Today we talk to Inna Schevchenko, the CMO of iGMS, which is a vacation rental property management software. iGMS recently launched a survey to figure out how their customers (property managers and owners) are weathering the storm. She presents the data in this podcast.
We learned what hosts have done, how much revenue they've lost due to the crisis, and what they recommend other hosts to do to maintain occupancy during the coronavirus crisis. We also talk about ways hosts can get creative in their vacation rental marketing strategies – coming up with ideas for marketing the property during the crisis.
Topics covered
How much revenue has dropped in March 2020
- 45% of hosts report revenue has dropped by 80%+
What are hosts doing
- 37% of hosts have dropped prices from 30-60%
- 23% of hosts have dropped prices by 60% or more
What are hosts' recovery plans?
- 54% of hosts are planning to pivot to mid- or long-term
- 52% of hosts recommend dropping ADR
- 40% of hosts recommend targeting domestic travelers – cityscapers, remote workers
- 28% of hosts will try a mix of marketing strategies
- 25% of hosts reported they've incorporated a flexible cancellation policy
- 31% of hosts have changed titles and descriptions
Expenses
- 54% of hosts are planning to cut expenses
- 74% of hosts are cutting operational expenses
- 48% of hosts are cutting staff and salaries
- 28% of hosts are cutting automation tools
Marketing your property during the crisis
- Targeting the ‘new' travelers
- Pay attention to your branding
- Improve guest communication – use automation
- Answer all guest reviews
Links
Try iGMS for free. Click here and use code GPFYP30 for $30 credit in iGMS PRO.
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