How Vacation Experiences Can Be Valuable to Your Property Investments
It is peak vacation season and many investors can use their getaway experiences to gain incredible insights into the current and future investment property landscape. No matter where you are going this year, pay attention to the following factors to help make better investment choices.
The Market Temperature
How competitive is it to find a great vacation deal? Are hotel prices up from previous years? How is the quality of service? Which hotel and vacation rental prices were the highest? These are all questions that can show you how the economy is performing and if it’s an attractive landscape to invest in.
Where Individual Brands and Companies are Headed
Those Canadian and American investors considering investing in funds and the equities markets in general, can gain a ton of insight by first doing business with companies themselves. If you are interested in hospitality, check into a few hotels. Your experience should reveal much about the direction where the companies are going.
The Value of Good Managers
A bad hotel or vacation rental experience is a stark reminder that good managers are invaluable. They make all the difference in maximizing revenue, long term value and profitability. This applies to onsite property managers as well as those in offices dealing with clients and investors. Poor management with the wrong focus can quickly crush opportunities that have great potential or have had good performance records in the past. Great investment and property managers can turn around under-performing properties and non-performing assets, unlock value and cash flow, and boost value.
How to Win
Both good and bad vacation experiences can provide all real estate professionals and investors clues about how to do better business and make better choices. This applies to those selling properties, to renovating them, managing them, and for example; choosing retail tenants that will help, not hurt a property’s performance.