Tuesday, August 28, 2012

Renters visit about 4 vacation rental sites before choosing a Vacation Rental


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Data from Flipkey indicates that the average renter will visit about 4 different vacation rental sites and inquire about 7 different vacation rental properties before choosing a vacation rental.

According to Flipkey, the breakdown is as follows:

12% visit just one vacation rental site
39% visit 2-3 vacation rental sites
28% visit 4-5 vacation rental sites
8% visit 6-9 vacation rental sites
12% visit 10 or more vacation rental sites

Apart from the fact that 12% visit more than 10 vacation rental sites, I was not very surprised with these findings. In my own experience,  I certainly want to check out more the vacation rental listings on more than one site. I am likely to look at a couple of the bigger sites, such as Homeaway or VRBO, plus also a couple of regional/specialist sites (e.g. Rentalia or Spain-Holiday for Spain).

I suspect in practice, many renters just google appropriate search terms such as "vacation rentals spain" and then use that to find vacation rental sites to explore.

I was a little more surprised at the fact that renters enquire about only 7 vacation rental properties on average. Given that many of the vacation rental sites have the facility to create "favorites" and make it easy to send the same enquiry to multiple owners, I expected that the average number of renter enquiries would be more than 7.

So, what are the implications of these findings  for vacation rental owners?

Well, firstly, it re-enforces the need to be listed on multiple vacation rental by owner sites. (You should check out either COHR or All Holiday Rentals to find a list of potential sites.)

Secondly, if you are getting bookings from more than 1 enquiry in 7 , then you are probably doing a good job of converting enquiries into bookings. If not, then maybe you need to examine ways to improve your conversions.


4 comments:

Tony Tidswell said...

Always the big difference between "mathematics" and "statistics"

Numbers can be interpreted to mean anything,statistics must take into account information affecting the "maths"
I am studying the L2B ratios (Loook to Book) - Orbitz has publu-ished a lot of data and I a-have been keeping my own stats for 12 years - the L2B for hotel beds is anything up to 60,000:1 - a good ratio would be 400:1 - this is about what i find on my stats -Internet services make saturation finding simple and the way data is delivered is changing fast - mobile will channel clients into narrow funnels which suck in vast amounts of data from "controlled" sources- this creates high page views, and therfore a high L2B ratio

The bottom line is a private owner will end up paying a huge commission to OTAs for a declining service and no control over customer.
Hopefully we can develop some new ways of looking at this.

Albert Simon said...

Kevin, can you post a link to the specific Flipkey study? I'm sure there is some more information there that could be useful to us?

Bert Simonis
CEO
www.SnagRent.com

Unknown said...

Bert, I don't have a link. The data comes from a 2012 presentation in Rome to EU VRMAs.

Kevin

Albert Simon said...

Thanks for the quick response Kevin!

Bert