Enhancing Vacation Rentals in the Sharing Economy
There’s no doubt that the sharing economy has changed the marketplace of accommodations, including where people stay, how they find new properties, what they expect from a property owner or management group and their expectations for a vacation rental website or app.
In the past, people usually found vacation rental properties through loose networks of independent owners and managers selling to middle class travelers. Today, vacation rentals are part of a global online market of travel inventory – meaning there is much more demand for vacation rentals from the global or “connected” traveler – but to meet that demand the industry needs to understand how to compete in the ‘sharing economy.’
Brand Promise and Revenue in the Sharing Economy
In 2016, the private accommodation market, which includes both traditional vacation rentals and sharing economy companies like HomeAway and Airbnb, grew at 11% – nearly twice as fast as the total U.S. travel market. To help vacation rental owners and managers understand the challenges and opportunities in their sector, we’ve published a new report: Vacation Rentals in the Sharing Economy: How Property Owners and Managers Can Build their Brand & Revenue.
Key topics covered in the report include:
- How private equity firms and global hotel brands are investing in vacation rental properties, bringing their branding power and loyalty tactics and creating brand equity where none existed before.
- Why it’s no longer just about the right property in the right location at the right price – it’s also about the right brand in the right channel with the right rewards and benefits.
- Why the vacation rentals industry is still missing a certain brand promise that stands on its own, apart from Airbnb or Vacasa, and how travel clubs can help build that brand promise.
Vacation Rentals and Travel Clubs: A Natural Fit
The report will help anyone in the vacation rentals market understand how the sharing economy has changed the face of accommodations, and what they can do to seize the opportunity. Vacation rental companies must go beyond property listings and housekeeping – they need to proactively build their brand and enhance their value proposition in a global market, starting with a branded travel club that adds new revenue and converts brand affinity into loyalty, and ultimately, brand equity.
Ready to learn more about the sharing economy and why vacation rentals and travel clubs are a natural fit? Download the report now.