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Stay Up-to-Date with the Changing Trends in the Vacation Rental Industry

It comes as no surprise that the only constant in our world, is change.. technology plays a large role in this, and while technology is meant to make life easier, it is a challenge keeping up with those changes. Staying up to date in the latest version, newest tool and fastest processes can be downright overwhelming. Be Prepared for change to occur often. Don’t be afraid of these changes, embrace them! Many express the challenges of keeping up with the rapidly growing industry, but we are here to help you with not only being comfortable with these adjustments but to stay a step ahead.

Where to expect change?

Online Travel Agencies: Expect to see more change coming from OTAs as the competition in the online marketplace becomes more fragmented. OTA’s spend millions on ‘test and learn’ in order to stay ahead of global trends and help consumers know what they want before they know it themselves. For them to stay competitive, they will continue to adjust everything from cancellation policies to booking fees to test what will drive conversion. When they make a change it is not always met with applause from the industry, but rest assured it will become the norm before you realize it. Keep your OTA representatives close to you to stay in the know and keep your business in tune with trends.

Guest expectations: Property Managers need to have their vacation rental live up to the expectations of their guests. For example, if you manage or own a lovely property in the countryside, having a mindset of your guests experiencing a home that is out of date or rustic is not the ideal for your business. Even if your home is in the middle of nature away from the hustle and bustle of the big city, it is crucial to keep all appliances in tact and everything within your home new and clean. Basic expectations for a vacation rental should also include comfortable furniture and technology that works. It is important to have a hotel type feel for your guests, this way they will know that they are taken cared of. By using BookingPal, you can rest assure that all of their inquiries will be answered in a timely manner and there will be no lack of communication.

Great reviews mean more revenue. Most guest complain about cleanliness over anything else. Avoid most negative reviews my keeping your vacation home exceptionally clean by working with cleaners. Reviews do play a major role in guests deciding to stay in your holiday home or not. In the case that you do receive a negative review, make sure to respond to them kindly and share how you can resolve any of the problems they have mentioned. By holding the mentality that guests expectations are higher than ever, it will leave very little room to disappoint. By lodging in a vacation home over a hotel, costs savings is a top reason for guests to choose this newer alternative in vacation stay. There are other factors such are privacy and more room for comfort which are also held as priority for people when deciding where to lodge. Highlight major events or attractions that take place near your home to keep your guests enthused and amused.

Regulations: It comes to no surprise that the regulations and legislation within the vacation rental industry are subject to change. Over the years, very few locations have been spared the impact of state, municipal or HomeOwner Association taxes. Changes in legislation occur more often to do individuals vocalizing their neighborhood concerns when it comes to vacation rentals. It is crucial to comply with the regulations that apply to the city and state of where your property is located. Being aware of current and pending regulatory activity is more serious than ever. Be familiar and be informed with understanding tax compliance in your area, local laws, and regulations you need to consider. Join your local/state chapter of VRMA and follow their advocacy group : http://advocacy.vrma.org/

In a nutshell, it’s the golden age of vacation rental properties worldwide. Prepare yourself for massive gains but do remember that nothing worthwhile comes easy, you need to put in the work. Stay up to date with the trends in the market and prepare yourself for change. By doing so, you can plan to make much more money than you ever have in the past.

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