3 Takeaways From Heather & Mike Bayer’s VR Success Summit
Last weekend I flew to Toronto to attend Heather and Mike Bayer’s Vacation Rental Success Summit.
1. Meeting Likeminded People in Person
Managing your rentals can be not as easy at times: you feel the pressure of keeping up with constant changes affecting our day to day practice – restrictive regulations, increasing competition, pervasive OTAs rules – and question what should you do next to ensure you keep being successful at what you do.
2. Stay Up To Date On What’s Coming And Learn From Industry Pros to Stay Ahead of the Game
Another great takeaway is the possibility to learn what’s new and trending today, which products are coming out and can make our life easier – both from a PM and Host point of view -, which direction may take our future and how to prepare so we don’t get crushed or go out of business. Or even learn what the future will be to predict whether we still want to be part of it or is it maybe time to consider an exit strategy.
I found quite fascinating Andrew McConnell’s analysis of the actual situation and its future possible implications and scenarios.
The size of the industry is projected to reach $170 Billion by 2019, with $204 Billion spent by guests by 2025. Loads of cash is pouring into funding companies in this space and we’re already seeing a consolidation that will likely bring to convergence in the near future. You can expect the biggies to get bigger. You can expect to compete with companies that run at a loss to buy market share and set others out of business. And you can expect an eventual shakeout that will leave a trace, like in all economic cycles witnessed in the past.
What does this all mean to us? In such a dynamic and challenging environment, we’ll be expected to deliver professional standards with the personal touch that makes us stand out. At the same time though, we’ll have to make sure we won’t be everything to everyone, in fact we’ll need to be exactly the right thing to the right people.
In conclusion, we won’t want to compete against the big players to try and beat them, for we stand a better chance to thrive if we take advantage of their platforms to build awareness over our own brand and provide an experience that’s unique, authentic and unparalleled to all our guests, who then become our biggest fans, and raving ambassadors of our own rentals back home.