Maximizing Rental Property Returns: How Profitable Is Our Industry?
If you’re researching the vacation rental industry, aka short-term rentals or airbnbs, and wonder what the potential is for short-term property management franchise profit, we can tell you it depends. Profit potential depends on what business model you follow and what company and brand you partner with for business.
iTrip® offers franchisees a time-tested business model, industry leading marketing strategies, cutting-edge technology, and more benefits that drive growth to increase profit potential. iTrip has managed to lead the short-term rental property management industry for 15 years and allows franchisees to focus on utilizing the best tools in the industry and scaling their franchise!
Important Industry Drivers for Private Accommodations
The pandemic challenged us in many ways, but it also provided workers a new ability to work from home and without the hassle of a morning commute. Remote work has become the norm for millions of Americans.
Today, many employees are what data experts call “digital nomads,” those employees who choose to work from places away from the home or corporate office. Often called “leisure time,” this option combines business with leisure and is part of what currently fuels the travel industry. Just take a look at these stats:
- $855B: Projected revenue of the travel and tourism market for 2023
- 4.42%: Projected annual industry growth rate for 2023-2027
- $1,016B: Projected market volume by 2027
Furthermore, today’s traveler appreciates an experience that’s easy and straightforward. iTrip’s software creates a hassle-free guest experience through integrations that mean easy bookings, quick communication, virtual check-in, and other features for guests.
A short-term rental manager who offers property owners and guests quick, personal responses and boutique-level care is ahead of the game. This increases the chances of repeat business and ongoing business relationships.
Low Operation Overhead
Profit in any industry also depends on overhead —the costs of running a business that are not directly related to producing a good or service. One of the most important benefits of a property management franchise with iTrip is our low overhead costs. There’s no need for a storefront or brick-and-mortar location and the accompanying expenses.
All an iTrip franchise requires is a smartphone, computer, and the commitment to networking with your community on a regular basis. Additionally, there is no reason for additional employees, and our in-house processes and procedures help run much of your business from the comfort and convenience of home.
To find out more about how iTrip helps franchisees maximize the potential for short-term rental property management franchise profit, reach out to our team today!