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 policies to run their vacation rental businesses. 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 2021.
We can able to see more fragmentation that means, more small property owners will emerge since there are hardly any entry barriers that have an effect on margins able to achieve. The OTA will become stronger and dominate the distribution of products 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 a metric of the past.
Quality is the main business trend to see this year and quality definition is seeing the greater updates.
Great pictures, clear description, and the 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 deliver great quality, it’s very important to introduce new technologies such as using software to manage the 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 attract 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.
Increase in last-minute and extended bookings
In 2020, this predominant theme was uncertainty. Restrictions were practiced across all major destinations around the world. Thus, it was very challenging for travelers to plan their vacation trips in advance.
The increase in extended stay bookings has become popular in recent times. In November 2019, the average vacation stay was 3.4 days. In November 2020, this number increased to 4.9 days.
Contactless technology will gain popularity in 2021 and this trend will remain beyond.
Vacation rental property managers must understand that your guests encourage contactless technology like keyless entry.
In a recent survey, property managers suggest that contactless check-in with keyless entry and smart home devices will never fade away in upcoming years.
Another vacation rental industry trend that will continue to grow is automation.
Property managers must realize that automating business operations is time-saving and cost-effective.
85.9% of vacation rental business and hotel owners surveyed by Operto said that automation will be given high priority in the next few years.
Rural vacation rentals
Remote areas are much safer and infection rates are low, and this is the latest booking trend popularly followed.
In Europe, 9 out of 10 travelers choose rural vacation homes. Studies in the US states that 61% of families prefer rural destinations rather than urban one. The popularity of countryside cabins increased by 25% and preference for nature over cities will grow.
Travel agencies that offer rural vacation rental properties are more likely to attract a huge number of guests in the near future.
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