NLC 2015

Amy HinoteFounder and Editor, VRM Intel

Owner Acquisition Planning

For Vacation Rental

Managers

NLC 2015

Owner Acquisition Planning

Based on combining Business-to-Business (B2B) and Business-to-Consumer (B2C) strategies and tactics used in the vacation rental industry.

• Background in media buying, market research, consumer tourism, and vacation rental management

• B2B technology marketing for Instant Software, HomeAway, Vacation Storebuilder, TruPlace and more.

• In last 18 months, interviewed vacation rental managers in 20+ markets about what is and what is not effective in attracting and retaining new owners.

NLC 2015

B2B + B2C = B2O (Business-to-Owner)

Based on combining B2B and B2C strategies and tactics used in the vacation rental industry.

• B2B: Rational, logical, based on revenue and service needs, want education, want demonstrated expertise, cost-benefit analysis.

• B2C: Emotionally triggered, want to enjoy themselves, want to be happy with their purchase and have it adequately fulfill their needs.

For homeowners, choosing a property manager is driven both by expertise and emotion.

Therefore the strategy should connect on both levels.

NLC 2015

Homeowner Perceptions

Why small local companies (<50) do well:

1. Lower commissions

2. Owner-level attention

3. Hand-holding service

4. Not nickel and diming homeowner

5. Expectations managed (because communications are customer driven and reactive)

Is this perception or reality?

NLC 2015

Owner Acquisition Strategy

1. Be Proactive and Intentional

2. Assign Ownership of Strategy

3. Formulate a Plan

4. Allocate Systems, Technology and

Resources

5. Measure Performance

NLC 2015

Owner Acquisition Plan Components

1. Analysis

2. Targeting

3. Messaging and channel

identification

4. Goals

5. Implementation

6. Evaluation

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1. Analysis

Area

Analysis

Size of your market

Your market share

Economic

conditions

Government

regulation

Tourism behavior

Pricing

Historic changes

Your market

position

Inventory

Revenue

Management

Internal

Analysis

Strengths

Weaknesses

Opportunities

Threats

Current Messaging

Strengths

Weaknesses

Opportunities

Competitive

Analysis

Top competitors

Your competitive

position

Competitive pricing

VRBO

Competitive

advantage

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1. Analysis: Market

8

Market

SizeMarket Share

Economic

Conditions

Government

Regulation

1How many

vacation rentals

are in your

market?

2How many

properties do

you manage

and what is

your market

share?

3What are

the

economic

conditions in

your area?

4Are you

facing any

regulatory

issues?

5Has tourism

behavior

changed in

your area?

Tourism

Behavior

NLC 2015

1. Analysis: Competitive

Top

competitors

Competitive

position

Competitive

PricingVRBOs

Competitive

Advantage

1Who are your

top

competitors?

2What is your

competitive

position?

3How is your

pricing

different from

your

competitors?

4Are you

competing

against

VRBOs?

5What are

your

competitive

advantages?

NLC 2015

1. Analysis

• Pricing and Inventory:

– Identify Profitable Types, neighborhoods and

communities, and recent losses signifying an

area of bleeding

• Internal:– Current Messaging and Strategy

– SWOT

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SWOT

Your company

STRENGTHS

For example:

Awareness

Market Share

Longevity

Technology

Service

WEAKNESSES

OPPORTUNITIES THREATSFor example:

Types

Competitive Advantage

New buildings/communities

For example:

Awareness

Market Share

Technology

New company

For example:

New business models

Economy

Regulation

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2. Targeting

Based on analysis and information from team members, software and data sources.

• Property type, size

• Amenities

• Location

• Specific buildings, developments or communities

• Competition

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4. Messaging

Messaging: Instead of telling homeowners “WHAT WE DO” tell homeowners “WHAT’S IN IT FOR YOU”

• Identify the problems that your target homeowner experiences.

• Present your USP as a simple cure for all the pain and suffering the homeowner is feeling.

• Identify all the benefits of your solution and how those benefits will improve the life of the homeowner.

• Present the results you've produced for other people in the same situation (Results, Projections, Testimonials)

• Explain what makes you different from your competitors.

NLC 2015

3. Messaging and channel identification

Channels: Like any marketing plan, the program used multiple frequency-based touch points, based on proposed strategy and budget approval:

• Email marketing

• Direct mail

• Digital marketing

• Content Strategy

• B2B Channels

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ONLINE MARKETING CHANNELS

Website PPC Content Creation

SEO Social Email

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OFFLINE MARKETING CHANNELS

PR Collateral Partnerships/Referrals

Print Ads Direct Mail Sponsorships

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How to find owners for outbound

marketing

• Public Records Online Directory

• Courthouse Public Records

• Realtors

• HOA’s

• Offer free rental projections to realtors

The national companies (e.g. Vacasa and Wyndham) have lead generation, sales and marketing teams who do nothing but target homeowners.

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MARKETING -TECHNOLOGY

CRM Social Big Data

Email Lifecycle Mobile

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4. Implementation

1. Combine elements and research

2. Submit and present written Owner

Acquisition Plan

3. Make any edits from your team

4. Get sign-off/buy-in

5. Execute

NLC 2015

5. Evaluation

1. Metrics and ROI by channel

2. Communications

3. Leads generated

4. Status of leads

5. Contracts signed

NLC 2015

Amy HinoteFounder and Editor, VRM Intel

Owner Acquisition Planning

For Vacation Rental

Managers