The concept of vacation rentals has turned the vacation and tourism industry upside down, and if you are in the business, you need to stay informed of what people are doing to make the best of their time away from home.
At this point, who hasn’t used airbnb, homeaway, vrbo.com orbooking.comat least once in their lives? For many, booking vacations at a cabin in the mountains or a condo near a fantastic beach is common place, but, who would have thought that say 10 years ago? The days when hotels were the only choice are long gone, and now vacation homes (whether they are a primary residence or a second home) are not only the norm, but also a business of over 35 billion dollar around the world.
Get with the program
What’s making people choose between a hotel and a vacation rental? How has people’s behavior impact the hospitality industry and vice-versa? You should be asking yourself these and other questions if you own a vacation rental property.
Whether you manage it yourself or have hired a management company, knowing first hand what’s going on in the world of vacation rental is critical for your success in the business. You have to know the pulse of people and what makes them (or not) choose your home to spend their vacations the way they’ve planned.
Here are some trends that impact the vacation rental industry, and how you can make the best of them:
Niche markets are expanding: People want vacations in their own terms, and sometimes they want to bring their pets or want to make sure they have total control over their strict diet restrictions. Vacation rental owners who are aware of these and other niche markets can increase their bookings and also expand their consumer base. Customization is the name of the vacation rental game.
Make it a ‘smart’ vacation rental home: No matter how much people want to retreat and change their environment… they all need to stay connected. Nowadays, particularly millennial and Gen Z travelers are too used to technology to be able to completely live without it. The vacation rental you offer should resemble a smart home as much as possible, because even if they don’t plan to use technology, having it available can make all the difference.
Partnerships bring in more business: Remember that what people are looking for today, regardless of age, it’s experiences. So, if the description of your house includes other activities, discounts or deals they get with local providers, chances are your home will be booked more frequently! One of the partnerships include online traveling agencies, who require you to set a daily rate, but ensure more exposure of your vacation rental to the millions who currently only book their trips online.
Pricing may vary: And it should. Let’s face it, competition is fierce and you have to know where the customers are, when they want to travel and what other options are offered to them. Make sure your vacation rental management company does provide you with the information to decide when to lower/raise your prices, and what the conditions of the market are. Information is as valuable as having a comfortable home for rent.
Having a clean, well-presented vacation rental property is a quality that will always be trendy. No matter what changes in the market, cleanliness will invariably be something all customers are looking for. And Home Hotel Luxury Cleaning is ever ready and prepared to make you look really, really good.
