I am sorry to disappoint you in the first line of this post, but I don´t have a specific prediction of the future for your business. I will, however, give you some valuable information that will help you figure out where you stand on your own.
Information is power if used in the right sense, so let us try to make order out of the chaos and see more clearly who, when and HOW.
Want to know about the future of your Business? OK, lets find out.
The Vacation Rental Sector is composed of 4 segments. All segments are complementary and within the same sector, but clearly divided and separated by different business models, origins, types of customers and future predictions.
Why is it so important to make this separation of these segments? If you lump all segments together, you will never be able to provide specific predictions, because they are all different.
Please take a look at the table below. Values are not absolute, but the majority of the business models and their origins can determine if you can plan a short, middle or long-term strategy for your business.
|Vacational||Urban||Mointain – Countryside||SKI|
|Customers||Families||Tourism||Families / Groups||Grouups / Couples|
|Seasosn||Summer / Easter||All Year||Summer / Easter||Winter|
|Business Models||Family businesses||Recent Business Based Companies||Family businesses||Profesional Agencies|
|Origin||60´s & 70´s||2010||2000||60´s & 70´s|
|Strategy Plan||Short and Middle||Long||Short and Middle||Will depend|
|Options||Prepare next season||Transform the business temporaly||Prepare next season||Prepare next season|
|Predictions||May lose 40% to 60% of the season but still can work on minimize loses.||Will need to transform their business to middle and long term rentals if they want to survive||Business may growth and conditions may be even better than previously for this Segment||This segment may not be affected, this will depend if ski will be considered as a multitudinous meetings and they may be prohibited|
We will let you know what we see, and you can gather or make your own conclusions. This article does not pretend to see the future, but open windows to PM´s to see if the data and arguments posted here match with their vision or not.
Keep in mind that this is a general table, assuming that data is not narrowly specific and has wider interpretations. The majority of the businesses in the sector are as described.
I have met many different Property Managers during my professional career, and I have learned many commercial tips and good practices from all of them. I can conclude that tourism is the activity of the imagination. Almost everything relates to tourism, so people need to use some imagination to attract customers and activity to their business.
Last but not least, be optimistic, realistic and positive. Believe there is always a solution to find a way out. What will not happen is a magic formula knocking at your door.
Think and see inside your business, its origin, look back and perhaps you will find the answer on how to take a step back and start again.
Get adapted, because this will be the future of your business.