1. FAMILY IS ALWAYS #1
The world of travel has changed significantly in just the past two years alone introducing the accommodation sector to whole new demographics of travellers.
Sure, family travel is nothing new, but many are now preferring the flexibility, space, and independence an STR offers compared to a hotel which is now seen as cramped and limiting. According to Airbnb’s Travel Report for 2022, global family travel has spiked from 27% of all overnight travel in 2019 to 33% in 2021. This is even more pronounced in the US where it went from 31% in 2019 to 42% in 2021. Providing amenities for families and recognizing families in your marketing (especially the kids!) can make for many repeat visits to your property and long-term revenue for you as an owner.
2. ENHANCED TECH
One of the biggest reasons ShortTerm Rentals (STR) is seeing such growth and success is because of companies like Airbnb and VRBO leveraging smart technology. Booking online, checking in process, communication via texting, digital payments, guest screening, smart locks, digital thermostats, digital house rules etc are just a handful of examples of how technology has helped streamline guest and operation processes which in turn save you, the owner, time and money.
Investing in tech can save you money by streamlining processes and operations, and it can also help protect your STR investment. Companies like NOISEAWARE, and MINUT, provide decibel-sensitive devices that can alert you in real-time when things are getting rowdy at your rental so you can control noise situations well before they get out of control.
Occupancy sensors are great for detecting crowds or letting you know that no one is home, but the AC is cranked on full, allowing you through your digital thermostat to reduce consumption, and your energy bill, and do Mother Nature a big favour by reducing your carbon footprint.
Smart locks are one of the best investments you can make as they allow guests to check-in themselves without the hassle of key boxes, lost keys, or needing your presence onsite because guests can’t access the unit. Companies like MIWA Canada provide can provide a reliable smart lock solution that will make things so much easier for you and your guests.
Hydeaway Stay provides all of these tech options and more to our clients. Click here today to learn more about our comprehensive tech solution.
3. WORK FROM ANYWHERE
Working From Home (WFH) is a post-pandemic phenomenon that, for some companies, will remain in place for the foreseeable future. Digital Nomads are employees who can work from anywhere with a decent internet connection and cell phone service. Digital Nomads are characterized by their flexibility, self-motivation, hunger for adventure, organizational/time management skills, discipline, and most importantly, long stays. Providing a “work zone” in your STR with features such as a laptop dock with ample charging ports, or a plug & play large widescreen computer monitor, can make attracting these potential long-stay guests a lot easier.
4. EARLY BIRD BOOKINGS
According to VRBO’s 2022 Trend Report, STR investors can expect bookings from 2-3 months before a peak season due to pent-up demand from the pandemic (so-called revenge travel), and a lack of STR inventory, especially in popular vacation destinations. 60% of travellers who were surveyed said that they would book earlier from now on compared to pre-pandemic bookings. That means you should watch pricing and demand curves so that you can make adjustments to maximize your Canmore Airbnb revenues. If you don’t even know where to start on how to monitor market demand or establish a competitive, you should consider hiring a professional manager like Hydeaway Stay to do this for you. Daily monitoring and future forecasting will translate to timely rate increases to your STRs and maximum profits for you.
5. MORE REGULATION ON THE WAY
The popularity and explosive growth of Short Term Rentals is hard to deny, and in many jurisdictions, supply still cannot meet demand. STRs are seen as much more profitable than traditional monthly rentals and many landlords have been taking advantage of the lack of government regulations to convert their rentals to STRs.
As seen in the following links, many municipalities see this as too much too fast and are now playing a legislative game of catch-up through permits, zoning, taxation, data collection, and regulatory laws. As an STR owner, you should research local regulations and laws or consult with professionals, like Hydeaway Stay, before investing in an STR. Be sure to read one of our other blog articles, the Top 10 Things to Consider Before Buying a Canmore Vacation Rental or contact us directly to find out more.
6. SPECIALIZATION & DIFFERENTIATION
Online Travel Agency (OTAs) platforms like Airbnb and VRBO offer a broad range of accommodation types, all at varying price points. Having this much choice is great for consumers, but it can also be confusing. Many STR owners and companies, such as Hydeaway Stay who are focused on premium/luxury accommodations, are finding success in focusing on specific market segments. Consumers are happier too because they can locate the STRs with the characteristics they specifically prefer without having to waste time sifting through endless options on giant OTAs like Airbnb. Consider specialization to target the clientele you want while gaining loyal and repeat guests to your property.
7. FULL-SERVICE PROPERTY MANAGEMENT
Operating an STR can be fun and rewarding. It can also present constant challenges that cause interruption, loss of free time, worry and angst. It’s doubly difficult to meet these almost daily challenges when you have your own obligations of work and home to meet. If you live a great distance from your STR, this only magnifies your challenges tenfold.
Full-Service Property Managers, like Hydeaway Stay, often have many years of hospitality and operational expertise and have operations based in the same area as your STR. When things go bump in the night, professional managers are there to first, take the call, and second, leverage their many connections in the local trades community, to get the problem fixed and your STR back to being profitable in the shortest time possible.
Having experts in charge of your operation means peace of mind for you and more often than not, maximum returns on your STR investment.
Many have tried to run their STR independently and have realized very early on what a commitment it is in terms of dedication and time. If you are looking for assistance with your STR, contact Hydeaway Stay anytime. We are happy to discuss management options with you today.
