VRMA West: Top Three Takeaways
This past week I was able to attend the VRMA West conference in Portland with our CEO, David Krauss. We left with a wealth of knowledge and wanted to take the opportunity to inform anyone who wasn’t able to attend! Here are our top 3 takeaways from the conference:
1. Everyone is subject to guest negligence or being seen as a bad actor.
Over the past couple of years, the short-term rental market has seen that one small incident can put your operations at risk. While the majority of the community is made up of responsible hosts and managers, the handful of bad actors continue to put the industry at risk.
How can you avoid being subject to guest negligence? Tools like Safely can help managers prevent the highest risk renters from staying at your property. According to Safely, 1.4% of bookings result in insurance claims caused by negligent guests, which is similar to bank fraud rates. Safely provides you with data-driven decisions regarding risky guests that allows for an appeal process to ensure fair, equitable screening.
How can you be the best actor in your community? Tools like NoiseAware ensure that you’re not only a good neighbor, but you're proactively managing any risky situations at your property.
2. The only way to ensure the industry’s safety is to start at the local level.
Local stakeholders need to remain proactive in their communities to ensure local legislators are educated on the core issues at hand. In many of the cities we are following, such as San Diego, Nashville, Palm Springs and South Lake Tahoe, the local municipalities continue to discuss how to regulate the bad actors without affecting the livelihood of responsible property owners and managers.
How can I get involved? Join your city or state short-term rental association! If there isn’t already one in place, create one! Organizations such as VRMA and Rent Responsibly provide plenty of tools and best practices to help you explain to your local government why fair regulation is the only answer.
3. The short-term rental industry’s growth continues to provide managers with a wealth of opportunities.
The short-term rental industry continues to grow, proving that it’s here to stay. However, managers need to begin focusing on acquiring return customers, rather than continually marketing to new. The most important thing for managers to start implementing into their process is guest information acquisition.
The real-estate market is beginning to see a surplus of supply, causing a decrease in the demand for newly built multifamily assets. Competition for rents has caused these multifamily buildings and units to stagnate and leave excess supply that goes un-leased for landlords. Short-term rental groups continue to provide an income stream to assets that would otherwise be vacant inventory.
Here at NoiseAware, I serve as an Account Executive. When I’m not thinking about all things noise, I’m a cyclist, sailor, proud husband, and dad :)
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