Having worked in the vacation rental industry for over 20 years, as an owner of multiple properties, and latterly as the CEO of a rental management agency, I know how easy it is to get mired in the detail and to lose sight of the big picture.
In the day-to-day running of any type of business, there’s a tendency to focus much more on the operational side of it, and leave the strategic management to a few days of planning once or twice a year.
The risk we all run by doing this is when the time comes to poke your head above the parapet and see what’s going on, the industry may have moved on too far for us to catch up.
That’s why I follow Andrew McConnell of Rented.com, my guest in this episode.
Andrew is a former McKinsey consultant and founder of Vacation Futures, which he talked about in episode 27. In late 2012 in recognition of the convergent nature of the vacation rental industry – Andrew talks about the more in this episode – Vacation Futures was rebranded as Rented.com
I’ve been following Andrew’s insightful posts on the VRMA blog for several years as he explores the patterns and trends in the business, and when I saw his contributions on a couple of articles on Skift recently, realized we needed to have him on again, and ask about where this is all going.
In the interview, we talk about the predictions for the global vacation rental market which suggest will be worth $170 billion by 2019, and what independent owners can do to maintain their position in it.
Andrew shared his thoughts on:
- The market for self-managed homes and why there is still room to achieve success
- Why the typical traveler isn’t differentiating between an Airbnb business stay or a traditional vacation rental – it’s all ‘accommodation’
- What convergence means to the independent owner and how he/she can grow their business through an understanding of it
- The five tactics owners must use to maintain a competitive position in the market
- Regulations and the importance of getting proactive
- The demise of Napster and its relevance to the sharing economy
Link to items we discuss in this episode:
VRS Episode 027 (Guaranteed Vacation Rental Income Explained)
Where you can find Andrew: