Upload
amy-hinote
View
309
Download
3
Embed Size (px)
Citation preview
1
Revenge of the Property Manager
Streamline SummitSeptember 28 -30
Amy Hinote, Editor-in-Chief, VRM Intel
2
“Carlos Corzo has the stamina to take it to
the next level.”
3
Travelers Who Stayed in Private Accommodations
1 in 10 1 in 3
2011 2015
4
Online Booking, Vacation Rentals
12% 24% 40% 55%
2007 2012 2015 2018
5
Milestones in Vacation Rental Industry, 2006-2016
2006HomeAway
Acquires VRBO
2009VRMA Initiates Switch Project
2010HomeAway
Buys Instant Software
2010Airbnb Raises
$7.2M
2011Wyndham Buys
ResortQuest
2012Booking.com Introduces Vacation Rentals
2012-2015Technology Start-
up Explosion, VRMA kills
Switch
2015Expedia Acquires HomeAway, Best Match, Pricing Model, e-Commerce
Sep 2016Sharples Resigns, LeisureLink Shuts
Down
6
Challenges for VRMs
2006 2008 2009 2013 2014
Shift to Owner
ManagementReal Estate
Market Crashed
Operational Costs,
Marketing Spread Thin
Technology Advancement
and Integration
Distribution Cost and
Management
7
“I predict what I call the Revenge of the Property Manager. Over the next few years, we will see property managers, as we say in Texas, in the cat-bird seat”
Carl Shepherdco-founder, HomeAway
8
“Screening guests, managing credit card payments, arranging for housekeeping, differentiating properties…all the related tasks and services that travelers expect are getting harder and harder to manage for individual homeowners, right at the same time that new and progressive property managers are looking to re-invent the PM business model.”
9
2016 Surprises for Vacation Rental Managers
2016 Surprises for VRMs
HomeAway’s Best Match algorithm and their addition of the service fee
sent homeowners reeling.
Airbnb’s push into pro-managed vacation rentals.
Regulations and tax compliance measures in multiple markets
Google’s changes to search engine results
Increasing awareness of vacation rentals as a lodging option brought new hotel customers to the vacation rental market…with hotel expectations.
10
“Owners who self-manage, we see, start out managing their rental by themselves, and after one or two years, they realize the time and expense, and they start to work with professionals.”
Douglas Quinby, Senior Vice President of Research, Phocuswright
11
“We estimate that there are between 6,000 and 7,000 vacation rental management companies in the US, and most manage fewer than 25 properties.
35 percent of homeowners rent their vacation rentals through a property manager, 35 percent self-manage their rentals, and 25 to 30 percent do both.”
12
Most manage fewer than 25 properties
6,000 – 7,000 VRMs in the U.S.
35
35
2010
Professionally Managed Owner Managed Both Other
35% Owner Managed
20% Both
35% Professionally Managed
13
Property Management Services
FULL PROFESSIONAL MANAGEMENT
FULL OWNER MANAGEMENT
??
??.
“There is a full spectrum of services needed to manage a vacation rental, and homeowners choose a service level that falls somewhere along that spectrum. The RBO versus PM
debate is so five years ago. There is no more “us and them.” –Douglas Quinby
14
Property Management Services
FULL PROFESSIONAL MANAGEMENT
FULL OWNER MANAGEMENT
??
??.
“Technology has broken all of that down, so that now property managers are competing on service. Looking forward, property managers should ask themselves if they are offering
all of the services that their competitors are offering, including both homeowners and other property managers.” –Douglas Quinby
15
Shepherd’s List of Services
01
02
03
04
Screening Guests
Managing Credit Card Payments
Arranging for Housekeeping
Differentiating properties
…and all the related tasks and services
16
Customer Service for Vacation Rental Managers
Online Reputation ManagersCall center managers
Therapists, Anger Management Consultants
City Regulators
ConciergeTechnical Support
HoteliersTravel planners
Leasing Agents
Insurance Sales
Meteorologists, PsychicsLocksmiths, Plumbers, Exterminators
Real estate agent
Tour Guides
Maintenance Supervisors
17
Marketing Services for Vacation Rental Managers
Repeat Guest MarketingGraphic Design
Loyalty ProgramsContent Marketing
Offline MarketingOnline Marketing
(SEO/SEM/Retargeting)
Social Media ExpertsEmail Marketing
Systems Integration
Marketing Automation
Reviews/Online ReputationDistribution
Past Guest and Lead Database Management
E-Commerce
Website Technology
18
What’s New in Marketing Technology
Marketing Mix
Autoresponders
Channel Managers/Distribution
Guest Apps & Activities
Customer Relationship Management (CRM)
Marketing Automation
Loyalty Programs
Website Technology
19
Capitalizing on Market Conditions
Optimize Listings on Channels and OTAs
Reach Out to New Homeowners
Reinvent Customer Expectations
Proactively Work with City, County and State Officials
Use Media Interest in the Industry to Your Advantage
20
Workshop Tomorrow: Listing Site Independence
01
02
03
04
Measure Listing Site Performance
Lead Conversion
Customer Retention
Optimizing the Channels
21
Capitalizing on Market Conditions
Optimize Listings on Channels and OTAs
Reach Out to New Homeowners
Reinvent Customer Expectations
Proactively Work with City, County and State Officials
Use Media Interest in the Industry to Your Advantage
22
“Owners who self-manage, we see, start out managing their rental by themselves, and after one or two years, they realize the time and expense, and they start to work with professionals.”
Douglas Quinby, Senior Vice President of Research, Phocuswright
23
Capitalizing on Market Conditions
Optimize Listings on Channels and OTAs
Reach Out to New Homeowners
Reinvent Customer Expectations
Proactively Work with City, County and State Officials
Use Media Interest in the Industry to Your Advantage
24
Your Customer Service Objectives for Each Stage
• Sales• Payments• Signed Agreements• Expectations• Logistics• Generate Excitement• Establish Relationship
ANTICIPATION
• Check-in• Clean• Everything Works• 24/7 Service• Make Guests Feel Special,
Welcome, Pampered• Nurture Relationship
STAY
• Feedback• Offer To Return• Help Them Remember
Trip
.
MEMORIES
DEPENDENT ON YOUR CUSTOMER SERVICE VALUES…
25
Capitalizing on Market Conditions
Optimize Listings on Channels and OTAs
Reach Out to New Homeowners
Reinvent Customer Expectations
Proactively Work with City, County and State Officials
Use Media Interest in the Industry to Your Advantage
26
“You can’t get there tomorrow if you don’t start today.”
27
Look for the fall of VRM Intel Magazine issue in two weeks!