June 17, 2016
5 Reasons to Share in the Sharing Economy: How Property Managers are Using a New Company to Better Book
With economic, social, and environmental impact, the sharing economy by nature makes life more affordable, convenient, and efficient. Even so, vacation rental company VeryUs, is helping property managers and homeowners make sharing in the sharing economy better and easier.
Connecting social group travelers from all over the world, the company is allowing property managers and homeowners to increase bookings and solve low occupancy rates by renting large homes on a room by room basis.
Not only is this allowing homeowners and property managers to increase bookings, maximize revenue, and better target guests, the concept is likewise aligned with the travel trends that are driving the industry forward.
Here are 5 reasons to share in the sharing economy:
1. Better marketing
The U.S. vacation rental customer is getting younger: More than half of all rental travelers are 25 to 44 years-old, and the strongest growth is in the 18 to 44-year-old segment.
And not only are vacation rental users getting younger; 61% of vacation rentals guests like to travel with guests or family while only 34% of hotel and resort customers are groups and/or family. Even so, vacation rentals remain underpenetrated for this segment as only 17% of families and groups chose to stay in vacation rentals during their most recent trip.
By facilitating group trips by allowing individuals to book into larger groups, homeowners and property managers using VeryUs can appeal to a wider range of guests.
As we’re currently seeing the rise of experiential travel (which is particularly essential when appealing to millennials, who make up a large part of the fastest-growing segment of travelers), sharing in the sharing economy becomes even more appealing.
2. Maximize revenue
And not only does enabling individual bookings for social travelers allow homeowners and property managers to appeal to a wider group of quickly growing travelers; it can likewise help homeowners and property managers maximize revenue.
Rather than sell the home as a whole unit, sharing in the sharing economy makes it possible to sell individual units towards a full group reservation. With VeryUs intelligent pricing, the company can adjust minimum bedroom rates to boost occupancy yield and maximize revenue.
3. Increased bookings
VeryUs said it best themselves:
“Book a whole lot more by filling a whole lot less.”
By using social group booking to attract more guests, the company makes it even easier to access guests in the off-season and compete with other vacation rentals during peak times.
Additionally, by allowing partial bookings, homeowners and professional managers have the opportunity to appeal to even more guests—especially during the off season when the home has the potential to sit vacant.
4. Better travel experiences
As experiential travel is becoming increasingly paramount to the modern traveler, bring together groups with similar interests to offer a better travel experience.
By also attaching your vacation rental to local events and attractions, you’ll be able to promise lone travelers the chance to meet and share experiences with other guests with common interests. And because travelers are required to check in and check out on the same day, VeryUs helps by not interrupting your current daily business model by allowing access to today’s sharing economy traveler without turning your vacation property into a bed and breakfast. As a recent NewsPress article stated – “It’s like Airbnb, without the B&B!”
5. Further democratization of travel
Just as the sharing economy democratizes travel, enabling partial and individual bookings allows even more guests to access travel through the sharing economy, including luxury vacation rentals that are typically out of budget reach.
While a multi-bedroom home in Aspen, for example, may not be affordable to the common traveler at a steep price of $900 per night, that same traveler may be able to book a room at the rate of $180 per night while making new traveler connections along the way.
With easier social booking, marketing, and maximized revenue, will you be sharing in the sharing economy? Let us know in the comments below.