Managing an accommodation property before buying it
An accommodation business – whether it’s a motel, resort or caravan park – is a fast-paced and rewarding venture that many people consider getting into. But, without any experience, it can be a daunting challenge to take on. If you want to make a success of it, you should learn as much as possible about the industry before you make the leap.
One great way of achieving this is to manage an accommodation property before you actually buy one. This can prepare you for a future where you own a business yourself.
How to get into accommodation property management
It takes a brave person to buy a business in an industry they have no experience of, and property management is a great way to sample the travel industry.
There are numerous different types of accommodation businesses you can look to manage, including holiday resorts and motels. Doing this has a number of important benefits if you are considering buying an accommodation business of your own in the future.
Jobs of this type are often advertised on the likes of Seek, but you may find you need relevant experience or transferable skills to apply successfully. Other jobs, such as admin roles, can often be an entryway into a business that you can move up in, whilst also giving you experience on-the-ground.
Getting into management gives you a number of great skills required to own a business. You’ll become responsible for the day-to-day running of the property, including its upkeep and general maintenance.
Many owners struggle in the early days because they don’t understand how accommodation businesses really work, and time as a manager can help you avoid this.
The benefits of management experience
Taking on the management of a property gives you some crucial advantages if you plan to take over the ownership of the property yourself at a later stage. These include:
1. Learning about the work
Working in the travel industry has a very romantic sound to it, but running an accommodation business is no holiday. Many people find that there’s a lot more hard work involved than they anticipated. Working in the field is a great test of how much you’re going to enjoy owning a property.
2. Working with staff
When you run a business, your staff will be your most important asset so developing people management skills is vital. Learning how to manage expectations, get the best out of your workers and identify the best applicants for a position are all important skills. Like any other aspect of work, these are things that people often get better with over time.
3. Building knowledge about the area
If you’ve got a particular town or area in mind, it’s a great idea to spend a bit of time working there. Tourists always have questions about what they should do and knowing about the best cafes, the quietest beaches and all the other highlights of your area will put you in good stead if you later buy a business nearby.
Exploring the area can also give you options to expand your business, perhaps by starting group tours.
4. You learn the unknown
In life, there are the known knowns, the known unknowns and the unknown unknowns. When you go into a new business venture there are always new things to learn, but often we don’t know exactly how much there is to learn. By starting early in the industry, you can get a much better idea of what is required, allowing you to make a more informed decision when browsing the market.
Find out more about how to run an accommodation business
If you would like more information about the ways you can benefit from managing a property or want to find out about accommodation businesses for sale, please contact the team here at Accommodation Business Brokers. We will be happy to help.
