Sep 17 in SEO & Marketing Strategy
Scaling your Biz
When I started my Airbnb journey in 2020, I never imagined that within a few years, I'd be managing properties in multiple Colombian cities, USA, and Brazil.
Here's a recap of some key lessons I learned along the way:
Phase 1:
I spent my first three years focused entirely on Colombia.
Here's why:
1. Deep Market Understanding: I became an expert in Colombian tourism trends, local regulations, and cultural nuances relating to the short-term rental market.
2. Network Building: I developed strong relationships with local service providers, which proved invaluable for scaling.
3. Brand Establishment: My team and I built a strong reputation in Medellín, which opened doors for us to take on new clients.
Expanding into more than one market taught me:
- Each city, even within the same country, has its unique market dynamics.
- Success in one location doesn't guarantee success in another. We had to adapt our strategies for each new city.
- Having a strong home base (Medellín) provided the financial stability to experiment in new markets.
Phase 2: Expanding into the US
After solidifying our presence in Colombia, we focused on working with clients based in the US, providing Cohosting & Property Management services for homeowners.
Key takeaways:
1. Our experience in Colombia was both an asset and a challenge. We had to unlearn some practices that didn't apply to the US market.
2. The regulatory landscape in the USA was far more complex. We invested heavily in legal counsel to ensure compliance.
3. Remote management became crucial. We refined our systems to operate effectively across time zones.
The ability to adapt allowed us to provide world class service to our clients by maximizing the income they made from their rental properties while also minimizing the stress associated with managing a short-term rental portfolio
Key Lessons from Our Journey:
1. Patience Pays Off: Regularly reviewing and improving your systems and processes will give you the greatest edge on your competition.
2. Local Expertise is Non-Negotiable: For each new market we work with, we spend extensive time building local teams and gaining a thorough understanding of the competition and what leads to success in that city
3. Flexible Systems are Crucial: Our operational systems needed to be robust yet flexible enough to adapt to each new market.
4. Financial Prudence: We ensured each market was stable and profitable before expanding to the next.
5. Continuous Learning: Each new market taught us something new, which we then applied to improve operations across all locations.
For those considering market expansion: What's your biggest concern about entering a new market? And for those who've done it: What was your most surprising discovery when expanding to a new city or country?
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Scaling your Biz
skool.com/arbitrageacademy
This group will teach you how to make $5,000 - $10,000 per month on Airbnb from your laptop without owning any property
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