What’s Next? The Future of Vacation Rental
Before the Internet of Things and the sharing economy, who would have thought that vacation rentals could have taken over such a large chunk of the travel and hospitality market? Today, vacation rentals have done more than just occupy a significant share of the market. They’re beginning to outpace traditional lodging. They have changed the way that people travel, and they have made it easier than ever for people to monetize unused property assets.
Still, the vacation rental industry continues to evolve. For property managers and owners, it is vital to stay ahead of competitors and plan for the future. At BookingTeam.com, we work with vacation rentals and technology every day. These are the trends and predictions to expect next.
1. Continued momentum (and competition).
Vacation rentals are no longer a cost-saving niche. Every year, there are more people that have stayed or are interested in staying in a rental in the near future. A report from Travel Weekly claimed that Airbnb units account for 9% of all lodgings in major U.S. cities, and it’s increasing at a pace that is even faster than the hotel industry.
2. Learning more about guests.
As more properties enter the vacation rental market, that means there will be even more competition. Managers and owners will need to differentiate themselves from other lodgings with factors other than cost-savings. To do that, they are going to need to invest in data and technology to learn more about their guests.
Every successful business knows that you need to know your customers. Who are they? What are their likes and dislikes? Why did they choose your lodgings over others? Learning more about your guests can help you craft memorable and positive guest experiences consistently.
3. Reliance on technology to gain a competitive edge.
Automation and the digital economy has impacted every industry, especially vacation rentals.
Team expertise and the right tools will not only set high performing vacation rentals apart from the rest, they will be critical to survival. As the market grows and guest expectations rise, it is more important than ever to have a dedicated manager or team of booking professionals on hand.
4. Integration of platforms.
Although it is important to have the right tools on hand, having too many can weigh you down. There is a wide-range of rental sites and software online, but it can feel disjointed and overwhelming. To save time and manage more effectively, the focus is shifting towards integrating into one or a few easy-to-use solutions.
BookingTeam.com’s platform is built to be an all-in-one property management solution. Combined with our software, we offer property managers and owners a team of on-demand professionals that can help manage every part of running a vacation rental business. From crafting high-converting listings on popular sites to scheduling on-site maintenance for properties, our platform can handle it.
I am building my rental property as we speak @bookingteam.com
thats good..
i think the whole vacation rental industry will be in a blockchain soon, interesting times :)
This post received a 4.2% upvote from @randowhale thanks to @digital-gypsy! For more information, click here!
Maybe one day in the future we will be all nomads again hopping from rental to rental living the good life working remotely. WFH - work from home, will become WFR - work from rental.
My Family sold our vacation property a few years ago. I wish we had instead gone with something like your platform :(
Thanks @rawpride for your comment. Vacation properties are indeed a very good business which can create excellent results when teaming up with a pro booking team so that you as a host can focus on guest satisfaction and excellent hospitality. We try to professionalize the sharing economy so that rentals have a better shot at competing with the high levels of hospitality found at hotels. That way guests can expect the same quality they would expect when paying for a more expensive hotel. Essential for the progress of this part of the sharing economy :)
Hopefully you made something useful with the money as well :)? Dont look back , get it back with your future steem ;)
@bookingteam.com
The point made here:
There are results calculated in 2016 here:
http://www.travelweekly.com/Travel-News/Hotel-News/Airbnb-rentals-now-9-percent-of-room-inventory-in-major-cities
Providing actual source links in post gives more weight and also the authenticity to readers. That gives a lot of weight to this post.
Hope you consider my suggestion in future.
Take it or Leave it.
Thanks @chandu91 for your input. It's a good idea to include the actual calculation we will take this into consideration for future posts. Thanks for following and steem on! :)
You guy are just awesome
I like your approach to advertising ...simply blog about it. Now i too will create a business profile :) you are smart !
Nice post.
Learnt some great tips.
Glad you liked it @mcekworo ! :)
Yes i did. Thanks.
Positive effect of globalisation at least for the countless travellers. The hotellobby probably doesn't like the direction we are going.
Vacation rentals are really blowing up as confidence in the market rises and people are receiving more jobs. I see it as a booming business, even rentals in general, and one of the best ways to make passive income. Thanks for sharing!
Great post. Appreciate any innovations done to help people utilize their resources more fully, and provide benefits for others without big platform providers like Airbnb sucking up too much of the profits to store it away.
This is one place where Blockchain is so exciting!