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Revenge of the Vacation Rental Manager
The document discusses challenges and opportunities for vacation rental managers (VRMs) as the industry evolves, noting the shift from self-managed to professionally managed properties. It provides advice on how VRMs can capitalize on current market conditions by optimizing listings, reinventing customer service, and proactively addressing regulations. The summary emphasizes the need for VRMs to adapt their services in order to compete in an increasingly complex industry.
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Revenge of the Vacation Rental Manager
- 1. 1 Revenge of the PropertyManager StreamlineSummit September28 -30 Amy Hinote,Editor-in-Chief,VRM Intel
- 2. 2 “Carlos Corzo hasthe stamina to take it to the next level.”
- 3. 3 Travelers Who Stayedin Private Accommodations 1 in 10 1 in 3 2011 2015
- 4. 4 Online Booking, VacationRentals 12% 24% 40% 55% 2007 2012 2015 2018
- 5. 5 Milestones in VacationRental Industry, 2006-2016 2006 HomeAway Acquires VRBO 2009 VRMA Initiates Switch Project 2010 HomeAway Buys Instant Software 2010 Airbnb Raises $7.2M 2011 Wyndham Buys ResortQuest 2012 Booking.com Introduces Vacation Rentals 2012-2015 Technology Start- up Explosion, VRMA kills Switch 2015 Expedia Acquires HomeAway, Best Match, Pricing Model, e-Commerce Sep 2016 Sharples Resigns, LeisureLink Shuts Down
- 6. 6 Challenges for VRMs 20062008 2009 2013 2014 Shift to Owner Management Real Estate Market Crashed Operational Costs, Marketing Spread Thin Technology Advancement and Integration Distribution Cost and Management
- 7. 7 “I predictwhatI callthe Revengeof theProperty Manager. Over the next few years,we will see propertymanagers,as we sayin Texas,in thecat-bird seat” Carl Shepherd co-founder,HomeAway
- 8. 8 “Screening guests, managing creditcard payments, arranging for housekeeping, differentiating properties…all the related tasks and services that travelers expect are getting harder and harder to manage for individual homeowners, right at the same time that new and progressive property managers are looking to re-invent the PM business model.”
- 9. 9 2016 Surprises forVacation Rental Managers 2016 Surprises for VRMs HomeAway’s Best Match algorithm and their addition of the service fee sent homeowners reeling. Airbnb’s push into pro-managed vacation rentals. Regulations and tax compliance measures in multiple markets Google’s changes to search engine results Increasing awareness of vacation rentals as a lodging option brought new hotel customers to the vacation rental market…with hotel expectations.
- 10. 10 “Owners who self-manage, wesee, start out managing their rental by themselves, and after one or two years, they realize the time and expense, and they start to work with professionals.” Douglas Quinby, Senior Vice President of Research, Phocuswright
- 11. 11 “We estimate thatthere are between 6,000 and 7,000 vacation rental management companies in the US, and most manage fewer than 25 properties. 35 percent of homeowners rent their vacation rentals through a property manager, 35 percent self-manage their rentals, and 25 to 30 percent do both.”
- 12. 12 Most manage fewerthan 25 properties 6,000 – 7,000 VRMs in the U.S. 35 35 20 10 Professionally Managed Owner Managed Both Other 35% Owner Managed 20% Both 35% Professionally Managed
- 13. 13 Property Management Services FULLPROFESSIONAL MANAGEMENT FULL OWNER MANAGEMENT ?? ??. “There is a full spectrum of services needed to manage a vacation rental, and homeowners choose a service level that falls somewhere along that spectrum. The RBO versus PM debate is so five years ago. There is no more “us and them.” –Douglas Quinby
- 14. 14 Property Management Services FULLPROFESSIONAL MANAGEMENT FULL OWNER MANAGEMENT ?? ??. “Technology has broken all of that down, so that now property managers are competing on service. Looking forward, property managers should ask themselves if they are offering all of the services that their competitors are offering, including both homeowners and other property managers.” –Douglas Quinby
- 15. 15 Shepherd’s List ofServices 01 02 03 04 Screening Guests Managing Credit Card Payments Arranging for Housekeeping Differentiating properties …and all the related tasks and services
- 16. 16 Customer Service forVacation Rental Managers Online Reputation ManagersCall center managers Therapists, Anger Management Consultants City Regulators Concierge Technical Support HoteliersTravel planners Leasing Agents Insurance Sales Meteorologists, PsychicsLocksmiths, Plumbers, Exterminators Real estate agent Tour Guides Maintenance Supervisors
- 17. 17 Marketing Services forVacation Rental Managers Repeat Guest MarketingGraphic Design Loyalty ProgramsContent Marketing Offline Marketing Online Marketing (SEO/SEM/Retargeting) Social Media ExpertsEmail Marketing Systems Integration Marketing Automation Reviews/Online ReputationDistribution Past Guest and Lead Database Management E-Commerce Website Technology
- 18. 18 What’s New inMarketing Technology Marketing Mix Autoresponders Channel Managers/Distribution Guest Apps & Activities Customer Relationship Management (CRM) Marketing Automation Loyalty Programs Website Technology
- 19. 19 Capitalizing on MarketConditions Optimize Listings on Channels and OTAs Reach Out to New Homeowners Reinvent Customer Expectations Proactively Work with City, County and State Officials Use Media Interest in the Industry to Your Advantage
- 20. 20 Workshop Tomorrow: ListingSite Independence 01 02 03 04 Measure Listing Site Performance Lead Conversion Customer Retention Optimizing the Channels
- 21. 21 Capitalizing on MarketConditions Optimize Listings on Channels and OTAs Reach Out to New Homeowners Reinvent Customer Expectations Proactively Work with City, County and State Officials Use Media Interest in the Industry to Your Advantage
- 22. 22 “Owners who self-manage, wesee, start out managing their rental by themselves, and after one or two years, they realize the time and expense, and they start to work with professionals.” Douglas Quinby, Senior Vice President of Research, Phocuswright
- 23. 23 Capitalizing on MarketConditions Optimize Listings on Channels and OTAs Reach Out to New Homeowners Reinvent Customer Expectations Proactively Work with City, County and State Officials Use Media Interest in the Industry to Your Advantage
- 24. 24 Your Customer ServiceObjectives for Each Stage • Sales • Payments • Signed Agreements • Expectations • Logistics • Generate Excitement • Establish Relationship ANTICIPATION • Check-in • Clean • Everything Works • 24/7 Service • Make Guests Feel Special, Welcome, Pampered • Nurture Relationship STAY • Feedback • Offer To Return • Help Them Remember Trip . MEMORIES DEPENDENT ON YOUR CUSTOMER SERVICE VALUES…
- 25. 25 Capitalizing on MarketConditions Optimize Listings on Channels and OTAs Reach Out to New Homeowners Reinvent Customer Expectations Proactively Work with City, County and State Officials Use Media Interest in the Industry to Your Advantage
- 26. 26 “You can’t get there tomorrow ifyou don’t start today.”
- 27. 27 Look for thefall of VRM Intel Magazine issue in two weeks! [email protected] 251.455.4994