Coming off the summer 2009 vacation season, there were glimmers of hope on the horizon. The term “staycation”, popular amid the depths of the economic downturn during the first quarter of 2009 seemed to slowly be eradicated from the popular press. Hotels and resorts lured clients by offering $99/night rates with value-added amenities thrown in (children eat free at Ritz-Carlton). Gas prices stabilized with a national average of $2.49/gallon a 37% decrease when compared to July 2008. Better economic news was the catalyst to spur travelers to consider at minimum a short vacation within their drive-time markets. Those opting for air travel were surprised by higher air-fares (due to reduction in capacity) and an increase in over-sold flights.
The following White Paper recognizes the changing outlook concerning vacation culture.
The acceptance of “last-minute bookings” as the new normal
Reduced rates/REVPAR (Revenue Per Available Room Night) for the foreseeable future
Increase in incentive/corporate travel as businesses exit the recession
The value orientation proposition
Even during the past two quarters of economic uncertainty, the growing popularity of vacation home rentals continues. Although supply has exceeded demand at present, future growth coupled with a diversity of supply worldwide may provide a healthy balance in the marketplace.
There are many options on the web to expose your vacation rental. Many begin by using their social networking connections to expose their rental to family and friends (be forewarned, they will be asking for a stay discounted or gratis). Others may consider sites including Vacation Rental by Owner which due to its ever increasing volume is cluttered and confusing.
At TheSociety.com we have been most proactive concerning marketing via the Internet. Our newest product, The Global Bundle has received tremendous response. The Bundle offers vacation homeowners the option to target specific audiences from deluxe and luxury vacationers to those residing in feeder markets to your destination. With exposure options including LuxuryRealEstate.com, WSJ Online, HomeAway.com, LuxuryTravelMagazine.com and other sites, you can opt for the full Bundle or consider an a’la carte package. No matter what options are chosen, we guarantee excellent exposure and all requests are routed to you directly for you to screen, review and respond to.
“Before the Global Bundle I had my beach house in the Hamptons listed by local brokers advising they had the lock on the market for vacation rentals. After a dismal season, I opted for the Global Bundle. Within 48 hours, I had received multiple rental requests and the first booking paid for the Global Bundle+”. East Hampton, New York
There are many options concerning classified ads, the following is a brief overview:
Online Classifieds i.e. Craigslist: The online world has opened up many opportunities, We believe The Global Bundle with HomeAway and 5 Craigslist markets will get you the most exposure for the least amount of money.
“Guys, thank you for your Craigslist posting. I followed your advice concerning my home in Vail and placed ads in New York, Chicago, Miami, San Francisco and Denver. All those markets have non-stop air service into Eagle and my e-mail has been buzzing with requests. Thank you again.”
Newspaper: Consider ads in your local newspaper (assuming the destination is within “drive-time” and/or in the community where the vacation rental is located (potential vacationers may review the classifieds on-line or will review while vacationing for their next trip)
Magazines: Specialty magazines are excellent opportunity to target an audience. Ski and Skiing magazines are favorites among those with vacation rentals in “snow country”. Be forewarned, for major resort areas, the many ads lead to “clutter on the page”. Spend a few dollars on enhanced borders, highlights, bold and so forth.
Personal E-Mail Advertising: As a witty message to your e-mail signature block about your vacation hoe including a picture and a link. For example: If I am e-mailing, I am not on the slopes of Aspen, thus my vacation home is available for rental, check it out at:_____________________
As mentioned in the Staycation blog, free nights are a most attractive inducement to booking a vacation. While free nights are a discount, it does not diminish set rates. We are aware many properties are reducing rates to attract clients. While we are not opposed to this practice, in the future when rates rise, there will be some resistance when clients remember the heavily discounted rates.
We suggest offering free nights as follows:
“Book 7 Nights, Pay for 5” or
“Extend your vacation, book 5 nights; stay two additional nights on us”
While still extending a discounted rate, you are still able to 1) retain posted rack rates, 2) avoid hours revising rate sheets and 3) provide guests a bonus by offering free nights.
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There are many options concerning classified ads, the following is a brief overview: