Dear Vacation Rental Industry...

Excerpt from VRM Intel Magazine Summer 2020 Edition: Letters from Vacation Rentals Industry Executives

Dear Fellow Vacation Rental Managers,

While none of us ever expected an event of this magnitude would become the common denominator across our world and businesses, there are always silver linings in times of crisis. If there was ever a time for our industry to prevail, it is now, as long as the appropriate level of actions are taken. Many of the investment funded companies who have dominated headlines and conference stages for the past few years will not survive this. The rubber has met the road for some of these companies, and we are reminded that profitability and solvency have always been the necessary elements to keep doors open in good and bad times.

So where does this leave the traditional vacation rental companies, from boutique to enterprise, that have been the backbone of our industry for decades? History has proven that economic downturns provide an opportunity to gain market share, so adopting an action-focused, resilient mindset is imperative right now. There are large growth opportunities waiting for us on the other side of the pandemic. Adopt the mindset that any action is better than none, and that the more action you take, the more solvent your economy will become.

Now is the time to tackle projects that have been on the backburner, refine better processes and trim the fat from your organization that will set you up to thrive in all areas of your business; marketing, operations, homeowner acquisition and retention, and customer service. Use this time to seek out strategic relationships with other companies within the industry. Get creative with your offerings and find new streams of revenue. There has never been a better time to hit the "reset" button.

In January, I attended a conference that featured world-renowned speaker and business leader, Les Brown. He told us that, "Your life in 2020, 2021 and 2022 will be different, better, and more magical." He was right - 2020 has been VERY different. But the future is bright for all of us in the years to come.

In times of gloom and doom, it's time to boom.

Best wishes as we all continue to navigate this uncertainty!

Alex Husner, CMO, Condo-World