Hire Slow, Fire Fast With Steve Trover
Summary
This article discusses the importance of careful hiring and strategic team building in the STR industry. It advises hosts to hire slowly, fire quickly, and consider outsourcing certain roles. It also highlights the significance of revenue management and when to bring it in-house.
Key Insights
- •Outsourcing roles like guest communications and revenue management is beneficial, especially for hosts in the early stages of their business.
- •Hiring an in-house revenue manager becomes economically viable when managing a substantial number of properties, typically around a hundred or more.
Action Items
- ✓Consider outsourcing guest communications and revenue management in the early stages of your business.Effort: lowImpact: medium
- ✓Evaluate the need for an in-house revenue manager as your portfolio expands, typically around 100 properties.Effort: mediumImpact: high
Tools & Resources
- →BetterTalent: BetterTalent offers a weekly newsletter with industry job listings.(bettertalent.com)
Common Mistakes
- ⚠Avoid hasty hiring decisions, such as offering stock options or partnering with the wrong individuals.
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Curated by Learn STR by GoStudioM