The vacation rental industry booming—and is projected to hit $193.89 Billion by 2021. We created this series to keep readers up-to-date on the rapidly changing trends and updates impacting the space.
Here’s what’s happening Today in Vacay:
There’s something in the water
For travelers renting vacation properties, nothing beats the beach. That’s what Tripping.com and Home Depot discovered when they canvassed 1,620 Boomer, Gen-X and Millennial vacation home renters. Almost 75% of respondents said they preferred to spend their time on the coasts. And 83% just prefer to be around water, period, whether it’s the ocean or a lake. These vacationers are paying for a top-of-the-line experience and have high expectations: a unique, beautiful location, spotlessly clean house with modern amenities, and well-kept grounds.
For waterfront vacation property managers, that means unique opportunities—and requirements. Take maintenance operations, for example. The risk of water damage is always there, good weather or bad. Consistent access to the best maintenance available is an absolute must. Taking advantage of opportunities, like creating the right kind of listings for a beach-loving audience, is just as critical. If you’re looking for solutions in any of these areas, Kigo has them, from maintenance management to marketing and beyond.
Supersize your sales
What do your vacation properties and McDonald’s have in common? Quite a bit, says Nancy McAleer of AMI Home Rental. In her VRMB article, “Upselling Your Vacation Rental from Burger to Combo Meal,” she shows how McDonald’s bundling strategies work for her business, and how they can work for you. Just think of your vacation property as a simple burger, then ask your customers if they “would like fries with that.” If you’re near a golf course, for example, try this suggestive sell: “Would you like a golf cart? Golf lessons? A catered party at the golf course?” How about all them, aka the combo meal? The trick is knowing what your customers are looking for, and what you can offer them that’s unique to your property. You’re giving your customers a break from planning the perfect vacation by putting it all in the hands of an expert—you. The result is happy customers, and higher sales for you. That’s a recipe for success.
Don’t miss this train
Luxury train travel. It sounds romantic, adventurous. And a little outdated. Right? Not anymore. The market for a truly first-class train journey is rapidly gathering steam all over the world.
You can track the story on Skift in their recent article, “Old School Train Travel is Being Positioned as the New School Luxury.” You can also take advantage of the trend. After all, your property is a destination. Is there a luxury train that stops in your corner of the planet? Right now, the most prestigious routes are international, from Japan to Jaipur, from the Silk Road to southern Africa. But you can be sure there are marketers out there creating exciting new experiences on trains heading your way. Find out by contacting a train vacation advocacy group in your country or local area. You could be the first stop for vacationers hungry for a new experience. Don’t wait until that train leaves the station!
Stay tuned for more vacation rental news updates from Today in Vacay!