask, "How patient should I be in finding the right property?" The answer is that patience is indeed a virtue in the acquisition phase of the business. While there may never be a perfect property, it's crucial to find one that aligns with your property goals.

Inventory levels in the vacation rental market are currently low, making it more challenging to find the right property. However, it's important not to rush into a purchase simply because you're eager to get started. Take the time to thoroughly evaluate each property and ensure that it meets your specific criteria.

As I mentioned earlier, it's crucial to have a clear understanding of your property goals. Whether you're seeking personal use, lifestyle freedom, cash flow, or long-term appreciation, your property should align with these objectives. By being patient and waiting for the right property to come along, you increase your chances of making a sound investment.

While it can be frustrating to wait for the perfect property, it's important not to let impatience cloud your judgment. Remember that this is a long-term investment, and rushing into a purchase could lead to regrets down the line. Be patient, trust the process, and keep your enthusiasm for the vacation rental industry alive.

In conclusion, partnerships and patience are two key factors in achieving success in the vacation rental industry. Partnerships can provide valuable resources and support, but it's crucial to establish clear expectations and roles from the beginning. Patience is essential when searching for the right property, as it ensures that you make a sound investment that aligns with your property goals.

As the vacation rental market continues to evolve, it's important to stay informed and adapt to changing trends. By understanding the power of partnerships and the importance of patience, you can navigate the industry with confidence and build a successful vacation rental business.

Remember, as I always say, "Go pick one thing that you can do today to start building that life that you don't want to take a vacation from." Cheers to your success in the vacation rental revolution!