Is your vacation rental business prepared to grow and remain competitive? We share the top vacation rental industry predictions for 2019 asked to top industry experts. So you can get ready to start a successful vacation rental business with hands-on tips.
Companies will have more of an open approach to connect via API, allowing service and product partners to connect to any platform. This will enable property managers to use good policy to run their vacation rental business. They can able to choose the services that fit their needs and all will be connected to each other will full data synchronization. This will be a mainstream business trend in 2019.
We can able to see more fragmentation that means, more small property owners will emerge since there are hardly any entry barriers which have an effect on margins able to achieve. The OTA will become stronger and dominate distribution of product and it’s harder to build a powerful brand they will drive margin compression further. This will result in unbundling of services to hosts. From marketing and distribution to cleaning and maintenance and guest services. The standard commission will be metric of past.
Quality is the main business trend to see in this year and quality definition is seeing greater update.
Great pictures, clear description, and right policies.
Prices and restrictions need to follow business and customer trends. More competitive prices and fewer restrictions lead to more visibility and more sales in the vacation rental business.
It’s important to provide as much information to customers and to avoid irrelevant information.
Check-in, key handling, cleaning, positive surprises are important features to make customers happy during their stay. To delivery great quality, it’s very important to introduce new technologies such as using software to manage vacation rental business. Airbnb clone script will help in reducing the amount of time spent on operations.
With leadership changes within leading vacation rental property management software companies not expecting too much tech innovation in traditional. The real innovation in the vacation rental industry comes from specialized technology solutions.
Smart rental homes and AI
AI and more usage of gadgets such as Google Home develop more tech-enabled smart homes. This will definitely attracts more travelers and make use of it. As a vacation rental business owner, it’s important to stand out from your competitors.
In 2019, the dynamic rates will be important with large and growing multi-destination companies entering new markets with the promise of higher revenue and better technology. The rest of the market will need to make sure they are able to compete with best in class vacation rental websites, distribution, customer service and dynamic pricing.
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