You are most likely acquainted with the idea that empty properties are being transformed to mini hotels with the least effort and a huge reward. Independently, the vacation rental brands have witnessed unimaginable growth over the last 20 years. The best thing about the rentals is that they represent a really innovative lifestyle which obscures the thin different between pleasure and business.
Initially, majority of the travelers were hesitant to try out such vacation rentals and even the hosts were not too comfortable about allowing complete strangers to stay in their personal area. This way, a movement has started and this is not going to be a fad. Vacation rentals are ‘in’ and they’re not only going to stay here for a while but topple the entire hotel industry.
How soon can vacation rentals overturn the hotels?
The CEO of Vitality Resorts says that it’s just about a matter of time but the vacation rentals are being set in such a manner that they will definitely topple the total hotel industry. So, what are the factors which determine how soon this can happen? Here are few factors.
As we have learned off late, innovation is vital for any emerging industry to flourish. And as long as this hotel industry is concerned, the innovators that are probably going to shape the market re those that can reach out first to the market, continuously improve themselves and always look forward to change in terms of the competitive market. With the help of VR, the development of good quality infrastructure will not only facilitate growth but will also correlate to the collective well-being.
- Collecting prototypes
When you step into a new field, it is vital to cultivate individuals or prototypes who already successful in the vacation rental business. By following their information, you can perfect your aforementioned infrastructure. Once you get prototypes and frameworks which are irrefutable, you can scale and clone.
Yet another factor which could choke the success earned by the vacation rental industry is their fragmentation. Since they are independent managers and owners who just sell unique services and products on their own terms and condition, different themes of regulation and standardization will make them weak. Nevertheless, until you unite and form a joint voice, the travellers won’t ever know what they should expect and the scammers may keep wreaking havoc. Hence, without connectivity or the attitude of adapting and moving with the flow, nothing would be possible.
Taking into account the statistics which is mentioned here, it is no longer possible for the hotels to retain the strong hold on the industry. By the year 2020, the momentum of the vacation rental industry will reach some threshold which can redefine hospitality.
If you’re looking forward to opening a new business, you can definitely think of investing in the vacation rentals today. Reap benefits of the expansion and become a pioneer with the perfect mindset and the best expectations. Start off with diversifying your investments if you’re in the hotel industry before it’s too late.