The vacation rental industry can be highly profitable, but many property owners struggle to turn a consistent profit. While factors like market saturation and economic shifts play a role, most failures come down to poor strategy. If you’re thinking about running a vacation rental or already have one that isn’t performing well, here are three critical mistakes to avoid. 1. Ignoring the Importance of Location You’ve heard it before—location is everything. But what does that really mean for vacation rentals? It’s not just about being in a popular city or near a tourist attraction. You need to think about: Proximity to Demand Drivers: Are you near major attractions, convention centers, or corporate hubs? Rentals near theme parks, beaches, or event venues typically perform better year-round. Accessibility: Is your rental easy to get to? Properties that require long drives from airports or lack good parking options often struggle to attract guests. Local Regulations: Some areas have strict vacation rental laws, and failing to research these can lead to costly fines or even forced closures. Solution: If your property isn’t in a prime area, consider ways to increase its appeal, such as offering unique amenities, targeting a niche audience, or partnering with local businesses (more on that below). 2. Poor Pricing Strategy Many owners think that lowering prices will bring in more guests, but this can actually hurt your business in the long run. Here’s why: Cheap Pricing Attracts the Wrong Audience: Low prices often bring high-maintenance guests who may not respect your property. Devalues Your Offering: If your price is too low compared to competitors, potential guests may assume your rental is low quality. Financial Strain: Pricing too low can make it difficult to cover maintenance, cleaning, and operational costs, eventually forcing you out of business. Solution: Use dynamic pricing tools like PriceLabs or Beyond Pricing to adjust rates based on demand, seasonality, and competitor pricing. Focus on offering value—great design, outstanding service, and unique experiences—rather than racing to the bottom with pricing.

In a world where social media amplifies every voice, it’s becoming increasingly difficult to distinguish between genuine expertise and hollow claims. Over the years, I’ve learned to approach what people say—especially entrepreneurs—with a healthy dose of skepticism. Here’s why: 🌟The Rise of Performative Success🌟 We live in an era where image often overshadows reality. Entrepreneurs are encouraged to showcase their wins and paint themselves as unstoppable forces, but this often comes without context. Claims like “I scaled to seven figures in a year” or “I’m disrupting the market” are thrown around with little evidence to back them up. It’s not that I doubt everyone’s abilities, but I’ve seen enough of these claims fall apart under scrutiny to approach them cautiously. 🌟The Missing Details Matter 🌟 Success stories often omit crucial details. How much was spent to achieve those results? What risks were taken? Were there financial or personal sacrifices that made the achievement unsustainable? For example, someone might boast about earning $1 million in revenue but fail to mention their $950,000 in expenses. Without a clear picture, it’s easy to be misled. 🌟Intentions Aren’t Always Pure 🌟 Let’s face it—some people make bold claims not to inspire but to impress or sell. Whether it’s to gain followers, sell a course, or boost their ego, their goals might not align with their audience’s best interests. Entrepreneurs, in particular, are often selling themselves or their brand, which makes it essential to separate genuine insights from marketing fluff. 🌟Experience Taught Me Better 🌟 I’ve encountered people whose claims didn’t hold up when pressed for details. Entrepreneurs who made bold statements about their profits but couldn't explain their tax strategy. People who promised value but delivered surface-level solutions. These experiences taught me that words are cheap, and only consistent, proven action tells the real story. 🌟Accountants Know the Real Story 🌟 When it comes to understanding the true health of a business, no one has more insight than the person handling the financial planning and accounting. Here’s the truth that many entrepreneurs don’t want to admit: more businesses are carrying DEBT than actually seeing profits. The flashy revenue numbers or impressive growth claims often mask the reality of how much businesses owe, whether it’s to vendors, lenders, taxes, or even personal loans taken to keep operations running.