This fourth year of attending the VRWS (Vacation Rental World Summit) in Porto, Portugal, was again a huge success. Antonio really knows how to put on a meaningful show!!
My objective in attending was twofold:
- Learning and growing from best practices and new trends in the rental industry as a professional Vacation Rental Manager
- Gaining inspiration and connections to help put together a fantastic sequel to the “Rebook” conference to be held on Feb. 1 next year as the Co-President for our Alliance.
This event brought together industry leaders to reveal the latest insights and data trends that can give property managers a serious edge. From AI innovations to shifting market strategies, the event was packed with invaluable takeaways.
Sharing these essential insights drawn from the event and exploring how you can use them effectively…
1. AI in Action: Practical Tools for Property Managers
At the event, AI took center stage. The conversation has evolved beyond the hype, focusing on established uses of AI, such as dynamic pricing. AI-powered travel inspiration, Guest communication, and recommendations. Some OTA AI advancements include Booking.com’s upcoming launch of Smart Filters and Vrbo’s focus on connected trips.
Actionable insights for property managers:
- Leverage AI for Smart Decisions: Use AI tools to optimize your pricing strategies, reduce operational workload, and increase guest satisfaction.
- Inspiration and Upselling: AI can help market your properties by suggesting personalized travel experiences that align with guest preferences and that can generate incremental income.
- Stand Out with Smarter AI Insights: A deeper understanding of AI empowers property managers to make informed decisions about the right tools and confidently showcase their AI usage to property owners, distinguishing themselves from competitors.
- Increase Visibility with Smart Filters: Optimize your listings with relevant tags and descriptions to leverage AI-powered searches.
- Enhance Guest Experiences: Providing tailored services, such as local experiences and personalized amenities, can set you apart from competitors and create unforgettable stays for guests.
2. Regulations Loom Large: Anxiety and Proactive Mindsets in The Industry
Even in locations with minimal regulations, there’s already a proactive mindset toward staying ahead of potential changes. This highlights a broader trend across the industry, where recent restrictions and bans have put regulatory concerns at the forefront, causing anxiety among property managers everywhere.
Actionable insights for property managers:
- Staying Ahead of Regulations: Being prepared for regulatory changes is crucial, regardless of your location. It’s better to anticipate these shifts and adapt your business model than to scramble once new rules are in place. Viva PR STR Alliance was founded to be the voice of reason in Puerto Rico- embracing FAIR and REASONABLE approaches for all stakeholders. We urge you to become involved and to sign up for paid membership to support our organization- www.VivaPRalliance.com
- Opportunities for Professionalization: Instead of viewing regulations as a burden, consider them an opportunity to professionalize your business and gain a competitive edge.
- Beat the Anxiety: With growing uncertainty around regulations, being proactive and informed can help alleviate some of the stress and position you as a forward-thinking leader in the industry. Our monthly newsletter will keep you in the loop on what is happening on the Island and the Industry as a whole.
3. Guest Referral Networks: A Collaborative Approach
There was a growing focus on guest referral networks, emphasizing the idea of property managers collaborating instead of competing. Open round table conversations sparked discussions about building a genuinely international community of peers.
Actionable insights for property managers:
- Build a Community of Partners: Networking with other property managers can open up referral opportunities and create a support system that benefits all parties. This is part of the vision we have for our alliance as well!!
- Collaborate, Don’t Compete: Guest referrals can help you expand your guest base and improve occupancy rates without directly competing against other managers.
4. Market Trends: Price Sensitivity and The Push For Value
Recent data insights reveal a shift in traveler behavior, highlighting increased price sensitivity and the rising demand for value-driven experiences. Speakers noted a growing preference for 1-bed stays and shorter booking lengths, which signals travelers’ focus on budget-friendly options.
Actionable insights for property managers:
- Streamline Operations: Invest in tools that automate cleaning and maintenance processes to handle quick turnovers efficiently and reduce operational strain.
- Optimize for Short Stays: Adjust your pricing strategy to cater to guests looking for shorter stays while maximizing profitability through dynamic pricing.
- Highlight Value in Listings: Make your listings shine by emphasizing unique guest experiences, quality amenities, and value for money, helping your properties stand out in a competitive landscape.
Conclusion
Change is the only constant in the short-term rental game, and in 2024, it’s playing in overdrive. New rules, tech leaps, and traveler tastes are shaking things up faster than ever. We will be touching upon all these issues at “Reebok” with thought-provoking speakers and content experts, and of course, we will providing top-notch networking opportunities to learn from each other. Save the date: Saturday, Feb. 1, 2025, at the San Juan Convention Center. DO NOT MISS your opportunity to learn about staying competitive in an evolving market. See you there.
NEXT STOP: We will attend the VRMA conference in Phoenix, Arizona, this month, along with another 2000 attendees worldwide! Of course, we will share key insights and continue to selectively invite some fantastic resources and vendors to participate and meet you at “Rebook 2025.”
Alma Bair
Co-Founder Viva PR STR Alliance
Data Credit reference to: Uvika Wahi Content Lead, Rental Scale-Up
