Matt Landau
  • Founder, VRMB

Monday Morning Motivation [Validation]

This week will mark the end of an 8-month vacation rental fact-finding mission around the world filming Season 2 of A Sense of Place (premier in just a few weeks!) In this time, I visited 14 cities (Las Vegas, San Antonio, Phoenix, Boise, Bowen Island, Park City, New Orleans, Rio de Janeiro, Montevideo, Lisbon, Budapest, Bali, St. John, Lindsborg, Kansas), gave several keynote presentations, hosted a number of private roundtable workshops, and personally sat down for meals with hundreds of independent vacation rental pros...typically asking a few thought-provoking questions up front and then listening carefully to their words. For hours.

One interesting theme I noticed throughout my trip was that vacation rental pioneers these days are laser focused on many of the same activities as the world’s most established and respected travel companies. Ironically, many of these activities actually play to the advantage of the smaller organization (channeling a consistent personality, treating each guest in a particular way, thinking outside the box on a regular basis): in many of these areas moving forward, the pinnacle of hospitality might be easier to reach the smaller you are. Here are four big validators -- incredible reminders that we not only onto something important but that our instinct was right all along.

The feeling of premium: One new and very exciting trend is the way in which vacation rental hosts are choosing to personalize their guests stay: from special gifts to bespoke tips, the ability to listen what guests want in the booking process and then personalize some element of the stay is becoming a new luxury in travel. And the new premium does not require spending money: it’s something all hosts can excel at.
ACTION: You cannot personalize without knowing what the guests want so be proactive and ask the right questions ahead of the stay.
[NOTE: In our upcoming workshop, The New Feeling of Premium, we will explore how to capitalize here.]

The resurgence of the Rolodex: Today’s travelers — wherever they stay, whatever their budget — are increasingly dealing in one prized currency and that is access: the chance to go behind the scenes, meet the people..etc. And this access may just be the most precious untapped resource we have as vacation rental hosts: a goldmine of local wisdom which, when shared, can rival even the most connected hotel concierges in the world.
ACTION: Consider formalizing and even “monetizing” your Roladexes with this in mind.

The right kind of resistant (to technology): Despite the incredible amount of new tech available, there are certain areas of the business such as check-ins, marketing, and customer service that many hosts are not willing to automate for (justifiable) fear of dropping standards. It’s unlikely these manual non-negotiables will change anytime soon but fortunately these are also items that many hosts enjoy or are good at anyway.
ACTION: By using technology where possible, but not hesitating to reject it in some sacred areas that you know only humans can do best, you become a Limited Edition pro: one who builds a business that cannot be replicated by design.

The end product: In my travels I noticed a lot of vacation rental pros getting yanked around by hotel lobbies, municipalities, and in some cases OTA companies. But what seems to be the one saving grace is that we control the end product: the vacation rental property itself. With that comes property rights, direct interaction with guests, and a real stake in the local community. It throws a wrench in the conventional hospitality power structures and when push comes to shove, vacation rental pros’ (as a collective) will have the final say.
ACTION: Do not overlook or relinquish this control -- it is arguably the most precious asset that any company in our industry (big or small) can possess.

Open-Ended Questions: Beyond just my personal interactions over the past 8 months, I've observed some of the most influential hotel executives talking about this stuff too. Does validation help in our business? Does seeing the greater trend or hearing experts back-up our instincts matter?
 

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