Today we're joined by Matt Loney, CEO of Xplorie, for a conversation about the current state of guest experience and tech in the vacation rental industry and what the future holds for consolidation between overlapping products.
Matt predicts there will be 3 main sectors of vacation rental technology that will see consolidation:
1) Guest Communication/Acquisition / CRM
3) Operations (housekeeping & maintenance)
The influx of new technology pouring into vacation rentals has undoubtedly streamlined many aspects of the business, but take one lap around the vendor hall at a vacation rental conference and you'll quickly see the overlap between several of these new providers. At the end of the day, profitability is key and in a low-margin business, there's only so many services you can add on before you start seeing diminishing returns. As Matt says, "the tech stack is just getting too big."
Developing an exceptional guest experience is a vital part of building a book direct brand that encourages repeat business and reduces your reliance on OTAs. When evaluating products or services to enhance the guest experience, be sure to ask yourself: Will this help me win NEW guests? Will it help me KEEP existing guests so they book direct next time, and don't leave to go stay with a competitor?
You'll also notice, there's a story within this episode - Lance Stitcher, owner of Seaside Vacation Rentals, joins us to share how using Wheelhouse for their revenue management has enabled him and his wife Elaine to 10x their business over the past 2 years. It's all part of Wheelhouse's Spotlight on Exceptional Property Managers.
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