The economy is changing, and so are we!
With all of the concerns and turmoil over the economy these days, I thought you might be interested in an update on what we are doing to keep your income up and costs down, especially during these times of economic uncertainty.
We are very excited to announce that we are moving forward with new software capabilities with our software partner, Escapia. As you know, we have found Escapia to be the leader in vacation rental management software and marketing services, and they are now enabling us to do a whole lot more than ever before.
Our industry is becoming more and more driven by technology, especially with the increased influence of the Internet. Escapia’s software has been built completely on the Internet, with capabilities that have never been possible before. Our belief is that using the new capabilities in the Escapia platform will enable us to generate more bookings, give your units much greater visibility across the web, and enable us to improve our service to you and our guests in many ways. In addition to their comprehensive management software, here are just a few of the things we are excited about:
Yield Management Pricing
Beginning on November 17, 2008, Escapia will enable us to price our units based on supply and demand, much like the hotel and airlines do. In other words, when the demand for vacation rentals is higher than the available supply, Escapia will automatically adjust your rates higher, thus increasing your bottom line. On the other hand, when the supply of available units is higher than demand, Escapia will adjust your rates accordingly and send out “last minute deals” to help maximize occupancy. No other software can do this, and we believe this will provide us – and you – with a competitive advantage.
For example, let’s say there is a specific time period that we’re 90% booked and that time period is two months from now. Escapia allows us to increase the rate on those homes that are left. That’s why Escapia is so exciting. We can offer what we want when we want and allow our pricing to be driven by the current market trends, the end goal being the maximization of the income to your home. We’re selling nights in homes. Once that night has passed us by we never have another opportunity to offer it again. It’s all about supply and demand.
Visibility of your vacation home across the web
Getting your vacation home in front of as many “eyeballs” as possible is key to getting the most bookings possible. Escapia has a growing network of over 30 booking partnerships where we can display your vacation home, and guests can book them. All of the information on your vacation home is kept current up-to-the-second (i.e. pictures, availability schedules, etc.), and constantly updated automatically 24 hours a day.
Prior to this capability, it was possible but extremely cumbersome. The information was never accurate because it was not updated in real time. Guests on the web who wanted to book online couldn’t. They had to contact us via email or phone first. Add to this the cost of listing each individual home and the process of keeping all of the listings current, the end didn’t justify the means. Because of Escapia, with the click of a button, we can distribute our product in real time, exactly as it is represented on our computer screens and on our website.
The great part is that it’s all integrated. Let’s say it’s a week before a holiday weekend and we have some homes that aren’t reserved. We will be able to post those individual homes on selected distribution sites with a special rate that will only be valid for the time period we need to fill. You might be asking yourself why don’t you do that now? Prior to this we would have needed one or two full time people just to manage an undertaking like this. Now we are able to distribute the homes and specials across the web with a couple of clicks. Consumers are able to book online, when they want to, and the rates revert back to normal automatically.
Online Bookings on Our Website
Not only does Escapia provide the tools to help us make your vacation home look fabulous on our web site, Escapia also enables guests to book your vacation home online. With online bookings growing at over 40 percent per year, Escapia will help us take advantage of that growth opportunity, which should result in more bookings for you, especially since guests can now do business with us online 24 hours a day!
Ratings and Reviews
Escapia enables us to collect guest reviews from past guests and post them to our website, so prospective guests can learn from the experiences of others including Overall Satisfaction, Property Condition, Location, and Cleanliness. Let’s say you’re making a decision on your vacation accommodations. You have the choice of staying with a company that touts great service and fabulous homes, or you can choose to stay with a company that actually let’s its customers tell you about their services and products. Who are you more likely to trust your vacation with?
With Escapia, past guests will even be able to rate us, the rental manager. With a growing number of travelers using Ratings and Reviews to help them make their travel decisions, this new capability will not only help us get more bookings for you, but it will also help us understand how to make your vacation home more marketable and improve our services in meaningful ways.
The folks at Escapia developed their software to work in today’s ever evolving web environment. Like us, they have great people with decades of experience behind the scenes making things happen. Their business plan raises the bar to enable us, the end user, to interact with today’s technology and future technologies with little effort or expertise on our part.
The best part of Escapia is that their software allows us to serve you and our guests better, and respond quickly to the changing needs and expectations of vacationers, which is exactly what we need today given the unknown nature of this “new economy.”
We’re working hard for you!
Page 1 Vacation Home Newsletter – October, 2008