Worldwide: Performance software provider Your.Rentals has released its first publication today.
The report covers the rise of vacation rental managers in the past, as well as predicting either growth or stagnation in the future.
The company conducted surveys with almost 500 property managers, who cover over 3000 properties worldwide. They asked questions of how they perceived their struggles and opportunities in the near future.
The report found that around 85 per-cent of respondents said they believed the rise of online booking platforms, like Airbnb, Booking.com, and HomeAway, has been good for those working within the industry. For them, the websites have added competition to the industry that had not existed previously.
However, not all agree that this is good. 75 per-cent have said that the industry is more complicated than previously, with many saying that complicated policies for online platforms have made their business difficult.
51 per-cent admit they do not have their own websites for direct bookings, and of those who do, over half don’t have online booking capacity. Of those who do, 21 per-cent cannot accept online payment.
This demonstrates that Airbnb and similar websites do fill a key niche- providing a way for property managers to advertise to a wider audience.
Most notably though, property managers are excited about new tech solutions. While a third of European managers do not use any property management software, one in five have said that tech can make certain tasks much easier.
Classical vacation rentals are forecasted an 11 per-cent growth in revenue by 2023. With this level of growth, knowing the status of the industry is extremely important going forward.
Your.Rentals is not the only group releasing predictions for the future of the industry. For more information, read our roundups of CBRE’s latest study of short-term rentals in the US, and Skift’s 2020 industry trends.
Read the original story here.