Whether you are brand now to vacation rental or have been in the short-term rental space for a long time, the market is always shifting and understanding the business is foundational to your rental business!
"As vacation rental grew in popularity, so more investors saw the benefits of buying solely for the purposes of short-term rental, and what was essentially a mom and pop business began to mature into a full-blown industry."
- Heather Bayer Tweet
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John Doe Tweet
Not that long ago, it was primarily boomers who owned vacation rental properties that were often much-loved second homes.
The owners simply wanted a little second income and opened their doors to paying guests mostly on an ‘as is’ basis. That meant they didn’t do much in the way of preparation or clearing up, or even in creating any type of welcome.
Guests (they were known as ‘renters’ then) were generally happy to experience the lifestyle on offer and willing to overlook the oddities of self-catering because it was a new and unique way of living the life of a local.
As vacation rental grew in popularity, so more investors saw the benefits of buying solely for the purposes of short-term rental, and what was essentially a mom and pop business began to mature into a full-blown industry.
…with people from every walk of life; millennials, entrepreneurs, young families, as well as retirees now getting involved.
…with vacation rental listing sites that have grown from being struggling start-ups offering free listings, into multi-billion dollar companies.
…with the consumer demand, competition and media focus that a rapidly growing industry must deal with every day.
And every day, more and more people want their piece of the action.
So things have changed…and changed dramatically!
We are no longer able to capture the attention of the traveling market by putting up a sign on the lawn, or an advert in the local grocery store.
The days of the ‘rental directory’ the size of a phone book are gone. No-one wants to fax an agreement or even spend more than 10 minutes on a transaction from beginning to end.
Paying by cheque is no longer an option – and who has them anyway?
Now we are dealing with a whole new world that has its’ own vocabulary such as:
And having to manage a whole range of other issues from the ground level of neighbor relations to local by-laws all the way to growing state/provincial and federal involvement.
It’s no longer a matter of throwing out opening the place up and expecting they will come.
That won’t happen anymore.