Three Trends That Are Influencing the Private Accommodations Industry and How We Fit In!
At some point, just about every industry will find itself having to respond to change, good or bad, and the private accommodations industry is certainly no different. In fact, ours is currently in the middle of explosive growth, thanks in part to savvy consumers who know the value and convenience of private accommodations during travel. Anyone interested in opening a property management business would be wise to pay attention to the advances being made in our industry — and better still, partner with a brand like iTrip to leverage our knowledge and our support! But what are some of the trends we’re seeing right now? Let’s take a look at a few of the more important ones.
Remote Workers Are Fueling Our Industry
The pandemic has meant a lot of upheaval for a lot of us, but as with many storms, there are silver linings, too. In our industry’s case, COVID has demonstrated to millions of employers and employees just how easy and smart it is to work remotely. As a result, many employees with the means and the opportunity are looking for ways to work from home away from home and are searching out new destinations from which to do so.
Industry data shows that these guests are increasingly looking for opportunities to explore new areas while supporting remote work and temporary relocations. These same travelers are also booking for longer periods of time — for a month or more, as they settle into new surroundings often with family and pets in tow! The bottom line is, working from home is becoming working from any home, and as part of the private accommodations industry, the iTrip brand is benefiting immensely from that.
Harnessing the Power of Multiple Listing Sites
In order to maintain a stable occupancy rate during the pandemic, many hosts and property management businesses turned to listing on multiple platforms to reach more travelers, a strategy that paid off. iTrip has always seen the wisdom in this approach and has taken it to the next level! Our deep relationships (80+) with powerhouse listing sites like Airbnb, Booking.com, Vrbo, and more, mean our franchisees can be sure their properties are being seen by thousands of eyes every day — driving bookings and revenue. Furthermore, our proprietary software, system integrations, and franchise app help iTrip franchisees manage listings efficiently, allowing them to rank higher in search results, which can add up to more bookings and more revenue!
Technology Will Remain Crucial
The challenges of the pandemic have made this much clear: simplifying any process, particularly in business, can mean advantages you might not see otherwise. This outcome has become especially true in the private accommodations industry, where software solutions and automation tools can simplify managing a property remotely during a time when social distancing is still very much on people’s minds. Contactless hosting and digital communication, for example, will continue to play key roles in our industry in order to provide safe, secure, and seamless guest experiences.
And here again, iTrip franchisees are one step ahead. We’re a technology company first, with industry-leading software and platforms that allow our partners to manage all aspects of their businesses — from finding new property owner clients to listing and renting new properties to communicating with our property management experts and their property owners — all from their computers and smartphones!
As an iTrip franchisee, this kind of efficiency at your fingertips will not only allow you to oversee your properties smoothly; it can also help to lower operational costs and keep you focused on what matters most — growth!
Ready to find out more about a property management business with iTrip? Reach out today!