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US: Ahead of VRMA 26 in Nashville, VRMA chair Jodi Refosco speaks to ShortTermRentalz about the pressures facing property managers, the value of professional management and why the industry needs a stronger collective voice.
Rising costs and pressure on revenue are testing property managers’ margins, while changing regulations and recruitment challenges continue to stretch their resources. As the industry prepares to gather in Nashville for VRMA 26, Jodi Refosco, chair of the Vacation Rental Management Association [VRMA], wants attendees to leave with practical ideas and connections that will support their businesses beyond the conference.
ShortTermRentalz, a media partner for the event, spoke to Refosco about how members’ concerns are shaping the association’s priorities and what she hopes the industry will take forward.
From your conversations with VRMA members, what is weighing most heavily on property managers as they head to Nashville this year?
Cost pressure seems to come up in almost every conversation I have at the moment. Costs are rising, revenue is contracting, and managers are working harder than ever to protect their margins.
Regulation is the other constant. Rules can change from one county to the next, and a lot of managers outside of the association feel like they’re fighting those battles on their own.
Mid-sized managers are feeling the strain most of all, because they often don’t have the spare capital to hire new team members and are taking a lot of this on themselves.
Finding the right people in the right seats is hard too. Vacation rentals is a tough job and we work when everyone else doesn’t, so we’re all still figuring out creative ways to bring in strong talent and learning to be flexible with our staff.
How have those concerns shaped VRMA’s priorities and the conversations you hope to see at this year’s conference?
In Nashville, we want people to leave with ideas they can put to work as soon as they get home, whether that’s a new piece of tech, improving an operational process or finding a new way of tackling one of the problems they deal with every day.
That practical value matters because we want to provide VRMA members with useful education, research and support throughout the year. We’ve also been investing in advocacy and research, so the conference is a great opportunity for members to understand that work and how they can draw on it in their own markets.
I also want the conversations in Nashville to reflect the breadth of our membership. At our executive summit, we had a small host sharing a panel with a private equity-backed operator, and hearing how differently they approach the same issues was incredibly valuable.
There is a lot to learn when people with different business models, company sizes and levels of experience are in the same room comparing what is working for them. That mix of perspectives is something we want to encourage at the conference.
Where do your own experiences as a business owner align with what you’re hearing from other property managers?
I’ve been in this business for about 30 years, starting as the hot tub tech for my parents’ company. I built a management business to around 530 homes before selling it in 2021. Today, my husband and I manage a much smaller operation with purpose-built cabins, so I’ve seen the business from many different angles.
Guest expectations, as well as those of owners, keep rising. Staying on top of that can be costly. We need to learn ways of being efficient but still own the hospitality side of our industry. How do you balance that with technology, employee support, and your own sweat and tears?
Large or small-scale companies will feel all the same pain points but on different levels. Small companies can meet owner and guest expectations more easily, but struggle with scaling technology, while larger companies can achieve great efficiency through layers of technology but find owning the one-on-one hospitality touch a lot more challenging.
Where do you think the industry needs to speak with a stronger collective voice over the coming year?
Advocacy is a big one. There’s some really good work happening at the state and local level, but it can be difficult for individual groups or companies to make themselves heard.
I’d like to see us bring more of those voices together, because we’re stronger when we can speak collectively about what professional vacation rental management actually looks like.
Policymakers often hear about short-term rentals through the biggest platforms or through individual hosts. They don’t always hear enough about the professional managers employing local housekeepers and maintenance teams, paying taxes and running businesses in those communities.
VRMA can help tell that story, bring data to those conversations and give our members a stronger voice when decisions are being made.
What is one conversation you hope attendees will continue after VRMA 26, rather than leave behind in Nashville?
I’d love people to keep talking about how we explain the value of professional management to owners. If someone buys a second home three hours away, they need to know it’s being looked after properly, that it’s safe, and that it’s being managed in line with local rules.
A lot of first-time owners or investors don’t necessarily know what questions they should be asking, so part of our job is to help them understand what good property management looks like. If attendees take that conversation into their next owner meeting or even into a local policy discussion, then the conference has done something useful that lasts beyond Nashville.
Most importantly, property managers are not doing this alone. Other managers across the country have some of the same challenges. By working together and learning from each other, we grow the professionalism of the industry.
It doesn’t matter if you are new to this industry or if, like me, you’ve been in it for three decades: there is always something to learn to improve your business and services. Making connections and following up with those connections after the conference will be your lifelines.
