An Introduction to the Vacation Rental Industry
Welcome to the world of Vacation Rentals. One of the most exciting, and innovative industries in the world. An industry steeped in history dating back hundreds of years, has now grown to become one of the leading industries in the world. What once was a small mom and pop home sharing business, has now exploded into a culture built with technological advancement, competitive placement, and enhanced corporate branding. Attributing to over $100 billion in global revenue, the Vacation Rental industry has surpassed more than 30% of all hospitality stays worldwide.
The vacation rental industry has become dominated by globally recognized brands such as Homeaway and Airbnb that struggles to find its presence on an evolving global stage. Look past the flashy headlines, the legislative bickering, and the corporate profits, and you find the basis of what drives this industry. Vacation Rentals owners like you and I, striving to provide amazing, unique, and personalized vacation experiences to a traveling population who are more interested in immersing themselves in the lifestyle and culture of their destination, than the one package fits all offering of a hotel room. It is this passion that we find throughout the vacation rental industry that pushes us forward to drive innovation, provide quality accommodations, and exceed beyond our guest’s expectations.
So why are you reading this?
We hear from owners all the time who say that no one could ever manage their property as well as they can. We wholeheartedly agree. No one knows your home better than you do. From that quirky door handle, to the preferred air conditioning filter, you know how to care for your home and how to prevent problems from occurring
As vacation rental owners, we wear many hats, and are tasked with providing competent knowledge and skills for each. We are the Interior Decorator, the Revenue Manager, Sales Director, Director of Operations and sometimes even the Housekeepers. Unfortunately, for many owners entering the hospitality industry, they fail to realize the extent of the daily investment of time and money that is required to successfully operate and promote a vacation rental. Without the proper knowledge, resources, and tools, the daily operational tasks, and challenges can become daunting. As a result, vacation properties become poorly managed, leading to dilapidated housing, unruly guests, and the loss of potential revenue.
With that thought, we began to document our own experiences (successes and failures), to further understand the knowledge, skills, and passion necessary to operate and promote a thriving Vacation Rental. The time, energy, and knowledge shared here is not meant to steer you towards one product or service over another (including our own). Rather, we are providing a sincere handbuilt resource guide aimed at improving the standard of products and services we as an industry offer our guests.
We hope that you will enjoy the information, thoughts, and perspectives that we bring. As the vacation rental industry changes, so will the information that we provide. We hope that you will join in the conversation, to help us all learn and grow as an industry together.