Creating Value…What Guests Want
As an owner of a vacation rental property it is important to stay informed of industry trends. The
Internet has given consumers more power and options. Travelers now have tremendous exposure
to a wide variety of attractions. As guests are given more choices with newer more up-to-date
properties, their expectations increase and therefore your property must meet higher expectations
if you wish to remain competitive and increase revenue. Travelers have been educated to
demand.
As the U.S. economy has slowed down, competition has intensified to provide outstanding guest
satisfaction in order to capture a larger share of the vacation rental market. While the natural
inclination might be to cut back during a downturn, it is probably more important than ever to
compete vigorously for every available guest. You must review your rental property and see if it
is meeting the guests’ expectations.
This doesn’t mean that everything has to be deluxe -- however everything should reflect good
value. Quality doesn’t mean serving an elite market niche. Quality means consistently meeting
or exceeding guest’s expectations of value for a particular service or product.
Whether a guest paid $1,500 for a week or $1,000 per night, no one wants to feel cheated. Good
value is essential. Providing extra value makes guests want to return. Last year Cornell
University’s Hotel and Restaurant Administration Quarterly had an article on creating Visible
Customer Value. They found that when guests experienced value during their stay
61% said that would definitely stay there again.
Property values increase for a variety of reasons. As an owner of vacation rental property the
one you have the most control over is the furnishings. Bedding has become one of the top issues
in industry trends. Consumers are savvy and they want their beds to not only look good but also
feel good, starting with good quality mattresses and sheets. Guests are tuned into the battles in
the hospitality industry to upgrade bedding. Hotels and chains are putting new emphasis on a
good nights sleep -- from pillow-top mattresses, pillow menus, and down blankets to
hypoallergenic pillows and comforters. There has been an emphasis industry-wide to upgrade
the quality of bedding and other guestroom amenities.
Lighting is another important element in vacation rental furnishings. Good lighting is vital. We
are faced with an aging population. The baby-boomers are all starting to need glasses. Guests
spend more time in their room or condominium after dark than during daylight hours and dim
lighting is a common complaint. While a unit may look warm and inviting during the day, night
usually means less color and clarity. The challenge is to make rooms look inviting at all times
through effective lighting.
Many guests travel with laptop computers. They are checking email and doing business while
they are on vacation. Little things count: Provide telephone cords and electrical extension cords
if necessary, that reach the area where they will use their laptop.
It doesn’t matter whether you have a home at the beach, a ski lodge, or a two-bedroom
condominium, guest want to feel safe and secure when staying away from home. This issue has
become even more important since the tragic events of September 11.
Some of the items that should be reviewed are locks on all windows and doors, deadbolts on all
entry doors, peephole on the front door, and window coverings for guest privacy.
In order to maximize your vacation property investment your property must have a plan for
continued improvement. Take time to review your property. Have a decorating scheme in mind
before beginning to refurbish. Consult with decorators who have experience in the vacation
rental industry. Discuss your plans with your Rental Manager. Determine where you will reap
the most value and what will matter most to guests to make their stay memorable.
© Resort Rating Specialists, Inc.