The shift in consumer spending towards experiences and memories rather than material possessions, heavily influencing the short-term rental market.
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Glossary Term: VRBO
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Platforms like Airbnb and VRBO that allow guests to leave public reviews and ratings based on their stay experience.
The fluctuation in demand and pricing for vacation rentals based on time of year, holidays, and local events.
Listing a rental property on multiple platforms, such as Airbnb, VRBO, and Booking.com, to broaden reach and potentially increase bookings.
Online marketplaces like Airbnb and VRBO that connect hosts with potential guests seeking short-term accommodations.
Researching and understanding the trends, competition, and pricing within a specific short-term rental market.
Specialized software solutions designed to help short-term rental hosts optimize pricing, manage bookings, track expenses, and analyze financial performance.
The proactive monitoring, analysis, and response to guest reviews across various platforms to improve reputation, build trust, and attract future bookings.
The use of high-quality, professional photography to showcase short-term rental properties in the best possible light, attracting potential guests and maximizing bookings.
The initial impression and ease of access guests experience upon arrival at a short-term rental, influenced by factors like communication, keyless entry, and welcome amenities.
The implementation of devices that monitor noise levels within a short-term rental property to prevent disturbances, enforce house rules, and maintain positive relationships with neighbors.
The use of background checks, identity verification, and communication analysis to assess the trustworthiness and suitability of potential guests before confirming bookings.