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Flexcations are the newest travel trend and vacation rentals are coming in at the top of the list for travelers to book. What is a flexcation you might ask? As described by Forbes, families who are booking vacation rental trips later in August, September and October, consider staying longer to mix work and play, and often get better value in high-demand locales. According to data collected by VRBO, 50% of those surveyed agreed that flexible school schedules provide more flexibility in vacationing, while 48% said they can work from anywhere. In this article, we are going to discuss the top …

In a time when everything is unknown, inconsistent, and unprecedented, one thing your vacation rental management company can stay confident in is a solid pricing strategy. Having a team of revenue managers, the appropriate tools implemented, and a strategy to follow is the key to optimizing your pricing according to your demand. In this article we will talk about just that, the strategy behind your pricing, who manages that, and the tools needed to execute.  Dynamic Pricing in Vacation Rentals There are many pricing strategies out there, but dynamic pricing is the one that is taking the vacation rental industry …

  Guest satisfaction is the key to locking in the guest as a returning visitor. Many factors play a part in guest satisfaction from the time they book to the follow-up after they returned home. It is important that your vacation rental management company captures how the guest really feels after they leave. This will help give you the opportunity to create repeat guests as well as act on common suggestions and negative feedback. How do you gain insightful feedback post departure you may ask? That’s easy, utilize a property management system (PMS) and Customer Relationship Manager (CRM) that implements …

This is a glimpse into what you’ll learn about in the eBook: Triggers and Automations to Create Profitability and Efficiency. Download it here.  When running a Vacation Rental Management Company (VRMC) one of the main goals is to run efficient operations and guest services that exceed the guests expectations. The answer to this? Triggers and automations in your Property Management System (PMS).  VRMB recently released the Evolution of The Modern Vacation Rental Manager which has 3 sections expressing PMS feature importance after interviewing thousands of property managers.  In Section 1 they have taken features and their importance contingent on the …

  Keeping your guests and employees safe and healthy is your number one priority and has been brought more into the light due to COVID-19. To make sure that your homes are following sanitation and cleanliness standards, implementing availability gap nights might be required. This means that you are keeping your properties vacant between reservations to allow housekeeping to do their best job, as well as following recommended guidelines for the disease to die. Originally initiated by Airbnb, TRACK Hospitality Software implemented an availability gap night feature to create efficiency and ease while your property navigates through these ever-changing times. …

Cleaning and sanitizing after guests is no small task when there is not a pandemic at hand. Queue pandemic making sanitation and cleanliness not only important, it is something that must be kept top of mind at all times.  When guest’s minds are not at ease, it is important as a property to openly communicate with guests and employees about the precautions you are taking to keep them safe and healthy. In this article we provide examples of updated websites with cleaning and sanitation checklists, resources to educate yourself and your team, as well as actionable strategies to implement. Strategies …

  It is a common practice for vacation rental management companies to send out a month-end report to their owners. Owners appreciate receiving these reports because it is their view into the performance of their investment. These important reports can include collected rent, deducted property management fees, itemized maintenance, and more making this a tiresome task for some. So, as a VRMC you should implement a process and also a property management system that can conduct this monthly task accurately and efficiently. In this article we will look at the value your property management software should provide during the month-end …

  Scaling a Vacation Rental Management Company (VRMC) is difficult, finding exceptional owners to help you scale might be even more difficult, then understanding the relationship of a VRMC and the owner is a whole new level. So let’s take it back to the basics. You are going to learn in this article the difference between a VRMC and an owner then deep dive into the top 9 expectations your VRMC needs to set with its owner to create a healthy, working relationship.  Vacation Rental Management Company VS Owners   With the trend of travelers looking for experiences, a homey …

In the last few years, revenue management has become very important for Vacation Rental Management Companies (VRMC) to stay competitive, maximize revenue, and increase occupancy. Determining the rates your vacation rental management company should be charging is a complex and difficult task without a pandemic taking place. Fast forward to March 2020 when reservations are pacing downwards, urban markets are seeing as high as 70% cancellation rates, and the travel industry hits uncharted territory making revenue management less of a luxury and more of a requirement to stay afloat and create a thriving future for your company.  Here we will …