They say when the going gets tough, the tough get going. This phrase applies perfectly to today’s vacation rental market in Florida. Though vacation rentals are perhaps one of the only industries that has not seen a significant drop in occupancy or revenues, the rest of the economy certainly has.
Corporations are declaring bankruptcy as if it’s the most normal thing to do. Busiensses are closing down, markets are consolidating and things are certainly not easy. But that’s when it’s time to think out of the box. Like Warren Buffet said “When EVERYONE out there is talking about something, there’s something wrong with that”. A few years ago, everyone talked about the rising real estate values. Homes investing was THE thing to do then. Fast forward a few years, home prices have dropped and now noone wants to buy. Everyone sells. This is obviously the best time to buy! But most people still don’t do it out of fear. Just the kind of herd mentality that human beings are known for, which is not the thing that smart business owners are made of though.
This analogy applies to vacation rentals. Just when the markets are low and fewer people are taking vacations, this is the time to look for other avenues to ensure that your rental stays occupied. Here’s why -
1. Corporate retreats at vacation rentals are one of the fastest growing markets. If you own one or more vacation rentals, you cannot afford to ignore them.
2. Most vacation rental owners do not cater to corporatations….yet. Here’s your chance. Add facilities such as full office room, a large meeting table, a whiteboard, high-speed reliable Wi-fi internet access, good cell phone coverage, overhead projectors (they only cost a couple of hundred dollars these days), and comfortable work-chairs. The total expense for these should be around $2000, not a whole lot, considering that you could retreive that from your very first weekly retreat rental.
3. Corporations usually pay higher than the average vacationer as long as you can provide them the facilities that they are looking for. You can often charge double as much as you charge for regular vacation rentals.
4. Decisions about the locations for corporate retreats are made at the very highest levels at each department in companies. Most of these people read trade magazines. Target companies in specific industries and market on trade magazines related to their industries. Another great way is to to simply write to a company’s HR department and make an offer that they’d find hard to refuse. If your offer is truly good and personalized, they might just forward it to the key people within their company.
5. In many cases corporate retreats are planned by travel agencies on behalf of corporations.Contact travel agencies that specialize in corporate traval bookings and ask them to offer your rental as on option in exchange for an affiliate fee.