Once you identify a deal with potential, the fun part begins! You bring in your knowledge, ambition, and ingenuity and turn an underachiever into a goldmine!
For starters, you can begin profiting from any leftover inventory. Empty rooms are a waste. Then get to work increasing occupancy levels. Many hospitality property owners have NO CLUE how to increase occupancy! They simply turn on the VACANCY sign.
You will know how to increase occupancy. To give you an idea of what I teach, here are just three ways:
- Connect to local businesses for special volume discounts.
- If you have a resort, you can work with airlines to offer special deals.
- Work with your competitors during peak periods.
Once you boost your occupancy, you can raise the value of your asset even higher. That means it’s time to maximize your revenue centers. In the industry, this is measured by RevPAR (Revenue Per Available Room).
Pretty soon, you’ll have the decision to make: Do I hold on to this top-performing asset and enjoy the monthly income stream, or do I cash out and do it again? Whatever you decide, it’s a great choice to have!