Vacation rentals are now mainstream
The number of travelers opting for vacation rentals has
tripled since 2010, with one in three travelers looking for private lodging.
This growth is expected to continue in the coming years. With this change, the
industry will have an opportunity to change travelers into vacation rental
travelers.
Traveler expectations are changing
Travelers are taking shorter, spontaneous trips and booking
accommodations within one month of their stay. Millennials make up half of the
vacation rental travelers and expect a simple and instantaneous booking
process. Over half of the travelers shopped on a mobile device this year
compared to only 15% in previous years.
How can this be taken into advantage:
â— Make sure your properties are online bookable including
the payment process. If travelers have to call your office and confirm dates or
provide credit card details, you risk losing out to a competitor whose process
is completely online
â— Be flexible with the stay requirements
E-commerce is here
With the simplified booking process and the rapid
improvement of technology, vacation rentals are now an e-commerce industry. The
booking and payment process can be facilitated online. Keeping this in mind,
e-commerce has a few other effects that property managers should keep in
mind.
How can this be taken into advantage:
â— Ensure you have high-quality pictures of your property.
People always find good quality photos alluring. Unflattering photos will take
away customers.
â— Reviews are always a reflection of your services. Good
reviews play a key role in the decision making the process.
â— The policies and fees, terms and conditions are scrutinies
to customers
Efficiency isn’t just a traveler need
Speed and efficiency are vital to property managers as they
help them scale their business. With an increase in travelers seeking vacation
rentals comes an increase in inquiries, reservations to confirm, deposits
to process, guests to check-in and keep track of the business.
How can this be taken into advantage:
â— Set up payment processing that integrates with your
software. You can free up the staff time used for running credit cards.
â— Use a reliable platform to reduce the time used for calls
every day.
The rental platform makes all the difference
A generation ago, booking a rental in the rental industry
was hard. In the early days, people call a central reservations line or look
through classified ads in the newspaper. You often had to rely on a
reservations agent describing, over the phone. Managing a vacation property
requires time, patience and resources as well. New technology combined with the
internet like Airbnb helped vacation rental industries. The rise of vacation
rental platforms made a better space for more rentals to come up.
Wrapping up
The right software can answer all the questions. Want to simplify your work
process? Increase revenue by collecting more rentals? If you wish to
start your venture ping to sales@pofitec.com
