With the short-term rental market showing no signs of slowing down and property management agencies popping up left, right and centre, it has never been more important to stand out above the rest, offering professional and reliable service to both home-owners and renters. In order to stay competitive and promote further growth, company’s must not only stay innovative, but also ensure they are minimizing repetitive tasks while simultaneously providing guests with customised, local experiences and specialised service.
Here are four need-to-know trends that will help you tackle these challenges head-on:
1. Millennial travellers and Gen Z will become bigger customers
Millennial spend more money on travel than any other age group and are estimated to splurge more than $1.4 trillion by 2020. They are more likely to choose vacation rentals instead of hotels for their stays due to the price point, location availability and ease of booking with bigger groups.
2. Technical functions will be more important than ever!
Growing and scaling a rental business comes easier by relying on third-party solutions that can handle key management aspects such as automating repetitive tasks or pricing listings competitively. Additionally, as travellers move online to book their vacations, property managers must become more tech-savvy and ensure they optimise their distribution channels and online communications.
3. Service is on the rise
Even though Airbnb only launched its Experiences services a year ago, it is on track to be profitable by the end of 2019, according to the company. The rapid growth of Experiences demonstrates that vacation rental guests don’t only want accommodations, they want services as well.
4. Vacation Rentals Will Topple Hotels By 2020
These days, unoccupied properties can essentially be transformed into hotels with very little effort. This prediction comes as a result of the fact that many municipalities are currently trying to stop the effects of consumers turning to vacation rentals for accommodations by enacting laws against short-term rentals. These protections are being put in place to protect the interests of the hotel industry, as well as, to ensure that homeowners don’t circumvent existing housing and zoning regularly.
Looking for support? Step in Frank Porter, a hassle-free Airbnb Management company. Having quickly become property owner’s one stop solution to short-term rentals and increased profits, Frank Porter offers a service that satisfies both the owner and consumer. Created with the mantra of ‘honest concierge’ at its core, the company name literally translating to reflect these chosen words; Frank meaning honest and Porter meaning concierge. Crafted to meet the needs for full-service expertise in Airbnb management, hosting, and property management, the company assists home owners in achieving a significantly higher income than can be generated through a long term let, as well as providing an excellent 5-star service to each guest staying in the properties they manage.
Anna Skigin, founder of Frank Porter comments: “The hospitality business evolves and grows as any other – and it is vital for a business to innovate in order to keep up. We at Frank Porter understand the trends of younger travellers, higher service expectations and the need for quick and effortless communication. We have built our company to stay ahead of the curve and provide the highest level of service for our guests – which in turn means more money for our owners.”
Frank Porter is a Property Management company based in Dubai that aims to take the hassle out of short-term renting. The company takes care of licensing, helps customers style, photograph and list property on multiple channels. It is fully licensed with the Department of Tourism and Commerce Marketing (DTCM).