Well here we are 2021, after such a crazy year we are ready to face another one, however what really can we expect for the Short Term Rental Sector in 2021 ?. Prior to COVID 19 hitting the hospitality industry with the biggest mountain to overcome in history the Short Term Rental Sector was growing at an incredible rate, with no real reason to look like it would slow down. ( How Wrong Could We Be )
As 2021 starts many Short Term Rental Operators are looking to see more rentals, and more incomes, however experts and thought leaders are highlighting very clearly that their is a new landscape and its time to adapt to new consumer demands to ensure bookings are made and not lost to competitors who are adapting and taking the business.
Two Huge Markets that Short Term Rental Operators need to concentrate on are
StayCation & Corporate Stays
These two markets are certainly going to be 80% of the business for Short Term Rentals, but how do we go about getting such business and marketing our Short Term Rental Businesses to these consumers, and of course to win the business over our competitors.
Well the first item on your Agenda needs to be “YOUR TRUST STRATEGY” What is this you may ask, well it is not rocket science that consumers are looking to rent properties from legitimate and trustworthy operators and NOT from the many fraudulent operators who are causing serious problems to our industry and damaging consumer TRUST.
So TRUST yes it is so crucial, although TRUST in Short Term Rentals is not that easy to showcase, to be able to provide 100% trust you must have already provided your services to someone, and therefore they trust you, but in order for this to happen they have to make a leap of trust and kind of hope for the best, and hope that booking through you will not be problematic…..Its very rare any consumer will take such risks and therefore results in what we call a ” Walk Away” a missed guest, missed revenue.
This is where I-PRAC has played a huge role in creating the logo of TRUST for Short Term Rental Providers. Becoming I-PRAC approved you are showcasing to your potential guest that you have gone through a rigorous and robust approval process from the leading industry TRUST certification, and you are NOW a member of I-PRAC your credentials have been approved and any booking made to you is 100% guaranteed through the I-PRAC register booking guarantee.
After many of webinars, podcasts, interviews, discussions, online conferences, the message is clear, if you are not investing in showcasing TRUST and CONFIDENCE through I-PRAC certification, then you will be missing out on close to 40% of potential bookings.
In October 2020, I-PRAC carried out an online survey where we asked 100 consumers of STR, and without going into the whole stats in this article, it was clear that the average consumer would be either booking through an OTA or looking to book direct from a legitimate and trustworthy operator who can provide certification credentials, such as I-PRAC.
Investing in your TRUST STRATEGY is the smart way to achieve success in 2021…….