Vreasy would like to wish everyone a happy new year!
Usually at this time of year, blogs and articles are full of predictions for the year ahead.
But this is not one of these articles. 2017 will be as unpredictable as any other. Companies will rise, some will fold. Cities will regulate against short term rentals and new markets will emerge. There is no periscope to see every eventuality over the horizon. Vacation rental managers will always have to move and adapt to stay ahead in a changeable environment.
2016 held its share of tumult and disappointment, but for the vacation rental industry it marks a new high watermark. Demand for properties is still increasing, booked nights are up year on year and the reputation of vacation rentals as a viable alternative to traditional holiday and business accommodation is growing ever stronger.
We’re not going to try to guess what this year holds for your business. There is, however, one thing we are willing to say with certainty:
Vacation rentals are now a buyer’s market. Choice is abundant and guests no longer have to compromise. Guests are already demanding higher property standards, professional booking and structure, personal service, and unique experiences. So, rather than making do with properties that fall short, guests can vote with their feet and only book with the businesses that tick all of these boxes.
2017 will see fewer managers controlling larger shares of popular markets, and who these managers are will be decided by guests.
We are leaving the era of anybody being able to start providing vacation rental accommodation. Tighter regulation in cities will lead to fewer homeowners striking out as property managers. Truly professional standards will leave part-time managers unable to fill calendars.
Guests are going to start making the standout vacation rental brands more and more powerful. Great brands grow like a snowball, 2017 simply marks the crest of the hill.
The evolution of the vacation rental brand
Guests once booked on instinct, the feeling they got from a listing or description, then they relied on word of mouth and reviews to aid their decisions. Brands hardly got a passing mention in the race to stand out among crowded listing sites.
The next stage will be guests starting to trust brands and companies more and more, choosing to book with them based on the strength of the brand and reputation over one off properties that may catch their eye.
The product is strong, the demand is there, we are now left with the vacuum for a household name brand to fill.
Great service has never been a passing phase but good reputations now have to evolve into great brands. Brands that can provide this level of service no matter where the property is, or who handles the booking. Use your customers to find out why they chose your business, what makes you different and spread that message. Instill your brand to your team Great brands are recognisable but they also act as a guarantee of the quality and service a guest can expect.
We are now simply entering a time when our guests know how to get it from their vacation rentals. If you concentrate on your guests and building your brand you will be able to grow and develop your business through the unpredictability of another business year.
Vreasy is build to turn vacation rentals into a brand that can be trusted. We provide powerful management tools to give you total control and a guest experience platform that bears your own brand.
To see how we can help you build your vacation rental business into a lasting travel brand, contact our team for a free consultation today.