11 things I've learnt in 11 years of Pass the Keys

I founded my short-term rental franchise operation, Pass the Keys, eleven years ago. More than a decade in this sector has taught me that success is less about properties and more about people, systems and patience.

It hasn’t always gone to plan, and there have been plenty of lessons along the way.

Here are 11 things I’ve learnt in 11 years of running a short-term rental management company.

1. You have to invest more than you think to scale

At first, every new property I brought on boosted my revenue exponentially. Adding one more property at a time didn’t seem to require new hires or new tech, until I looked back and realised we’d added 20 in a few months. Investing in scaling (be it with new hires or systems and software) before your team reaches burnout will feel like a tough decision at the time, but it pays dividends later.

2. Not everything can be solved with technology, so implement it well

Technology is powerful, but it can’t solve every issue. The real value comes from thoughtful implementation, not just adding more and more tools and hoping they solve structural challenges that would be better tackled with an operational overhaul.

3. Local expertise + national scale = success

Our model works because it respects the nuance of local markets while benefiting from shared systems and standards. That balance allows franchisees to act with independence, while still delivering a consistent, reliable guest experience.

4. Don’t just say yes to any property, choose quality, and it will pay dividends

Especially when you’re in the early stages of a venture, it can be difficult to say no to new business. However, strong portfolios built on quality outperform larger ones where quality varies - and will save you headaches.

5. You can’t offer great service if you’re burnt out

Hospitality is demanding, and the pressure to always be available is hard to avoid because it really does impact reviews and future bookings. But great hospitality is impossible if you’re burnt out. Sustainable businesses are built by people who have the capacity to care, not those running on empty.

6. Get the right team in place so you don’t have to worry

Avoiding burnout often means delegating to trusted team members. Once you have the right people, everything becomes more manageable and predictable. A strong team creates space for strategic thinking, rather than constant firefighting.

7. Cleaning will always be an issue: pay attention to it from the beginning

It sounds simple, but cleaning remains one of the most complex and important parts of the guest experience. Setting high standards early and maintaining them consistently avoids reputational issues that are difficult to reverse. And yes, that also means finding the right cleaning team that you can fully trust to do a good job.

8. Regulations can be good for the market

While we often feel attacked by new rules and laws coming in that affect our work, thoughtful regulation helps professional operators stand out and builds long-term trust. It creates a level playing field and reassures communities that short-term rentals can coexist responsibly within local areas.

9. Partnerships are essential

Many hands make light work. Growing a business without the right contacts is an uphill struggle, and the right partnerships often accelerate progress in ways internal teams cannot replicate. From local suppliers to even competitors, collaboration strengthens resilience and opens new growth opportunities.

10. Delegate when you know someone else could do it better or quicker

Control can be comforting, but it is not always efficient or necessary for delivering a strong outcome. Recognising when to bring in external expertise allows you to focus on what truly drives value. For me, the decision to make Pass the Keys into a franchise allowed me to grow the business far faster and to a higher quality than I could have done alone.

11. Don’t be afraid to take the leap and become an entrepreneur

Not everyone wants to be a founder: it’s true that running your own business is hard work, and there’s no easy way into it. But if you have the passion for it, it’s incredibly rewarding.

Entrepreneurship rewards those who are prepared to adapt, stay grounded, and keep moving forward despite the unknown.

After eleven years, the fundamentals remain surprisingly consistent, even as the market continues to evolve. Short-term rentals are becoming more professional, more accountable, and more integrated within local economies. That evolution is something we are proud to contribute to, one franchise and one community at a time.

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Alexander Lyakhotskiy is CEO and Founder of Pass the Keys, a holiday let franchise company operating over 1,700 properties in the UK and Spain. Alexander began managing short-term rentals while studying for his MBA at London Business School, doing it so successfully that he eventually co-founded Pass the Keys in 2015 to handle the influx of requests from owners looking for a professional property manager. A passionate advocate for innovation, Lyakhotskiy has positioned the company at the forefront of professional, tech-driven property management with a local focus.