Beginning of the month I attended the Eastern VRMA conference in Myrtle Beach. The weather was encouraging to stay inside an attend sessions. Below is a list of some of the topics discussed.
Opening Session on Industry Trends – the following were discussed:
1. CRM (Customer Relationship Management) – Improved and more detailed tracking of guest information, reservations, experience; Contact guests prior to arrival; Know past guest preferences, information on guest and on owners; Use surveys
2. Employee relations – Retention, staffing, empower employees
3. Disaster Recovery – Be prepared, have a back-up system, information, and operations plan
4. Owner relations – Annual party, newsletter
5. Operations – Managing partying kids, Expedited evictions with local police
6. Marketing – Website: search, online booking, add info on how to make a booking, Email mktg
7. Competition – We are in the hospitality industry, Competition is broad, Mgmt companies that run hotels/condos
In the Closing Session, the following topics came up as ‘things that are keeping vacation rental managers up at night’:
1. Cancellation fees
2. Real Estate Commission fees
3. Increasing call volume & Increasing closing rates
4. Picking up more properties
5. Picking up more business in shoulder season
6. Contracts with owners re. renewal of contracts and reservations already made
7. Marketing campaign budget allocation
8. Marketing to younger generation
9. Promoting less successful properties in the portfolio
10. Staffing housekeeping – preventing problems, most common complaints
Next week I will be attending the Florida VRMA conference in Orlando.
Tags: vacation home rental, vacation property manager, vacation rental owner, vacation rental software
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on Wednesday, April 16th, 2008 at 4:03 pm and is filed under Industry Trends, LiveRez News.
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