VRS336 – The Short Term Rental Covid-19 Reset with Matt Landau

Inspiration for podcasts comes from many places, none more richer in ideas and content than Matt Landau’s weekly newsletter. If you didn’t get the mailer it’s reproduced below.  In this episode, Matt joins me to discuss the future of vacation rentals in light of the pandemic and share some practical and actionable things you can do to get ready for the reset.

 


 

From Matt Landau – VRMB

THE FUTURE OF VACATION RENTALS

We are at the gateway of a new era of hospitality. Now is the time to anticipate this new way of living and working and to challenge traditional business and lifestyle norms. Let's begin with a few patterns to think about. Subscribe to The Reset: COVID19 Survival Hub for updates.

CRAFT

With giant cruise ships and generic all-inclusive resorts fading, one gradual shift happening over time — now accelerating to behavioral change because of COVID19 — is travelers' search for craft lodging options. Like craft beer or craft clothing, practicing craft hospitality means specializing and obsessing over personal touches, using meaningful ingredients, and telling real stories that cannot be replicated or mass-produced.

Action: How will you practice your craft? Hand-written letters to all your VIPs, small thoughtful gifts sent to former guests, new partnerships with local charities/artisans/creators, a short film about your company's roots, blog posts proudly sharing the personalities and backstories of your staff.

WORK/LIFE BALANCE

A business that generates a good profit while ALSO providing plenty of time to do all the things you really enjoy — this freedom and enjoyment is a future kind of rich. Live somewhere you love, make memories for your clients, AND generate enough income to enjoy life with loved ones?! Yes please! But you cannot build your work-life balance of the future until you define it down to the detail.

Action: Write down your factors for the future (in addition to profit) and bake them into your post-COVID19 plan. More time every day with family, mornings on the beach or the links, a working relationship with the vineyard down the road, one day a week working on your truck (I don't know!?) These are your priorities that can even be MORE important than profit. Declare them now!

AUTOMATION

Not to be confused with becoming a robot, the future of vacation rental management is using technology that automates redundant human processes. Automation compliments craftsmanship. It should be implemented ONLY when it improves the experience for BOTH you (the manager) AND the beneficiary (guest or employee) — if only one and not the other, automation should not be used. Shout out to our newsletter sponsor PointCentral for their home automation leadership.

Action: Tackle a tech project you've always put on the backburner: do a demo with a new product or service: implement automation in your customer journey. For example, swipe this “Incoming Guest Marketing Campaign” by Nancy McAleer (co-founder of FLARBO) which starts a one-on-one relationship, increases trust, and builds repeat bookings.

 


 

In this podcast Matt shares:

  • The connection between Antiques Roadshow and STR Limited Edition
  • How rebranding could be an actionable strategy
  • What handwritten notes, olive oil and shells can do for your nurturing campaign
  • Why the time is right to draft a new vision for your company
  • The reason for defining the upper boundaries of income/profit
  • How pricing strategy could be the key to a solid reset
  • Why you should identify aspects of your business that you refuse to automate

 

Links

VRMB Podcast – Picking the Lock

Loss of Civility in Tourism Towns

Sense of Place – Kauai

Provenance – Significant Objects