Top 3 Takeaways from the VRMA Spring Forum

This year's VRMA Spring Forum in New Orleans was a dynamic convergence of industry professionals, including property managers, vacation rental service providers, software providers, and passionate industry advocates.?

People gathered with a common purpose: to deepen connections within the community and collaborate on the future of the vacation rental industry.

As the CEO of Lake.com, a relative newcomer to the industry, it was fascinating to hear from seasoned experts and drink from the firehose.?

The forum's overarching theme, "Connect and Collaborate," set the stage for a productive exchange of ideas, emphasizing the importance of building strong networks and working together to address the industry's challenges and opportunities.??

With so much rich content, I wanted to pass along highlights from three of my favorite sessions.

#1. Vacation Rental Market - 2024 Second Half Outlook

Jason Sprenkle, CEO of Key Data Dashboard, provided an in-depth analysis of the upcoming trends for the second half of 2024 in the vacation rental industry. This session offered valuable insights into the expected shifts in market dynamics, focusing on supply, demand, and consumer behavior.

Key Takeaways:

• Supply and Demand Forecasts: Anticipate changes in the availability of properties and market demand for the latter half of 2024, influenced by ongoing global economic factors.
• Visitor Behavior Trends: Insights into what drives changes in visitor preferences and behaviors, including preferences for online travel agencies (OTAs) and changes in the length of stay.
• Economic Factors: Discussion on macroeconomic conditions that could impact vacation rental businesses, helping stakeholders make informed decisions.

#2. Outsmarting Competition: Unleashing Key Strategies for Success

Marki Carlson, Senior Customer Success Manager at Beyond held a great session offering her personal experience in serving hundreds of customers to optimizing their properties and property listings. The session offered valuable insights into leveraging data to enhance booking and pricing strategies in the highly competitive short-term rental (STR) market. Here are the key takeaways from Marki Carlson’s informative presentation:

Key Learning Outcomes:

• Understanding Search Data: Gain a deeper understanding of how potential vacationers search for rentals and how this data can significantly impact your revenue strategy.
• Utilizing Actionable Data Sets: Learn about specific data sets critical for understanding market demand and how to use this information to boost your booking rates.?
• Forward-Looking Data: Stressed the importance of using forward-facing search data and market analysis to anticipate market trends, optimize pricing, and stay ahead of the competition.
• Proactive Strategy Development: Transition your approach from a reactive to a proactive stance, anticipating market needs and adjusting your offerings accordingly to stay ahead of the competition.

Highlights of the Session:

• Market Insights: Insights into the saturation of the STR market and the importance of differentiating your property to attract more guests.
• Data-Driven Decisions: How to use search and booking data to make informed decisions that align with consumer trends and preferences.
• Strategic Pricing: Techniques for optimizing pricing based on comprehensive market analysis and real-time data to maximize occupancy and revenue.

Attendees of this session left equipped with practical strategies and a new perspective on using data to refine their business strategies, ultimately aiming to outsmart the competition and increase profitability.

And, as a bonus, Marki was kind enough to provide a market analysis on the Lake Huron, Georgian Bay, and Muskoka region, which I’m looking forward to digging into.

#3. Lessons Learned from Helping 700+ Short-Term Vacation Rental Managers with their Inventory Growth Efforts

I had the opportunity to attend a fascinating session led by Hunter Harrelson, CEO of Beachball Properties, and Brian Riggs, Co-Founder of Vintory, who shared their extensive experience in scaling vacation rental inventory. Here’s a summary of the invaluable lessons they imparted, based on their success in aiding over 700 vacation rental properties:

Key Learning Outcomes:

• Tailored Marketing Strategies: I learned the importance of customizing marketing efforts to meet the unique needs and challenges of our target audience effectively. This approach helps in addressing specific pain points directly, enhancing engagement and response rates.
• Integrated Marketing Channels: They emphasized the use of a mix of direct mail, digital ads, and regular email marketing to maintain constant communication with potential clients. This diversified approach ensures broader reach and frequency of message delivery.
• Effective Sales Techniques: The session detailed how to effectively apply features and benefits, unique selling propositions (USPs), social proof, trust icons, compelling offers, clear calls to action (CTAs), and strategies for risk reversal to improve conversion rates.
• Marketing Automation Tools: Hunter and Brian shared insights on the best lead and marketing automation tools available, which can streamline processes and increase efficiency in reaching out to potential clients.
• Psychometric Profiling for Hiring: An interesting take was on the use of the psychometric profiling tool Culturefit to identify the right personality types that thrive in sales and marketing roles, potentially tripling team results through optimal hiring practices.

This session was packed with actionable strategies and detailed examples of how adopting these practices can significantly enhance inventory growth in the competitive vacation rental market.

Get to Know the VRMA

The Vacation Rental Management Association (VRMA) serves as a global, professional platform dedicated to the development and advancement of the vacation rental industry. The association's core mission is to provide education, networking opportunities, and advocacy to ensure the growth and success of its members.?

By fostering a community of like-minded professionals, VRMA aims to elevate industry standards and advocate for the interests of vacation rental service providers on a broader scale. The Spring Forum is just one of the many initiatives VRMA undertakes to support this mission, offering a vital venue for members to gain knowledge, share best practices, and collectively work towards shaping the future of vacation rentals.

Save The Date

The next event is the annual 2024 VRMA International Conference, which will be held from October 14 to 17, 2024, in Phoenix, Arizona. This conference will bring together thousands of industry innovators, forward-thinking companies, and others.

I hope to see you there!