What Are You Paying For When You Think About Vacation Rental Commission?

There are as many vacation rental philosophies as they are vacation rental homes--in the end, a philosophy is just as unique as the mind it occupies.  The tough part, when considering who to partner with as a vacation rental homeowner, is choosing exactly which operating philosophy best matches your own vision for your own home.  That boils down to really two things; 1) having a vision for your home from buying to operating to selling, and 2) making sure your vision is fully understood by your chosen partners.  That sounds simple, of course, but it's hard to do in practice because we tend to think first about hard numbers--commissions, for example, or fees.  Those are important numbers, to be sure, but they need to be framed well relative to risk and returns.  Commission, for example, starts with a definition:  "co" meaning together and "mission" meaning purpose.  In the end, what you're buying with a commission is a capability.  That capability is, in practice, the capability of talented people to bring your vision to reality.  It's important to keep that in mind because, when markets shift and revenue forecasts change, capability is the main reason for a chosen partner in the first place and it's that capability that supports your vision. 

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Published by Angela Burgess
Monday, July 17, 2023