VRS200 – 200 Episodes Of Vacation Rental Success

200 podcasts and well over a quarter of a million downloads, and we are still going strong!

In this episode, Mike and I talk about the changes we’ve seen over the past four years and some of the things that have caused us to scratch our heads and wonder where the industry is headed.

One of the issues that will confront property owners at some time is selling their homes. Setting and reaching a sale price that reflects the value of the vacation rental aspect of the business is not easy, and Mike is dealing with it right now. In general realtors aren’t interested in anything other than the current market value that will sell the place and yield their commission. Why would they bother if there’s a good market for second homes in the area?

Commercial agents consider other aspects such as cap rates, cash flow and residential rental potential and in most cases just don’t have the comparables to enable them to offer a VR for sale. There’s too much variability in terms of seasonality, financial factors and locality requirements in a market.

We also talk about the continued rise in expectations from our guest demographic and the vast changes we’ve seen in the past 10 years.

Reflections on the past are good in any industry as they not only show how far we’ve come, but they guide our future plans as well.

Let us know your thoughts on the changes you’ve seen and what impact those have had on your business.

What do you think is going to be the next game changer?

Matt Elder

Enjoyed the discussion around selling (begin with the end in mind) and how a property was valued. Interesting to hear the correlation between raining weather and complaints. Do you have a “suggestion book” in your properties? (Find that becomes a bit of a magnet for negative feedback and guests ‘venting’). Are the links to the show notes coming soon? What is Vacation Rental Formula (see it in the heading)?

Terry Whyte

Thank you Heather and Mike. Really looking forward to your podcast with Steve Milo.

John Oden

Heather, congratulations on your 200th episode! We are regular listeners and have gained much knowledge from your podcasts. Thanks for all you do! Here’s to the next 200 – cheers!

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