With all the uncertainty and upheaval of 2020 now in the rear-view mirror, it’s time to look forward to bigger and better things in 2021. Last year wasn’t all bad, bringing booking surges many vacation rental owners had never seen before and teaching us all how to pivot and adjust to survive and succeed.
A better year on the horizon
Will 2021 be a better year? Just a few weeks into 2021, the signs point to yes.
Vaccinations are now available in the United States, giving people more confidence to travel. As more people get vaccinated and the virus gets under control, international travel will open again, bringing international travelers back to our country.
This confidence will unleash a significant amount of pent-up demand. According to the Vrbo 2021 Trends Report, 65 percent of travelers plan to travel more than they did pre-COVID and 33 percent want to spend more on travel than they normally do.
During COVID, vacation rentals gained more recognition and saw more acceptance from travelers because they were better able to adapt with better cleaning protocols, more privacy and isolation for guests, and additional amenities hotels just don’t offer.
Data companies STR and AirDNA looked at the effects of COVID on short-term rentals and found that length of stay for travelers increased by 58 percent in the past year. The study also found that vacationers want accommodations that feel more like home and can provide safety and privacy. Vacation rentals fill both these desires perfectly.
How to capitalize in 2021
Along with continuing the lessons learned about flexibility in 2020, here’s some other aspects to consider to not only survive, but thrive, this year:
Focus on profitability
While we’re on the right track toward a new “normal”, the first half of the year will still see ups and downs in terms of booking surges and droughts. To prepare for the down times, you’ll want to maximize your revenue and improve your efficiencies to reduce costs.
Profitability comes from increased bookings, as well as making more money during each stay through selling services and amenities. Our e-book walks you through increasing your bookings and earning more with each stay, providing practical solutions and ideas.
Focus on efficiency
Losing employees because of budget cuts and sickness was a major challenge. Operating with a reduced staff meant doing more with less and required VRMs to examine how efficiently they were running their businesses.
Collaborating with Breezeway, we created a webinar, How Smart Tools Can Drive Operational Efficiency, that provides helpful tips and resources for improving efficiency. By using property care tools and digital concierge services, you can save hours of admin work each week, simplify guest communication, and boost both profits and client satisfaction.
Adapt to the new traveler
Workcationer. Get used to seeing that term because they represent a growing segment of travelers. With so many people still working and going to school from home, travelers are looking for drive-to destinations that give them a change of scenery but still allow them to get work done. Include or highlight information about your property’s work spaces and speed of WiFi to catch the attention of these travelers.
Both Vrbo president Jeff Hurst and Vacasa CEO Matt Roberts have predicted that properties in outdoor markets that can welcome families and are located within a 3-hour drive from urban centers will do well in 2021. Families are ready to travel, but want to stay close and have all the amenities of home, as well as a sense of safety. Play up your property’s family-friendly amenities and local attractions that are low-risk.
Trends are also showing that travelers are booking more stays last-minute. Having to cancel so many plans in 2020 soured many travelers on planning ahead and so many travelers will wait until the last minute to book. Consider offering easy cancellations policies and flexible last-minute booking options to capture this audience segment.
And just like you did in 2020, be clear and upfront with your cleaning measures and hygiene procedures. Cleanliness and safety will still be a top priority to travelers this year.
Build your brand to drive more direct bookings and rebookings
When guests book direct, you save on OTA fees and you’re less beholden to OTA policies. OTAs can be an important part of your business plan, but by building your own brand you can gain more direct bookings and more money in your pocket. Make your listings more than just another property for rent by giving your brand personality and making it relatable to travelers. Incorporate your brand into all aspects, from the property descriptions to your marketing.
Utilize tools and resources to take your listings to the next level
GuestView Guide, a wall-mounted digital concierge, let’s you bring in extra income and create positive guest feedback. With GuestView Guide, you can easily upsell services, putting them in front of your guests in a fun and engaging way. It also improves efficiency by reducing support calls because you can include all important information in the guide. Throw away your paper guidebook! GuestView Guide delights guests with its easy helpful information, which leads to higher ratings and more direct rebookings. To learn more about GuestView Guide and all it offers, please visit our website, guestviewguide.com.
