When Airbnb first launched in 2008, it was this new, innovative model that was disrupting the hotel business. Today, it and many rental sites that have started since, are key players in the hospitality industry. However, none of it would have been possible if the sharing economy, the idea of “renting” out unused assets, wasn’t also becoming more popular, it was quickly becoming the norm.
Ten years ago, renting a room in someone’s home or swapping houses for vacation was highly unusual. When going on vacation, most people would rely on traditional hotels and occasionally hostels. Now, it’s the norm. Thanks to the sharing economy and startups like Airbnb, Uber, and Upwork, anyone can make some cash on the side or grow a side-hustle into a full-fledged business.
At BookingTeam.com, we work with our customers to maximize the earning potential of their properties. To survive in the vacation rental business today, property managers and owners need to have a sharing economy mindset.
What is the sharing economy and what are the benefits?
The sharing economy came about because it offered the ability for people to monetize unused assets. At its core, the sharing economy is about finding the most efficient use of money and resources. It’s about making businesses leaner and working faster and smarter.
1. Adopt a zero-waste mindset.
According to numerous statistics, people are wasteful. We throw out food and clothes, while others starve. We spend a significant amount of money in repairs, gas, etc. to keep a car on the road when we could share the costs by carpooling. Now, technology has made it possible to decrease the amount of waste we create while also generating a profit.
In the hospitality industry, allows people that have rooms or houses that they don’t use at least part of the year to make a profit. Instead of leaving it empty and still pay for the upkeep, rent it out and make money.
2. Increase productivity.
Part of the sharing economy concept is finding ways to do more with less. This is especially true when it comes to time.
Time is a commodity, more precious and valuable than money, so how you use your time is key to running a successful business.
If you are managing a vacation rental, it is important to make your business processes as efficient as possible. Repetitive tasks should be automated with technology. For example, BookingTeam.com offloads the tedious work of creating listings and answering guest inquiries plus automating dozens of repetitive but important tasks. Our platform shares your listings with the most popular rental sites so that it can reach the highest number of potential guests, while we optimize your pricing and overall performance.
3. Use data and technology.
The sharing economy wouldn’t have been possible if it weren’t for the advances in data and technology. We can now quantify how much waste we produce, get a better idea of why, and take steps to turn that waste into profit. In vacation rentals, waste is usually those properties that sit vacant for weeks or months.
Embracing the sharing economy means managing properties with efficiency and zero-waste in mind. By using data and BookingTeam.com’s platform, property managers, and owners can team up with booking professionals who adjust pricing, promotions, booking dates and other factors to more effectively influence booking conversion rates across all main booking sites, this saves our hosts loads of time so they can focus on excellence in hospitality and happier guests, which is what it is all about!