It's official: property managers have become hospitality providers.
The vacation rental landscape looks completely different than it did twenty years ago. There’s new management in each market, and profit margins are lower. Hotel and vacation rental inventories have converged, and big travel brands are crossing segments: Airbnb purchased HotelTonight, Marriott launched its Homes and Villas product, and OYO pushed into the vacation rental ecosystem.
What’s more, the change isn’t isolated to hospitality supply. Demand is different too. The booking window is shorter, and so is the length of stay. Travelers are shopping more fluidly between segments and expect the same quality experience whether they stay in a vacation home or a hotel. These expectations have drastically expanded the responsibilities of managers. In fact, ‘property manager’ has become a misnomer as it fails to convey the full scope of service and value these professionals deliver.