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Free Self-Assessment

In the fullness of time I will discover how well I succeeded with my Challenge to Double My Rental Income. But who can wait for the “fullness of time”?

I have already said that my goal is to double our income by the end of 2017, and that’s a long way off (its only October 2015 as I write this). I want to know whether I am on track well before that. I ‘need’ to know so that I can course correct if I am off track, and I ‘want’ to know I am advancing so that I can maintain my enthusiasm and energy and focus. I thought it would be useful to have some kind of measure on how I am doing and to find out IF I am ready to succeed.

I thought about how this could be done, a method of measuring my progress from day one and forward into the future. I came up with a Self-Assessment Test which I can take over and over again. The same simple test, which will take just a couple of minutes to complete, that I can take it regularly.  I can use this Self Assessment as a measuring stick for my progress.

I then realised that I could create this Self Assessment online, and make it available for FREE for any other Holiday/Vacation owners so that they they too can measure and track their own progress. So go ahead and sign up, its completely free.

I recorded my first Self Assessment as you’ll see in the video. It was interesting as I had deliberately left a gap of 3 weeks between creating the Self Assessment and taking it the first time. I was able to surprise myself with the questions and they really made me think. And they set me up for the the next stage of my challenge – Research.

 


Video Transcript for those with text readers.

“Welcome to my challenge to Double the Rental Income from my holiday homes.  Hi. Today I’m going to take you through a  (FREE) self-assessment tool which I have written.  My purpose was pretty simple at the outset.   I was considering how could I show  progress, how could I know that I was  improving. Because our rental revenues  might not improve for several months and  yet I need to know –  and I just want to  feel – some kind of forward progress in my  understanding. My journey . My challenge  to Double our Rental Income. So I thought to  myself if I could understand how I’m  progressing that will help me so. I  thought about the self-assessment tool.  And really it’s just measuring my  understanding of our guests my  understanding of how our pricing model  needs to match to our guests and really  whether or not we’ve got the right offer  for them. Now this self-assessment tool  may change over time, its not fixed where  it is, but the way I’ve written it is such  that I can take the test and then take  it again. And then I thought if I put that  online I could offer that for free to  anybody else too. So if you want to come  to the website you too can take the same  self-assessment and you can revisit your own self assessment and you can actually see your journey over time as you, hopefully, get high marks as you go through the self assessment. But it not a competition you’re only measuring yourself. Anyway let me just show you what I mean.So going over to the website www doublemyrentalincome.com. If you come down to the bottom of any page you’ll  see this comment section and the leave reply section. And it’s got social ID login or  you can login by a normal email address if you wish. But if you choose one of the social ID login’s, and I’lll choose Facebook, very  quickly to get logged into the site and that’s great because you’re now a registered user on the site. And that brings with it some benefits; one of them being a drop down menu, which is currently here under the rental challenge,  and Free Self-Assessment survey. The reason it’s only for registered users is quite  simple. If you’re registered user you can come back to your assessments. So the site know’s  who you are, and you can come back to  your own (assessments). Unless you’re a registered  user I really couldn’t offer that service. Get registered, so come on, here’s the self assessment.  So what’s it about?  You can go through and read (the introduction)  yourself but what I’m talking about  here is why it’s important to understand  your guests and it’s a brief explanation  of what this self-assessment is all  about. Then we have some simple  sliders (for entering your scores). So how well do you understand  your ideal guest types, where they’re from  their ages, how they are connected and why they  travel together? Well this stage I don’t  know. I’m not going to score myself very  highly because I want to show progress, I  generally think probably somewhere in  the middle of that.  How well you understand what all your guest types  really want, what will make them say WOW!  Well.. I hear them saying Wow occasionally but I don’t know everything about what  will make them say Wow. I’m going to put myself  in the middle again.  What alternatives they considered and how well do you  know where, in the world,  your guests might have gone if they’d not  come to you?  I really don’t think I know  that very well at all actually. I only  know about them coming to me I don’t know about  other options they considered. I’ve never  asked them.  Why will they stay or would they stay with  you. How well do you know the single most  important reason that your ideal guests  will stay with you? I don’t know about  you but I’ve never really asked them  that either. So I’m just gonna score  myself there (fairly low). As I said its not a competition, it doesn’t matter.  (reading) The value of you. Thee reason why your ideal guest types are more valuable to you than any other?  That’s an interesting one. My ideal guest types first  of all. I haven’t done that work. And why  they’re more valuable? I really don’t  know. I will put that at 13/100.  Just cause I do know something, I mean  we have been in this business a while. So next page.  My perfect pricing and on this page  I explain about perfect pricing and  really getting pricing absolutely pitch  perfect such that it intrigues and gives  value to your guests but actually  delivers your financial goals;  doubling my rental income.   (reading) Dates in my calendar are these dates factored  into your pricing? Watch out, by high season I  mean high season for ideal guests.  So is high season factored into my pricing?  Yes mostly. Low season, yes mostly. Mid-season really I only have some recognition of that.  Holidays and festivals and major  events? Only slightly actually I haven’t  gone through my calendar and looked at  every single bank holiday.  School holidays? Have I put the school holidays into the calculation?  I am tempted to say mostly, but really its only for the summer period. So I will put slightly. International school  holidays? Well to me that means UK  school holidays. We have a lot of UK  guests, so I will put slightly. When your guests are  planning for next year? Now I know  that means what time of year my guests  are thinking about booking for next year?  No I haven’t put that into my pricing. I’m not sure how, it will be interesting to discover.  Competition. Have I compared pricing with these competitors recently? Local similar  property? Not really. Regional  similar property? only slightly again.  Alternate destination with similar  property ?.. no. Regional property with real  wow factor? No. I haven’t done any of that. Its really quite revealing as I go through it.  Other factors. The impact exchange  rates on your guests? Of course a lot of  my guests come from the UK so exchanges rate does have an  impact because I price in Euros and their  currency is Sterling. So have I considered  the changing of fluctuations in exchange  rates? No.  What other services your guests will be  happy to pay for? No. Changing your price  for far distant or last-minute bookings?  Yes I have a discount if anyone books six months in  advance, but I’m unsure if that’s a good idea or not. And I have a  last minute booking  discount. So I’m gonna say  slightly, because whilst I’ve done it   I’ve not really thought it through.  I couldn’t convincingly tell myself why  I’ve taken the decisions I’ve taken.  Your pricing response to increased demand? Wow,  I don’t really have one. As in most of next  year (July-August) is sold out so  have increased the price for being  remaining weeks? No. I really don’t  have a price response to increased  demand; not set up anyway.  Testing prices up and down and creating  special offers? No, I’ve not done that either.  Achieving your long-term  financial goals? I definitely haven’t done that; is the  whole point of doing this (challenge). Actually although I wrote this survey and I’m now  taking it for the first time, it’s really  quite revealing how poorly I scored myself.  Then again, like I said, it’s not a  competition. This is something I want to  be able to come back to score better on  later and I work through the  whole process (of the challenge).   Press submit and there we go …  Thank you your answers have been  submitted. Now I know because I set it up  but I’m gonna get an email with a link  back to my submission and an invitation  to come back and try this  self-assessment again. You will get the  same. And like I said its for FREE !!  Thank you  I hope you enjoyed that episode of Double my Rental Income and I really hope you’ll join me again.  Don’t forget you can find out much more about my challenge and how it’s progressing by  visiting the website www.doublemyrentalincome.com. You can sign up on the website to  get the very latest news and some extra  special content which I can’t make  available elsewhere. So please join me  again and remember if this has been  valuable to you I’m giving it to you for  free but I do make a request …  Share it with others. Let them know too I  want as many people as possible to start  using some of the things that I have spent so long finding out. Thank you “

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