Over the past couple of months, the GuestView Guide team has been enjoying the resurgence of in-person conferences. Of the 10+ industry events we attended June through October, here are a few of the topics we heard coming up consistently, both in sessions and workshops, as well as in our conversations with property managers and other vendors:
Advocacy
Advocacy efforts aren’t new to the industry, but a wave of pandemic-induced policies and regulations in popular travel destinations across the country has sparked more active conversations amongst short term rental operators and their communities. Initiatives such as the VRMA Advocacy Fund or the Right to Rent program, and organizations such as Rent Responsibly seek to provide valuable community resources and education to empower managers to advocate for their businesses in local community policy making conversations. Even managers who aren’t getting actively involved in advocacy efforts have been considering how to encourage “good neighbor” behavior amongst visiting guests with improved monitoring and communication around common issues such as noise complaints, parties, parking, and trash removal.
Professionalization
The short term rental industry is rallying around professionalization. Regardless of number of managed properties, managers who invest in professionalizing their operations, branding, and guest experience are raising the bar to a new level. While the industry may have started as (quite literally) a cottage industry, property managers opting to take pride in their professionalism are better able to differentiate themselves from independent hosts, while still offering guests a more personalized experience than they’re likely to receive at alternative lodging providers like hotels.
Learn more: Attending the 2021 Vacation Rental Women’s Summit? Be sure to check out our panel discussion, “A League of Their Own: Polish Through Professionalization”
Tech Stacks
Many managers have turned to technology solutions to help fill gaps due to recent staffing challenges. The most profitable managers maintain a carefully selected tech stack to help them manage their day-to-day operations more efficiently. Reservation calendars, rates and pricing, guest screening, property operations, keyless entry, digital guidebooks, guest experience, cleaning and maintenance schedules – there’s a technology solution for all of it! Our biggest takeaway? As great as the solutions on the market are, it’s rare to find a “silver bullet” solution that will solve every business problem. Plan to build a tech stack with solutions that work harmoniously together.
Future Proofing Profitability
After a tumultuous 2020 and what’s turning out to be a chaotic 2021, managers are focusing more and more on how they can diversify their revenue streams and future proof their profitability. From upselling convenience-added services to expanding operational footprints and starting laundry facilities, managers are getting creative about how to control their bottom line, regardless of what surprises the future may bring.
Portfolio Growth & Attracting Owners
With many destinations seeing record-breaking growth of short term rentals and managers reaching peak occupancy, conversations about attracting property owners are louder than ever before. How are you sharing your management company’s unique value to prospective owners in a way that stands apart from your competition?
We enjoyed the opportunity to speak face-to-face with so many of the talented minds in the industry this conference season. While the topics above certainly weren’t the only subjects of conversation, we look forward to participating in these important discussions with industry colleagues into 2022.
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