A Must Read Vacation Rental Industry Warning
We wrote this article to bring you and your vacation rental business value that will save you time, money and energy. Why? Because I want you to keep winning and growing your business! There is an epidemic going on throughout the vacation rental industry and it is getting harder and harder to watch so many businesses slowly decline in revenue and, even worse, go out of business or be forced to sell.
Airbnb, VRBO, HomeAway, etc. are infectious to use long term when you’re using them as the primary heartbeat of online bookings in this industry. Are they great tools to generate bookings for our properties? No doubt about it, but are they the only way? If you’re relying on online travel agencies as the main source for bookings in your business I can promise you it is a ticking time bomb.
Don’t Put All Of Your Eggs In One Basket – Warren Buffett
Let’s use one of the largest Vacation Rental markets in America as an example. The Smoky Mountain market in East Tennessee where over 10 million people a year come to enjoy their family vacation. This market has upwards of over 9,000 vacation rentals and you better believe platforms like Airbnb and HomeAway are not the only channels producing bookings.
WHY? Because these channels have been abused and used by every person or vacation rental business out there looking to make money fast and easy. Issue is that using online travel agencies has never been a sustainable model. So many times we have seen businesses start and grow using this platform but as these booking channels have become crowded and bombarded with more and more properties being added every single day, their bookings have started to decrease due to their properties not receiving the attention they once were. So what does this mean? Loss of bookings A.K.A. revenue decline!
What is the Cure to the Disease?
All you need is attention. That’s it. Attention is the CURE. In this industry, attention is the commodity that is bought and sold on the daily. Smart business owners understand that when attention can be bought for the right price, it can be flipped for a profit, increasing your ROI.
So what’s the process? I thought you would never ask. The process is a little more complex than the diagnosis BUT it has been perfected by a team of 31 professionals here at IMEG. We have built over 51 products and services that help our clients buy attention at the lowest cost possible and convert that attention into DIRECT BOOKINGS. This is where you’re going to get excited.
Keeping Your Business Healthy
So how do you implement a plan and process that will generate direct bookings in your vacation business to save it from falling ill to the epidemic? We will analyze your business from top to bottom to see if we can help you in bringing your business to a point where it can thrive and GROW in this industry. I look forward to connecting with you in the future and, as always, thank you for your time and attention.
- How much of my revenue is coming from online travel agencies? (i.e. Airbnb, HomeAway, Booking.com, VRBO, etc )
- Why did I get in this industry in the first place?
- What is my goal 1 year from now for my business?