Vacation Rental Industry Happy Hour & Discussion: Why Get a Bagel, When You Can Have a Beer?
Instant Software hosted its first happy hour for the Vacation Rental industry in Palm Springs, California. Everyone thoroughly enjoyed the format of a panel discussion and forum mixed in with some casual networking. Beer, wine, food and peers all gathered to share market related information, issues and trends. What a great way to end the day!
Trends and Tips. Before discussing California statistics, George Volsky, Instant Software's Director of Research, reviewed the latest national trends, including the trend towards pushing costs upward while lowering revenues. Volsky shared several tips that would allow managers to increase fees without attracting the kind of attention that can drive away renters or homeowners.
Interpreting Statistics. Using the latest booking statistics, Instant Software shared how to recognize the practical implications from the data, how to effectively compare the data with that of an individual company, and how to use the information to make educated business decisions.
Technology Trends: the Next Evolution. The panel also discussed third-party distribution websites and shared predictions about how the provision of "free" services by Google and CraigsList as a business model may force third-party booking agents to keep fees low in the future.
Selling Choice. The discussion also analyzed other industries and their best practices and identified aspects of these industries that can be emulated in the Vacation Rental industry. For example, airlines, hotels and insurance carriers are now breaking down fees to sell "choice" to keep basic prices low. Rental managers can and should do the same. This strategy can prevent managers from losing customers who want to pay less and are willing to take less.
Real Estate Sales Agents Helping Homeowners Bypass Managers. The forum addressed a hot-button topic facing local managers, the growing tendency of real estate agents finding renters for higher priced homes. One of the implications discussed was the danger of encouraging homeowners attempting to self-manage or book owner weeks that deprive managers of commissions. As the real estate market recovers, sales agents are likely going to lose interest in rentals, which can cause long-term damage to the agent-homeowner relationship.
Search Engines Changes. Instant Software encouraged property managers to stay on top of the newest developments in Search Engine Marketing (SEM). Local and paid searches are appearing in many Google location searches "above the fold," and it is important to have a strategy and subsequent actions to keep yourself visible in those areas. See Amber Leto Mayer's latest webinar, "SEO for the Vacation Rental Industry," for the latest search information from Instant Software.
Third Party Bookings.The panel encouraged property managers to use these distribution sites and discussed the impacts of third party websites on visibility in search engines and how important it is to consider the strategy of working with Partners such as HomeAway, and the OTA's such as Orbitz, Travelocity and Expedia.
Proactive Ways to Retain Homeowners. To close the discussion and forum, Volsky presented property managers with a successful Homeowner Retention Strategy for Vacation Rental Managers and offered suggestions for shaping homeowners' views about the pros and cons of self-management.
Instant Software is excited about the new casual, panel/discussion format and intends to provide more of these Happy Hour Vacacation Rental Forums in destinations around the country. As George Meshkov, Director of Online Business Development said, "Palm Springs was a huge success. Discussing best practices, new and relevant market issues, what we as an industry are facing right now, and how to move forward in the business with success in this type of setting was extremely valuable."
Instant Software looks forward to sharing more Happy Hour Panel Discussions and Forums and hopes to see you there!
