Now that summer if officially over, it’s a
good time to reflect on the season as a Vacation Rental Owner. There is no
doubt that the industry is changing (is maturing the right word?) and that has
implications for Vacation Rental Owners everywhere
So, what have I observed this season?
1.
Consolidation in the Vacation
Rental industry continues. With Homeaway surpassing 1 million listings and
other key players such as Holidaylettings in Europe also growing, it’s clear
that the big guys continue to get bigger. That’s not to say that there are not
good niche options (there are many listed on COHR) out there, but it’s clear that more of the
market is moving to the big players. This is to be expected, as the industry
“matures” and , although there are downsides to listing with the big guys,
unless you are prepared to invest considerable effort in marketing your
property yourself, it’s probably the easiest way to generate bookings
2.
Commission only listings work
for me! My experience (particularly with Holidaylettings) is that the commission
only option generates bookings at the same revenue to me as my listings on
annual fee sites. I also have a lot less
hassle in chasing payments and tracking security deposits and even receive some
enquiries where all I have to do is click an “accept booking” button!
3.
Commission only listings also
work for the Listing Site! Booking fees, commission, added value services to
the renter: these are the ways for the Vacation Rental Listing site to make
money. It’s far easier for them to do this than to increase their annual
listing price to me!
4.
Reviews matter. Although guests
are becoming more used to booking Vacation Rentals, there primary worry remains
to be that, because each property is individually managed, when they get there,
it just won’t be what was sold to them. Reviews give them some assurance that
they won’t be drastically disappointed and vacation rentals with good reviews
will consistently be chosen over those with none. On the flip side, a single
bad review can do untold damage to your business (particularly if not balanced
by some positive reviews). Build up a selection of positive reviews
No comments:
Post a Comment