The State of the Vacation Rental Industry (Kigo)

The State of the Vacation Rental Industry (Kigo)

When the vacation rental industry’s most respected names come together, inspiration is certain to arise. Today, experts from Airbnb, HomeAway, RealJoy Vacations, and Kigo sounded off in The State of the Vacation Rental Industry panel, sharing insights into everything from innovations in technology to new regulations impacting the space.

Here are some of the key topics that the experts discussed:

The short-term rental industry

“Internationally, there is quite a bit of space to grow in the vacation rental industry. The Chinese market is expanding quickly, and in 10-15 years, the Indian middle class will have more money, as well.”

– Robert Jackson, Senior Operations Manager, HomeAway

“The urban market is much less seasonal than the traditional vacation rental market, and demand is more consistent. It can be a challenge to market because unlike vacation spot for families, travelers in urban markets have different expectations. Reviews also matter 10x more. A single 1 star review early on can kill the business.”

–Alex Ward, Lead Special Projects, Global Host Operations, Airbnb

“We’re seeing a ‘hotelification’ in vacation rentals, and PMCs are adapting to what hotels do well. We’re taking customers away from hotels.”

–Micah Berg, CEO RealJoy Vacations

Professional managers

“Some of the top challenges property managers are facing today include building trust with prospective guests and marketing as widely as possible across channels. It’s important to pay attention to the trends and adopt to what the industry is telling you to do as soon as possible. If you don’t adopt, your client base will decrease and so will your prices. Change is good. My advice to vacation rental managers is don’t fight the waves, just jump in.”

–Micah Berg, CEO RealJoy Vacations

Regulations

“Educating yourself is extremely important so you know your liability as much as possible. You can quickly go from being compliant to not because of rapidly changing regulations in the vacation rental space.”

–Matthew Hoffman, Division Vice President, Kigo

“The more you can speak with local legislators, the better. PMCs are bringing travelers in and pumping economic activity into cities, and their voices are important.”

–Alex Ward, Lead Special Projects, Global Host Operations, Airbnb

Renters, travelers and guests

“Over the last five years, we have seen a huge shift in the way property management companies are serving guests. They are relinquishing old, antiquated practices, adopting new solutions to grow their businesses.”- Matthew Hoffman, Division Vice President, Kigo

Technology

“Vacation rental technology today is becoming an ecosystem that provides a 360-degree view and allows you to mitigate your risk.” -Matthew Hoffman, Division Vice President, Kigo

Thanks to Robert Jackson of HomeAway, Alex Ward of Airbnb and Micah Berg of RealJoy Vacations for sharing their insights with the RealWorld audience! For more information, visit Kigo