With the conclusion of RezFest 2007 in Aspen, CO, we are very excited. The industry continues to move forward technologically which should unlock the potential marketplace value that exists. One thing that was clear is property managers are proactively seeking new online tools to rent properties.  As with any industry, there are innovators and traditionalists and the vacation rental industry is no different.  It was apparent at RezFest some property managers embrace the shift to online booking, advertising, listing, etc. while others find that what has worked in the past still suits their business model.

Of course the driving factor in all this is the guest who expects to be able to search for vacation rentals and find meaningful results. Not to mention find information on local activities, prior guest reviews and suggestions.  This topic was a prominent topic in the keynote address given by Travelocity’s former CEO, Terry Jones. He outlined the changes in the online travel world and what it means for the property management industry.  Mr. Jones addressed the 300-plus property managers in attendance by saying, “…people aren’t renting your properties solely to stay in the home, they rent your property because it’s in proximity to local activities they want to engage in.”  Without the aid of an online presence that offers activity search tools that guests demand, property managers lacking in this area will find themselves on the outside looking in.

It’s the duty of property managers to educate themselves on the benefits that the online arena has to offer.  In the same vein, vacation rental websites like TheSociety.com who offer the platform and tools addressing these needs are available now and can aid property managers looking to take advantage of this online trend.  As with any change, the process can seem overwhelming, but there is no doubt the shift toward a more sophisticated and efficient way to rent vacation properties is occurring now.