The Vacation Rental Management Association (VRMA) International 2024 event was a pivotal platform for discussions among property managers, industry experts, and technology innovators, including PriceLabs. The focus was on shaping the future of the vacation rental sector through education, networking, and collaboration.
Our diverse team, comprising members from leadership, sales, marketing, design, and product development, attended the VRMA International 2024 event sponsored by PriceLabs with more than 2,500 vacation rental professionals.
Key Discussions and Insights
Panel Participation
Amber Prickett, Solutions Consultant at PriceLabs, participated in a panel titled “How Property Managers Can Keep Owners Happy and Engaged,” which shared survey (done with property managers handling 11-500 properties) insights aimed at enhancing communication and relationships between property managers and short-term rental homeowners.
The survey covered:
- Tools used for owner communication: Include property management systems, operating systems, and analytics platforms.
- Responsibility for communication: 38.7% voted for dedicated personnel for owner relations, 32.3% for the head of the company, and 12.9% for the operations manager.
- Preferred communication channels: Include e-mail (87.1%), phone (46.2%), and in-person (38.7%)
- Communication ratings: Participants rated their communication abilities, with 26.9% rating themselves an 8 and 24.7% rating themselves a 9.
Key takeaways:
- Invest in different owner engagement strategies
- Conduct regular surveys to track owner satisfaction
- Schedule one-on-one meetings for personalized communication
- Organize in-person events to foster community
Product Showcase:
Becca Madigan, Solutions Consultant Manager, highlighted the recently launched Report Builder. This tool simplifies revenue analysis for property managers by allowing them to create, customize, and save automatically updated reports that provide comprehensive insights into their portfolio’s performance.
Observations from Team PriceLabs
Our team noted several significant trends:
- First-Time Travelers: 30% of OneKey travelers are first-time Vrbo bookers.
- Increased Spending: These travelers spend 22% more per night on vacation rentals and 37% more on local activities, which supports small business growth.
- Longer Stays: Vrbo guests tend to stay longer than average.
- Marketing Reach: Vrbo effectively drives demand through extensive advertising channels, including TV and digital ads, reaching millions across platforms like Facebook (4.9M) and TikTok (2.4M).
- Strategic Partnerships: Collaborations like the Vrbo Fiesta Bowl enhance visibility.
- Diverse Traffic Sources: Traffic comes from various sources, including Google, email campaigns, and Expedia’s network, bolstered by the OneKey loyalty program.
Emerging Travel Trends for 2025
Looking ahead to 2025, several key trends are anticipated:
- Supply & Demand: In 2024, demand is stabilizing with a shift in booking patterns: lower ADRs and shorter booking windows.
- Economic Factors: Inflation, natural disasters, and regulatory changes affect the market, but demand stays resilient.
- Traveler Preferences: Guests seek pricing transparency, flexible cancellation policies, and professionalism, with 76% verifying whether a property is professionally managed.
The insights gained at VRMA International 2024 highlight the evolving landscape of the vacation rental industry and emphasize the importance of adaptability and innovation for property managers in the future.