2019 has been a heckuva year.
We’ve seen a lot happen – both in the vacation rental industry in our city as well as just in general in the news. If we’re being honest, we’d have to say we’re ready for the clean slate of the New Year.
But just because we are looking forward doesn’t mean we’re averse to looking back. 2019 marks a special place in time because we’re about to embark on a brand new decade. Change may be coming, but a whole world of possibilities will soon be opening, too!
Here are a few things to reflect on this week as you prepare for 2020.
Looking Over Your Gains and Losses
It may not be tax time, but it’s a good time to start getting prepared for tax season. As the year comes to a close, consider what you made and whether or not you lost money over 2019.
Look back at your goals for the year. Did you:
•Have big plans to increase your occupancy rate?
•Hope to drive up your average nightly rate?
•Plan to hire a third-party management company?
•Intend to expand and take on additional rental listings?
Whatever your goals were, don’t be scared to look at them again – regardless of how well or poorly you did in achieving them.
If you didn’t accomplish what you wanted to, be brave and break down the reasons why you fell short. Knowing where we messed up is powerful.
Armed with that knowledge, you’ll be better set up to really kill it in 2020.
Looking Over Changes in LA Home Sharing
The Home Sharing Ordinance has been undergoing more drama.
Just last Thursday, December 19, the City Planning Commission agreed to raise the booking cap from just 30 days to 90 days per year and increase the number of short-term rental permits to approximately 15,000 instead of the much lower 3,600, among a few other things.
These and a few other recommendations will make their way to another committee – Planning and Land Use Management (PLUM) – in the new year, so the fight is still not won. There’s still a need for each and every voice in the LA vacation rental industry to be heard.
If you haven’t given it much thought already, now is a good time to think about how these changes will affect your business and what you can do to shift accordingly.
It’s also never too late to get involved with the Homeshare Alliance Los Angeles (HALA) movement. Sign up for their newsletter and follow them on social media.
Make the most of these last few days of 2019, friend. The end of every year is an incredible time to reflect and plan.
As we enter into a brand new decade, reflecting holds even more importance. A new era of home-sharing and vacation rental rules in Los Angeles is upon us and, despite how much we dislike them, planning to comply and setting goals structured within those rules couldn’t be falling at a better time for hosts.
We’re so grateful to partner with you and we’re wishing you the best this holiday season and into the new year. Here’s to your success in the new decade – happy 2020!
