3 Takeaways From Heather & Mike Bayer’s VR Success Summit
Last weekend I flew to Toronto to attend Heather and Mike Bayer’s Vacation Rental Success Summit.
1. Meeting Likeminded People in Person
Likeminded VR Pros learning from one another every time. (left to right) Marcus Räder, Eric Mason, Deborah Labi, Rod Fitts, Sue and Richard Vaughton, Martin Picard, Maria Schuh, Jayne McCaw, myself
Managing your rentals can be not as easy at times: you feel the pressure of keeping up with constant changes affecting our day to day practice – restrictive regulations, increasing competition, pervasive OTAs rules – and question what should you do next to ensure you keep being successful at what you do.
2. Stay Up To Date On What’s Coming And Learn From Industry Pros to Stay Ahead of the Game
Andrew McConnell – VR Trends and what they mean for your marketing
Another great takeaway is the possibility to learn what’s new and trending today, which products are coming out and can make our life easier – both from a PM and Host point of view -, which direction may take our future and how to prepare so we don’t get crushed or go out of business. Or even learn what the future will be to predict whether we still want to be part of it or is it maybe time to consider an exit strategy.
I found quite fascinating Andrew McConnell’s analysis of the actual situation and its future possible implications and scenarios.
The size of the industry is projected to reach $170 Billion by 2019, with $204 Billion spent by guests by 2025. Loads of cash is pouring into funding companies in this space and we’re already seeing a consolidation that will likely bring to convergence in the near future. You can expect the biggies to get bigger. You can expect to compete with companies that run at a loss to buy market share and set others out of business. And you can expect an eventual shakeout that will leave a trace, like in all economic cycles witnessed in the past.
What does this all mean to us? In such a dynamic and challenging environment, we’ll be expected to deliver professional standards with the personal touch that makes us stand out. At the same time though, we’ll have to make sure we won’t be everything to everyone, in fact we’ll need to be exactly the right thing to the right people.
In conclusion, we won’t want to compete against the big players to try and beat them, for we stand a better chance to thrive if we take advantage of their platforms to build awareness over our own brand and provide an experience that’s unique, authentic and unparalleled to all our guests, who then become our biggest fans, and raving ambassadors of our own rentals back home.
3. Enthusiasm
Yes, many of your points hit home for me. Thank uu for the recap. Our area in Central Florida has grown to be one of the most competitive in the business and conversions are not as easy as they used to be. We have the leads but conversions remain our largest issue. Still, my enthusiasm never wavers as we are in a business that creates dreams for our guests and when speaking to them after their stay, it often reminds me of why we do what we do. Their stories of how much fun they had and how much they enjoyed the accommodations are always pleasing to hear.
Tracy Stephens , Owner, http://www.homes4uu.com . http://www.vacationhomebooking.com
Love the fact that your enthusiasm never weavers Tracy. We’re in a business that creates dreams and we’re there 99% of the time because we live the dream first, so we know how awesome it is. The gratitude and joy our guests share is a big motivator for us to keep doing what we do best and for them to share with their friends.
Very well summed up Antonio.
It was great seeing you again Terry. To the next one 🙂
Antonio – well said and such a nice surprise to see you in Toronto! VRSS2017 was a truly inspiring experience and so many thanks to Heather, Mike and their team for putting together a slick event. We too came home with lots of ideas [and excitement] to help us improve our business efficiency and the guest experience. So by the time we get all that together, it will be time to revisit friends in Europe and lean more at VRWS2017 in Florence.
Nice takeaways Antonio! And yes, thanks to Heather and Mike for a great conference. This was only my second industry conference, and I love that I have discovered so many people that do what I do! That have the same problems! Same experiences!! And new ones too!! And so many people that share their solutions too, besides so much to learn from the talks. It was a very fruitful time for me. These conferences definitely recharge you! Well worth the trip and I am really looking forward to seeing everyone again in Florence for the next round of learning, networking and support!
And hey, you’re an example to follow Debi. Based in Australia and ready to fly all over the world to step up your game. Your energy is contagious and so is your smile. See you in Florence.
I love reading the quotes from the property managers, it gives me a real sense of their true frustrations and what they face day to day. My goal is to see if I can help in some manner to make their day a bit easier, then I know I’ve done my job.
My enthusiasm has certainly waned, trying to keep up with the shift from VRBO to AirBNB (using both and others. To combat that, I am planning a trip to my VR. After all, that is why we bought it.