[Matt Landau]

Hospitality is one of the few sectors that customers touch, feel, experience, walk-into.

Which makes us hyper-connected to our local communities.

(We should really have a code of ethics, but I digress)

And hyper-connected means disruptive: for better and for worse.

Good disruption: guests spark the local economy, managers/hosts are closely tied to local causes and issues, business contributes as much (if not more)than it extracts.
Bad disruption: guests make neighbors lives a living hell, absent/disconnected managers/hosts lose touch with the neighborhood, business extracts more than it contributes.

If you are reading this, you are likely part of the Good disruptors.

But how to distinguish yourself from Bad disruptors and avoid getting lumped into a destructive pattern?

How do you promote your good disruptor story?

By creating your own economic impact study.

Because without data it's all noise.

(We learned in Dana's fair regulation podcast, an economic impact study is the single most important tool to fair regulation.)

DISCOVERY QUESTIONS (ANY/ALL IDEAS WELCOMED)

• What tools that you use (ex. property management softwares, listing sites, market data tools, quickbooks) could produce reports on the economic impact of your business?
• What kind of data is worth considering in your own economic impact report?
• Where do guests spend money in town?
• How much tax money is paid? What about employees?
• Can local businesses (restaurants, activities, rentals) share information or reports?
• Can you estimate (with transparent math) the impact of an average guest?
• Would existing hotel economic impact reports give you any ideas?
• What to do next with this kind of report (once it's created)?
• How could YOUR report work in conjunction with other owners/managers in your area?

 

[Christina]

Wait, we don't have a code of Ethics?????? I just looked on VRMA website - we need one STAT

Sorry, I digressed - I recently shared some economic impact with our city - based on a report from our PMS showing the amount guests spent directly with us during a time period, then using economic impact reports from other markets that ranged from 3x to 4x impact based on what a guest spends for accommodation they then spend an additional 2-3x that on other things in the market like restaurants, grocery, gas, attractions, retail purchases, etc. I surprised myself and was impressed (apparently the city was not). I also ran a report and shared the results of what we have paid in sales tax plus hotel motel tax on that same period - holy cow it was a lot - Happy Passover and Happy Easter y'all -

 

[Debi]

On the Portland, OR front, we have just successfully replaced Vacasa's seat on the Board of Travel Portland with one of our own! Vacasa was an invisible player, our City recognizes the value of short term rentals and wants more input. So now we have 2 Host2Host seats on the Board! Regarding economic impact, STRs are getting a lot more respect since it was our tax income that kept them going during the pandemic.

Attached is a report done by one of our board members. The City was delighted to receive it.

 

[Christina]

Wait, we don't have a code of Ethics?????? I just looked on VRMA website - we need one STAT

Sorry, I digressed - I recently shared some economic impact with our city - based on a report from our PMS showing the amount guests spent directly with us during a time period, then using economic impact reports from other markets that ranged from 3x to 4x impact based on what a guest spends for accommodation they then spend an additional 2-3x that on other things in the market like restaurants, grocery, gas, attractions, retail purchases, etc. I surprised myself and was impressed (apparently the city was not). I also ran a report and shared the results of what we have paid in sales tax plus hotel motel tax on that same period - holy cow it was a lot - Happy Passover and Happy Easter y'all -

And apparently I just am not a good on line 'looker'. My friend Michelle shared it with me https://www.vrma.org/page/member-code-of-ethics

 

[Matt Landau]

And apparently I just am not a good on line 'looker'. My friend Michelle shared it with me https://www.vrma.org/page/member-code-of-ethics

Hey this is awesome, I never saw this! For anyone who wants a quickview...

Member Code of Ethics​

VRMA Code of Ethics and Standards of Practice

PREAMBLE

The Vacation Rental Management Association (VRMA) exists to serve as an international vehicle to increase public awareness of vacation rental lodging and to enhance members’ businesses through education, professional standards, marketing, political involvement, and industry networking. Accepting this standard, VRMA members aspire to observe its spirit in all of their activities and to conduct their businesses ethically in accordance with the Articles set forth below. These Articles establish guidelines or ideals that all VRMA members shall strive to attain in an effort to raise the level of professionalism and value of service within the vacation rental industry.

ARTICLE 1

In justice to those who place their interests in a VRMA member’s care, VRMA members should endeavor to become and to remain informed on matters affecting the vacation rental industry in their community, state, and nation.

ARTICLE 2

In the interest of promotion cooperation and enhancing the professional image, VRMA members should refrain from making false or misleading statements or unsolicited criticism of other individuals or companies working within the vacation rental industry and, if an opinion is sought about another vacation rental practitioner its business or its business practices, any comments should be offered in an objective, professional manner.

ARTICLE 3

VRMA members should endeavor to eliminate in their communities any practices which may be damaging to the public or may bring discredit to the vacation rental industry.

ARTICLE 4

VRMA members should endeavor to set a positive example for the industry by scrupulously abiding by all state and local laws and regulations and professional standards governing vacation rentals and the conduct of the vacation rental industry. Members are to be proactive regarding establishment and improvement of policies and procedures regulating the vacation rental industry at the local, state, and national level.

ARTICLE 5

VRMA members should endeavor to share their experiences with other members of the vacation rental industry with the express goal of elevating the overall level of service performed and the resultant public awareness and recognition of the value of the industry overall.

ARTICLE 6

VRMA members should not seek unfair advantage over competitors and should conduct their businesses so as to avoid controversies with others in the vacation rental industry.

ARTICLE 7

VRMA members should protect and promote the interests of their owners/clients by treating their tenants/customers honestly and fairly.

ARTICLE 8

VRMA members should not exaggerate, misrepresent, or conceal pertinent facts relating to a specific property to all affected parties, including actual or potential owner/client and tenant/customers.

ARTICLE 9

VRMA members should not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national origin. Members should not make discriminatory decisions based upon the above criteria or that of any other protected class.

ARTICLE 10

VRMA members should maintain a level of competent service in keeping with the highest standards of the vacation rental industry. Members should not present themselves as having expertise in fields beyond their abilities and should not undertake to provide professional services concerning a property or its value where they have a present or contemplated interest unless such interest is specifically disclosed to all affected parties.

ARTICLE 11

VRMA members should not recommend or suggest to a client or customer the use of services of another organization or business in which they have a direct interest or in which they receive a fee without disclosing such interest at the time of recommendation. having expertise in fields beyond their abilities and should not engage in business activities where they have a present or contemplated interest unless such interest is specifically disclosed to all affected parties.

ARTICLE 12

VRMA members should present an accurate picture of rental offerings in all advertising and representations to the public, and should not advertise specific properties without authorization by the owner.

ARTICLE 13

For the protection of all parties, VRMA members should assure that all financial obligations to owners and tenants be in writing in a form which expresses the exact agreement, including any terms or conditions. A copy of each agreement should be provided to the respective party upon signature of such agreement.

ARTICLE 14

Signs giving notice of property available for lease or rent should not be placed on a property without consent of the owner. Sign design and placement should be in compliance with local zoning, requirements, and any applicable Association rules and regulations.

ARTICLE 15

VRMA members, prior to entering into a relationship with a property owner, should make a reasonable effort to determine whether the prospective client is subject to a current, valid exclusive agreement with another rental management firm to provide the same type of rental services.

NOTE

VRMA is committed to ensuring that members are held to high ethical standards. If you believe a member company has acted inappropriately you should seek a remedy from local and state regulatory agencies first. The VRMA Board of Directors may act on ethics complaints against member companies after an investigation and/or remedy from the appropriate agency has concluded.

 

[DMartinez]

Wait, we don't have a code of Ethics?????? I just looked on VRMA website - we need one STAT

Sorry, I digressed - I recently shared some economic impact with our city - based on a report from our PMS showing the amount guests spent directly with us during a time period, then using economic impact reports from other markets that ranged from 3x to 4x impact based on what a guest spends for accommodation they then spend an additional 2-3x that on other things in the market like restaurants, grocery, gas, attractions, retail purchases, etc. I surprised myself and was impressed (apparently the city was not). I also ran a report and shared the results of what we have paid in sales tax plus hotel motel tax on that same period - holy cow it was a lot - Happy Passover and Happy Easter y'all -

I have had a code of ethics and vision statement from day one- Note I also pulled from VRMA's

Vision Statement for Ranch Abalone Bay

Vision statement of Sea Ranch Abalone Bay and its mission is guided by continuous value-driven improvement and commitment to community.

searanchabalonebay.com

 

[SScurlock]

This is a great idea. I remember reading a post several months ago about how money spent locally on short-term rentals multiplied several times as it was recirculated in the local community. I think it was here on vrmb. I thought I had saved it, but I can't find it now. Does anyone remember it and how to find it?

 

[Matt Landau]

AlexC wasnt this you?

 

[KarenHunt]

On the Portland, OR front, we have just successfully replaced Vacasa's seat on the Board of Travel Portland with one of our own! Vacasa was an invisible player, our City recognizes the value of short term rentals and wants more input. So now we have 2 Host2Host seats on the Board! Regarding economic impact, STRs are getting a lot more respect since it was our tax income that kept them going during the pandemic.

Attached is a report done by one of our board members. The City was delighted to receive it.

this report is very interesting and the cities should all be very open to working with STRs.

 

[Curated Stays]

I posted this recently in a local FB STR group.

Advocating for Short-Term Rentals: Keeping a Good Local Reputation
The best defense is a good offense and we are our best advocates.
There are so many benefits to having short-term rentals in the neighborhood, boons to neighbors and not just owners, but we need to keep those in the forefronts of the community's minds.
1. We have well-kept and attractive properties. We need to keep our properties in tip-top shape due to our competitive standards and review system.
2. We help increase property values. Having short-term rentals nearby specifically actually increases both rent and home sale prices (specifically, a 10 percent increase in Airbnb listings leads to a 0.42 percent increase in rents and a 0.76 percent increase in house prices), according to a 2017 study).
3. STRs have a larger positive economic impact than long-term rentals. Short-term vacation rentals can bring a positive economic impact to a city or county in several ways. For example, they can provide a city with an additional income through tax revenues. At the same time, short-term vacation rental guests can benefit the community as a whole in terms of economic benefit because guests will spend their money in other visitor-related amenities such as restaurants, bars, and museums.
The overall tax revenue generated in Abilene due to travel was $49.9 million, up 26.3% from 2021. Additionally, Abilene Convention and Visitors Bureau reported travel employment was also up by 7.2%, with more than 3,800 employed in the travel industry in Abilene. https://www.bigcountryhomepage.com/.../abilenes-hero.../...(KTAB%2FKRBC,economic%20impact%20of%20%24515.2%20million.
4. We vet your temporary neighbors. We don’t let just anyone stay in our homes and both they and we are answerable for any shenanigans.
5. Regrettably, long-term renters historically tear down properties and property values. (If you don’t care for living next to your neighbor for just a weekend, imagine having to live next to him for a year as opposed to two days.)
6. We create and support local employment: cleaning, repair, lawn care, maintaining the property, etc.
7. We provide a neighborhood home for your extended family to stay together when they come to visit you. “Negative associations with neighborhood rentals dropped when respondents reported personal experiences with them in their own neighborhood,” reads a recent report by Porch.com.