PARSIPPANY, N.J., May 17, 2016 /PRNewswire/ -- The sharing
economy allows individuals to make some extra money by bucking
conventional methods and going it alone. However, vacation
homeowners who decide to play do-it-yourself host might want to
think twice. That's because they may make more money and save a lot
of time by letting someone do the work for them.
According to a new Kelton survey commissioned by Wyndham
Vacation Rentals, sixty-seven percent of owners who have tried
renting out their vacation homes both on their own and through a
professional management company indicated they would get more
bookings using a manager. The same study also found that owners who
use a professional manager save on average four hours for every
booking, which could equate to more than 130 hours each year*.
"It's common to hear stories from owners who switch from
managing their home themselves to working with a professional
manager," said Gail Mandel, CEO,
Wyndham Vacation Rentals. "They initially choose to rent on their
own to maximize their rental income. But they quickly realize the
work involved and the expertise needed to properly market a home is
greater than anticipated. The study shows that not only does
working with a professional manager get you more bookings, it saves
you time, which is invaluable to most in today's fast-paced
world."
There's a "Middleman" for a Reason
Despite the popular belief that avoiding a "middleman" in the
rental equation will yield higher returns, owners have found that
relying on a professional manager for their home's rental needs can
pay off. In fact, 71 percent of owners with experience renting
their home on their own and through a professional management
company would prefer to use a manager the next time. Reasons owners
turn to management companies include:
- Effective support. Homeowners feel a professional
manager is more effective at attracting renters (71 percent),
marketing their home across the appropriate channels (66 percent)
and filling their home during slow seasons (61 percent).
- More bookings. 54 percent of owners who have used a
professional manager to rent out their home have done so in order
to make as many bookings as possible.
It's Hard Being Boss
While becoming a do-it-yourself host might seem appealing, those
who rent their home directly are five times more likely to feel
overwhelmed. Being tasked with a guest's vacation experience adds
pressures:
- Dreaded Tasks. 88 percent of owners who have rented
their home themselves "dread" something about doing it on their
own. From dealing with guest issues (61 percent) to cleaning and
inspections (48 percent), their chief complaints include some of
the most important tasks a host takes on.
- More Stress. Owners who only have experience renting on
their own are 72 percent more likely to describe the process as
stressful, compared to those who only have experience with a
professional manager.
Mandel adds, "When you factor in things like time and wellbeing,
the gut instinct to try renting your home out yourself starts to
meet realities. Being available to deal with guest issues and
handling maintenance in between stays can take a toll. For owners
who might not have the expertise or the time to commit, a
professional manager is a competitive alternative."
This study was conducted by Kelton Global from December 14, 2015 – January 5, 2016 among the following audiences:
1,000 nationally representative Americans 25+ who have ever
traveled outside the home overnight, including 447 Americans who
have experience being a rental guest in someone else's vacation
home and 561 Americans who own two or more homes and have ever
rented out one of their homes to travelers (this group includes
U.S. vacation rental homeowners who have a rental agreement with
Wyndham Vacation Rentals and those who do not).
*Figure based on hours saved per booking and average number
of bookings annually for Wyndham Vacation Rentals North
America® units
About Wyndham Vacation Rentals
Wyndham Vacation Rentals is the world's largest professional
manager of vacation rental properties. Backed by one of the world's
largest hospitality companies, Wyndham Worldwide (NYSE: WYN),
Wyndham Vacation Rentals provides access to over 108,000 vacation
rental properties in nearly 600 unique destinations worldwide.
Wyndham works closely with property owners to ensure all rentals
meet its standards for customer service, quality and comfort. More
than 25 regional rental brands fall under the Wyndham Vacation
Rentals umbrella including Hoseasons, James Villa Holidays, Landal
GreenParks, Novasol, and ResortQuest. Through this collection,
Wyndham delivers distinct vacation experiences ranging from
beachfront condos, private homes and villas to private residence
clubs and yachts. Many properties offer kitchens, washers and
dryers, and other home-like conveniences along with maid service,
spas, fitness centers, and golf courses. For additional information
visit our media center or wyndhamvacationrentals.com. Also find us
on Facebook, Twitter, Pinterest, Instagram and Google+.
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SOURCE Wyndham Vacation Rentals