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Why vacation rentals and not Hotels? Owners Benefits and Trends 2015-2014

Why vacation rentals and not Hotels? Owners Benefits and Trends 2014 - 2015

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Why vacation rentals and not Hotels? Owners Benefits and Trends 2015-2014

  1. 1. Why Vacation Rentals ? Benefits for the owners Top Trends 2014 Susana Puigmartí Cansick Marketing & Sales Manager Worldperfecholidays.com June 2014
  2. 2.  Vacation rentals vs Hotels  Secrets to Saving  Investment Benefits  Should you invest … 2014?  The Math Behind  Top Trends 2014  Hot Spots USA 2013  The Rise of U.S. Online Vacation Rentals  Ways To Generate Profits  What’s Inbound Marketing?  Owners Survey by Vrmb  What content pushes a sale ?  Top 3 sites for travellers to get advise www.worldperfectholidays.com Why Vacation Rentals ? ...and not Hotels?
  3. 3. Where … Who … What … Hotels vs Vacation Rentals… Source: HomeAway
  4. 4. 1- Vacation Rentals vs Hotels Some people believe that Vacation Rentals are better than Hotel accommodations due to various factors. Pros:  Less Expensive  Lots of facilities if you are traveling with your family  Space, Garden, pool …  Home made food  Freedom to enter and exit without telling the front desk staff  Search is done by internet and then with the owner  Pet friendly and Family friendly www.worldperfectholidays.com Why Vacation Rentals ?
  5. 5. Source: HomeAway
  6. 6.  Immersion-wise, rentals provide a more authentic and “local” experience than sanitized hotels, giving travelers the ability to cook their own meals, shop at the local market, and mingle with real-life neighbors. www.worldperfectholidays.com Why Vacation Rentals ?
  7. 7. Secrets to Saving Source:Vrma
  8. 8. Investment Benefits of Vacation Rentals  Meaning, many investors are sitting on potentially lucrative vacation rentals – rentals that, with some love, would cater perfectly to a massive growing demand – and they don’t even know it www.worldperfectholidays.com Benefits for the owners
  9. 9. Should you invest on a vacation home 2014?  Prices have stopped their slow, agonizing slide south, and interest rates remain low. Both institutional and individual investors are on a tear, snatching up homes to turn into rentals, leaving homebuyers – especially first-timers – empty-handed in their wake.  Those low interest rates are sure attractive, aren’t they? They kind of make you think about jumping into the market yourself, maybe picking up a cute little vacation cottage on the lake. Before you get too carried away, there’s a lot more to investing in a vacation home than doing so because of a healthy, sexy real estate market. Benefits for the owners
  10. 10.  1- add up all the expenses for one year that you’ll encounter when trying to support a second home: taxes, insurance, utilities, maintenance, repairs, property management fees, HOA fees and your mortgage payment.  2- divide the annual expense of owning a vacation home by how many days you’ll use it each year. Compare that figure to what it costs to rent a similar home in the area. If it’s cheaper to own than to rent, it just might make sense to purchase. www.worldperfectholidays.com Benefits for the owners
  11. 11. www.worldperfectholidays.com
  12. 12. The Math Behind A Vacation HomeGross Income (Less Vacancy)  Be realistic here; often vacation homes rent on weekly or monthly terms and are very seasonal, this means you will experience a much higher vacancy rate than a typical apartment with a one-year lease. -Commission/Management Fees  As with vacancies, you will need to account for higher rates of commissions since you will most likely have high turnover. -Repairs/Supplies/Maintenance/Furniture  Due to the high turnover, as well as you being an out-of-state-landlord, don’t count on something as simple as a leaky faucet to be equal to the cost of the parts to fix it. You will need to pay for a repairman to go to the unit and fix the faucet. Don’t underestimate repair costs or assume that all tenants will be as handy as you.  Keep in mind that you will also need to furnish your unit, which will result in higher overhead costs as the furniture will wear out more often that if you were using the unit exclusively by yourself. - Taxes/Utilities/Insurance/Other  These expenses will be very similar to if you were an in-state landlord.  When you sit down and run the numbers, does it still look like a pretty picture? Will this unit cost you money out of your pocket every year? Take the bottom line figure and divide it by how many nights you will be using the unit, compare this cost to what it would cost to rent a similar unit in the same complex. Source: Vrmb Benefits for the owners
  13. 13. 2- Top Trends 2014  Growth  Regulation  Professionalism  New Entrants  Sustainable Tourism  Responsible Tourism  Eco Tourism, Geo Tourism, Volunteer Tourism …  Luxury Tourism www.worldperfectholidays.com Top Trends 2014
  14. 14.  Growth It is probably too early to make any believable claims about the growth of the industry in 2014, but one thing is certain: the experts say it will be a great one. 2013 was the year that people really began to notice how travelers were starting to replace hotel stays with vacation rentals. Though this trend fueled growth for the vacation rental industry last year, there was no guarantee it would continue. Despite this, experts believe the trend will not only continue, but actually accelerate. But there is also a danger associated with this. As hotels start losing business to vacation rentals, hotel bosses are beginning to get scared. And as successful business people, they know the best defense is a good offense. This has led some of them to publicly call for more regulation, which brings us to our next trend. Top Trends 2014
  15. 15.  Regulation If 2013 was the year of Airbnb v. The City of New York, then 2014 is shaping up to be the year of Vacation Rentals v. The World. As the vacation rental industry continues to grow in size and visibility (see the trend above), it is also growing the size of the target on its back. Just a few months into 2014, and this fight has spread well beyond New York. Across the United States, from Palm Springs toSavannah, proposals for increasing regulation are cropping up. Even the state of Florida, once a reliable friend of the vacation rental industry, may soon turn foe. And this trend does not stop at the U.S. border. Even the French President has gotten involved, pushing to “slam the door on Parisian holiday rentals.” This is a worrying trend, not just for vacation rental managers, but also for those travelers who enjoy increased choice, as well as the unique experience that vacation rentals can provide. Fortunately not all regulatory changes are in the same direction. Breaking from the protectionist trend noticeable in so many other places, Amsterdam has now “legitimized Airbnb with new short-term rental rules.” Top Trends 2014
  16. 16.  Professionalism Perhaps the best way to combat the trend of increasing regulation is to be vigilant in the fight to make the vacation rental industry more professional. The beginnings of this trend could be noticed towards the end of 2013. During that time HomeAway made a number of announcements that made clear its intention of being on the forefront of this professionalization of the industry. From launching its curated Andrew Harper line of luxury properties, to instituting itspartnership program allowing homeowners to more easily work with professional managers, HomeAway began aligning itself more with professionally managed rentals than the RBO side of the market for which it is so well known. Add to this its push for instantly bookable properties, and the launch of a new pay-per-booking model (including an expansion of that model to VRBO in 2014), and the intent is even clearer. In addition, towards the end of the year HomeAway announced a number of partnerships, including ones with Interhome and Expedia, even further aligning itself with the largest professional players in the travel space. Top Trends 2014
  17. 17.  Professionalism As can be expected from the largest company in the industry, where HomeAway goes, others soon follow. Airbnb has long claimed that its most common user is someone who has a little extra space, and chooses to rent it out to help make ends meet,not professionals renting out their property as a business. Despite this, and maybe due to concerns regarding the long-term prospects of such an unprofessional model, 2014 is beginning to see a shift in Airbnb’s stance. Not only has Airbnb’s Co-Founder publicly stated that the industry could actually benefit from more regulation, but Airbnb is finally embracing its hosts who are renting as a business, including supporting them by providing professional cleaning services. www.worldperfectholidays.com
  18. 18.  New Entrants In an industry as large and as dynamic as the vacation rental industry, there will always be new entrants, so at a high level this may not seem like an interesting trend. For a long time many have believed that the large listing sites were the biggest “brands” in the vacation rental industry. But we are beginning to see this is a misunderstanding of what these companies actually are. With the huge variety in their offerings, from couches to luxury villas or even entire villages, it is hard to argue that any of the large companies in this space have true “brands” in the way the large hotel companies have brands. Rather, these companies are portals or even platforms; more akin what OTAs are to hotels rather than being the new Hilton or Marriott. And it is on these platforms that new and exciting entrants are working to build brands, and beginning to change the vacation rental industry. From onefinestay’s “unhotel”, to Beyond Stays’ “stress-free hosting”, to MyVRHost’s “seamless vacation rental management”, to TurnKey’s low cost management model, to the plethora of “Super-Hosts” now active on Airbnb, the list of startups building on the backbone of companies like HomeAway and Airbnb grows almost daily. Though there will no doubt be winners and losers from all of this, increased competition means increased innovation, and that benefits us all. On top of that, this industry is so large, and growing so quickly, that there is plenty of room for quite a few “winners.” Source: Vrmb
  19. 19. Hot Spots USA 2013 Source: HomeAway
  20. 20. The Rise of U.S. Online Vacation Rentals Even as the housing meltdown and economic recession dealt a twin blow to the sector, online bookings surged, jumping from just 12% of the overall vacation rental market in 2007 to 24% in 2012. By 2014, three in ten U.S. dollars spent on vacation rental will be booked online Source: http://www.phocuswright.com/
  21. 21. 3- Ways To Generate Profits  Before getting involved in a vacation rental investment, it can be helpful to know different marketing avenues that most directly impact occupancy rates: 1) Listing Sites  A group of online directories tend to rule the vacation rental cyberspace. When travelers seek out rentals, they are drawn to sites like VRBO.com, HomeAway.com, FlipKey.com and Worldperfectholidays.com and accordingly, these 4 behemoths are part of pretty much every property owner’s marketing repertoire. Annual memberships to these sites can range from several hundred dollars to several thousand per year, but thanks to the amount of bookings they generate, owners and managers always seem to come back for more. 2) Personal Websites  Any owner who takes their property marketing seriously has started to develop their own online presence apart from the obligatory listing sites. Personal websites (easily done on the cheap) help convey an owner’s personality and insight in what’s proving to be a very identity-driven industry. www.worldperfectholidays.com Marketing Avenues 2014
  22. 22. 3) Blogging  Perhaps the vacation rental owner/manager’s best marketing weapon is their insider knowledge, which acts to draw travelers away from generic hotel stays and into a more local and authentic experience. Successful vacation rental proprietors tend to be those who share their knowledge about their neighborhood in constructive and generous ways: whether it’s blogging on their own or submitting guest blog posts to popular travel sites, their wealth of information (and how effectively they share it) is often directly proportional to calendar activity. 4) Word Of Mouth  One of the oldest marketing dynamics in the real estate game takes on a new twist when it comes to vacation rentals. Because their economic livelihood depends on booking rooms, owners and managers of vacation rentals are – more and more – becoming mini-hoteliers in spreading their advertising gospel throughout the community. By connecting with other proprietors (tour operators, restaurant hosts, tourism officials), successful vacation rental owners leverage personal connections in their local environments and drum up great street cred.  Vacation rentals are getting lots of press these days as the ever-growing market starts to encroach on traditional hotel travelers. Investing in a vacation rental brings with it a sense of entrepreneurship and engagement that about as new to many newcomers as it is rewarding. Marketing Avenues 2014
  23. 23. 5) Email Management  AWeber: This is a standard in email management, for anyone who wants to build a list of former guests to whom they can communicate with regularly via email marketing.  Maichimp: it is free up to 2000 subscribers and it is just like Aweber. www.worldperfectholidays.com Marketing Avenues 2014
  24. 24.  Rapportive: The coolest way to spy on exactly who your prospective guests are, where they live, and what they do for a living. Simply install it and watch on the sidebar of your email (Gmail and Outlook) the magic happen.  Boomerang: If you ever struggle with following up no-reply guests, this tool will save your life. Hosting  BlueHost: If you’re going to host your website somewhere, do it with BlueHost. They’re pretty much the best in the game at hosting and their customer service is top-notch.  Hostagetor: As BlueHost , really good  GoDaddy: I’ve used GoDaddy too for some of my websites and they do a very efficient and easy job of the URL>website process. Plus there are TONS of tutorials on YouTube that walk beginners through pretty much every single step. Source: Vrmb Marketing Avenues 2014
  25. 25. Content Creation  Wordle: If you’ve ever seen one of the word clouds I’ve created, I probably used this tool to create it. It’s free, easy, and pretty darn flexible.  Pressbooks: It’s new, incredibly simple (literally, publishing your content into the form of an E-Book is no harder than copy/pasting an email) and best of all, it’s free!  Flickr: If you’re looking to use stock photos of your region that won’t get you in trouble for copyright infringement, this is the site for you. Just be sure to do your searches using the Creative Commons License (those are photos that the authors don’t mind being distributed). Video  Camtasia: This is the software that I use to record all my screencast videos. It’s incredibly simple, has versions for both Windows and Mac, and utilizes this simple upload feature so you can put the video on YouTube with one click.  Powtoon: it is very new and it cheap and great. Marketing Avenues 2014
  26. 26. Websites  WordPress: It’s no secret that WordPress is the easiest, most straightforward platform on which to build your website. Most DIY vacation rental owners use it .  WooThemes: If you have a WordPress website, here is the theme company I use most often. The template for my blog is the Gazette template and I’ve had tons of success with other templates of theirs as well. For like $70 you can get three themes .  WPSharely: It’s the cool little locked-module that requires users to share a page (whatever page you want) via Facebook, Twitter, or Google+ in order to unlock the contents.  OptinSkin: Super customizable, elegant, and a swish interface, it’s a tremendous tool used to generate more subscribers for your lists.  Pop-up Domination & Sidebar Domination: OK so this product is pretty much what every marketer uses for pop-ups but it’s not the 100% smoothest thing I’ve ever used.  HelloBar: it is IDEAL for promoting special deals or offers at your rental. In fact, a number of my subscribers are putting it to great use. It shows up in the form of a sexy and sleek orange bar at the top of your site (and there’s a free version). Marketing Avenues 2014
  27. 27. Press Releases  PRWeb: I’ve used plenty of press release services before but I still seem to get the best results with PRWeb.  PR.com: Not quite as powerful but still certainly worth a try, especially if you’re new to press releases. Analytics  Google Analytics: You simply aren’t doing your job if you don’t have Google Analytics installed on your personal website. It’s free, it gives you scientific- like insight into where your guests are coming from, and most importantly, it can be installed with literally the click of a button.  Google Keyword Selector Tool: If you were ever wondering about the demand for vacation rentals in any given market, Google’s keyword selector tool is the best in the bunch. Simply type in your search term and see volume/competition throughout the world.  Zipinion: is a great tool to get feedback about your property from anonymous and unbiased individuals. Great tool, great customer service.  Open Site Explorer: Ever wondered how your competitors are getting all their leads? This tool provides every nitty gritty detail about your competitors’ website free of charge (I think it’s like 5 free searches per day) Source: Vrmb Marketing Avenues 2014
  28. 28. What’s inbound marketing for vacation rental companies? Source: Hubspot
  29. 29. Owners Survey: According to Vacation Rental Marketing Blog and, Matt Landau. The survey finds that the most successful owners are both proactive and creative when it comes to vacation rental advertising. www.worldperfectholidays.com
  30. 30. What content pushes a sale on vacation rental websites?  The average traveller visits four vacation rental websites and enquires about seven properties before booking  83% are more likely to make an enquiry if there are more than 20 photos  Website visitors are 64% more likely to make an enquiry if the description of a property is more than 2,000 characters – 39% of descriptions are less than 500 characters  25% have booked a travel service because of an unexpected email  89% want to be able to check the lowest fares, 85% want a low price guarantee and 85% want photos of rooms and facilities. Marketing Avenues 2014
  31. 31. Top 3 sites for travellers to get advise  46% active travellers maintain on site  91% of them are from Facebook  9% have decided from social media network 36 22 59 % Facebook YouTube TripAdvisor www.worldperfectholidays.com Marketing Avenues 2014
  32. 32. I would like to thank you , for your time and interest in vacation rentals or holiday rentals, I believe it is the future in the hospitality business , all of us are “main actors “ . Thanks to all my tourism and marketing colleagues, and I do not want to forget my sources , as always they have been very useful: Homeaway, Hubspot, Vrma, Vrmb blog, Phocuswright, and worldperfectholidays.com. Spuigmartí@worldperfectholidays.com
  33. 33. Question s? Susana Puigmartí Cansick Spuigmartí@worldperfectholidays.com Marketing & Sales Manager Worldperfecholidays.com
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Why vacation rentals and not Hotels? Owners Benefits and Trends 2014 - 2015


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