In the recovery phase, short-term rental property managers will have an opportunity to capture new traveller segments and markets.
BARCELONA – The current mobility crisis is likely to create an even greater demand for travel in the future. The collective cabin fever the world is experiencing will undoubtedly produce an appetite for discovering new destinations. The effects of the lockdown coupled with confusing travel restrictions will shift travel and traveller trends. Property managers who stay on top of these trends by managing their marketing distribution will pave the way for recovery and the rebuilding of their businesses.
In the recovery phase, short-term rental property managers will have an opportunity to capture new traveller segments and markets. Understanding that the trends will also change over different phases in time can help build momentum in growing bookings. For instance, in the short term, travel will be focused on reunion, family and close proximity trips. This will quickly shift to domestic travel, perhaps incorporating nature and transformational experiences.
To capture early demand, Rentals United has found bookings to shift towards that of domestic travel and mid-term rentals in this recovery and rebuilding phase. Rentals United statistics has seen a 20 percentage point increase in guests travelling within the same country compared with the previous year. Furthermore, across all the countries where Rentals United distributes short-term rentals there is an increase in the average number of nights booked compared to the same time in 2019.
As demand picks up, the competition for bookings will be fiercer than ever. The key to successful recovery is distribution. Rentals United has found 33% of property managers distribute across 4-5 listing sites. Property managers who want to stay ahead of the game need to adapt their marketing mix to attract new traveller types, reach new markets and respond to changed traveller needs. And this can be done by carefully shifting distribution to a diverse mix.
Rentals United has created Getting Bookings in 2020: The Advanced Guide. The 40-page eBook contains comprehensive research on recovery tactics and processes for the short-term rental industry. Property managers can gain expert advice on distribution, shifting traveller behaviours, travel trends, health and safety measures, and pricing strategies.
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.