I'm in Arizona for the annual Vacation Rental Managers Association (VRMA) conference. VRMA is a great organization that strives to promote professionalism within the Vacation Rental industry. This is the first national conference Resort Realty has attended in quite some time. I'm a big believer in education no matter how long you have been doing something. Business, and especially the Vacation Rental business, is constantly changing and evolving. Being able to spend this time with such bright colleagues from around the country will only help us in our continued mission of providing unparalleled service to our owners and guests.
I don't have too much time this week, but will update everyone on some of the specifics when we return.
Until then...
Wednesday, October 29, 2008
Sunday, October 12, 2008
The Outer Banks "Beach Factor"
I have never been one to blurt out comments or opinions until I have thoroughly thought them through. Everyone has been around people that love to sound intellectual on any subject that comes up, and more often than not, they think they know more than you. I call these type of people "one-uppers". They have to constantly "one-up" any story, theory, idea, etc.
Anyway (I tend to get off track sometimes), I have been watching a lot of so-called financial experts on TV lately due to this current economic downturn (I refuse to call it a crisis yet). It seems that every single one of them say the same thing but in different ways. Everyone is offering an opinion, from Larry Kudlow to Dennis Miller and everyone in between. While I have a few investments in Stocks and Funds I am not to over excited about any of this.
My main focus, currently, is how this is going to effect our Vacation Rental business on the Outer Banks. Because blogs are all about self-expression and "free-speech" and all that jazz, i'll through in my 2 cents.
I believe, and I have been busily politicking this theory to all of my staff, that this economic down cycle will actually help the Outer Banks Vacation Rental market as a whole. Think about it, now that everyone is watching their pennies because every talking head is talking about the economic "crisis", those grand Caribbean, European, World Tour Vacations are going to be put on hold. But, that doesn't mean people are going to give up their week or two of mental and physical rejuvenation.
Here's the scenario I have been thinking about:
Mike and Holly want to go on a week long vacation to Costa Rica this year at a nice Resort. Holly's business isn't doing so hot the last quarter of 2008 and into the first quarter of 2009. Suddenly that travel fund isn't as robust as they had hoped it would be.
Mike and Holly are discussing this with their friends Jamie and Becca and John and Lindsay. They are in a similar boat as well. All of these couples have been to the Outer Banks before and loved it. Holly, in a flash of brilliance, recommends to the group, "Hey, why don't we just all go in together and rent a big Vacation home on the Outer Banks! It is much cheaper per night than a hotel, and we can cook a lot of our own meals at the house." Game On!
The Outer Banks has quite a few things working for it during times like these. The fact that it is a drive to location takes the headache and enormous cost of flying to an exotic location out of the equation. Also, the cost per bedroom per night can be significantly lower that any hotel or resort. And when you add in the fact that you can cook for breakfast, lunch, and dinner in your own personal kitchen, it can reduce your costs for a total trip that much more.
So, let's call my theory the "Beach Factor". Beach being more regional than a global hot spot. I wouldn't be spouting off theories without any quantitative data to look at however. At Resort Realty we have already noticed a 15% increase in pre-reservations for the same time last year. whether this is because of the "Beach Factor" I really can't say, but I'm going to claim it until proven otherwise!
Anyway (I tend to get off track sometimes), I have been watching a lot of so-called financial experts on TV lately due to this current economic downturn (I refuse to call it a crisis yet). It seems that every single one of them say the same thing but in different ways. Everyone is offering an opinion, from Larry Kudlow to Dennis Miller and everyone in between. While I have a few investments in Stocks and Funds I am not to over excited about any of this.
My main focus, currently, is how this is going to effect our Vacation Rental business on the Outer Banks. Because blogs are all about self-expression and "free-speech" and all that jazz, i'll through in my 2 cents.
I believe, and I have been busily politicking this theory to all of my staff, that this economic down cycle will actually help the Outer Banks Vacation Rental market as a whole. Think about it, now that everyone is watching their pennies because every talking head is talking about the economic "crisis", those grand Caribbean, European, World Tour Vacations are going to be put on hold. But, that doesn't mean people are going to give up their week or two of mental and physical rejuvenation.
Here's the scenario I have been thinking about:
Mike and Holly want to go on a week long vacation to Costa Rica this year at a nice Resort. Holly's business isn't doing so hot the last quarter of 2008 and into the first quarter of 2009. Suddenly that travel fund isn't as robust as they had hoped it would be.
Mike and Holly are discussing this with their friends Jamie and Becca and John and Lindsay. They are in a similar boat as well. All of these couples have been to the Outer Banks before and loved it. Holly, in a flash of brilliance, recommends to the group, "Hey, why don't we just all go in together and rent a big Vacation home on the Outer Banks! It is much cheaper per night than a hotel, and we can cook a lot of our own meals at the house." Game On!
The Outer Banks has quite a few things working for it during times like these. The fact that it is a drive to location takes the headache and enormous cost of flying to an exotic location out of the equation. Also, the cost per bedroom per night can be significantly lower that any hotel or resort. And when you add in the fact that you can cook for breakfast, lunch, and dinner in your own personal kitchen, it can reduce your costs for a total trip that much more.
So, let's call my theory the "Beach Factor". Beach being more regional than a global hot spot. I wouldn't be spouting off theories without any quantitative data to look at however. At Resort Realty we have already noticed a 15% increase in pre-reservations for the same time last year. whether this is because of the "Beach Factor" I really can't say, but I'm going to claim it until proven otherwise!
Wednesday, October 8, 2008
Leadership?
Well, I finally did it. I have been trying so hard to convince myself (and everyone around me) that blogs were extremely overrated. It seems like everyone and their brother has a blog out there that basically talks about nothing. However, I do find myself extremely entertained by some of them and late at night I cruise the search engines on various topics.
Lately I have been caught up with postings on business and Leadership. I have read some interesting things lately on "What constitutes a Leader" in the business arena. There are thousands of books on this topic and a lot of people have made a lot of money selling their so called expertise on the subject. My humble opinion is that, while I believe Leadership can be cultivated, it is not something that can be learned through a book or drilled into someones head. It takes a certain type of personality, a sheer drive to excel, and desire to win. At Resort Realty we have been re-instituting this "drive" into all of our employees and managers.
It is very easy in any business to start feeling complacent and be satisfied with the status-quo if there is not a clear and present vision for the future. The day-to-day can become quite drab when there never seems to be a light at the end of the tunnel. I once had a coach while playing baseball in college who said "once you think you have achieved success, you have to practice that much harder because there is someone that always wants to win more". I have always lived my life with this mentality. I have always had the opportunity to be around people with this same mindset, be it my Dad who always demanded the best at whatever I did, my Coaches in sports, or my first mentors in the business world.
When I first arrived at Resort I knew I had an unbelievable opportunity to finally prove my worth as a Leader through all my years of training by these great mentors. To quote the age old cliche, it was time to "sink or swim". However, really thinking back to what I was taught by these mentors, I want to judge myself by how I am able cultivate the next leaders within our organization. I must say that this has been the most challenging, and rewarding, part of my job. Many managers, who have never had the opportunity to challenge the "old way" of doing things have blossomed in their new found role of "Leadership".
Many of the new ideas that have emerged over the past two years have been directly from our employees and managers that are on the front lines everyday. This is (what I envision anyway) what a successful, innovative business looks like. I take great pride in hearing these ideas and even greater pride when we implement these for the benefit of our homeowners and guests.
So, in closing on my first post on The Salt Spray blog, I want to thank all of my employees, managers, seasonal staff, Real Estate Agents, and vendors who have helped me get off on the right foot in my "Leadership" role with Resort Realty. This is truly a Team that I feel proud to be apart of.
Lately I have been caught up with postings on business and Leadership. I have read some interesting things lately on "What constitutes a Leader" in the business arena. There are thousands of books on this topic and a lot of people have made a lot of money selling their so called expertise on the subject. My humble opinion is that, while I believe Leadership can be cultivated, it is not something that can be learned through a book or drilled into someones head. It takes a certain type of personality, a sheer drive to excel, and desire to win. At Resort Realty we have been re-instituting this "drive" into all of our employees and managers.
It is very easy in any business to start feeling complacent and be satisfied with the status-quo if there is not a clear and present vision for the future. The day-to-day can become quite drab when there never seems to be a light at the end of the tunnel. I once had a coach while playing baseball in college who said "once you think you have achieved success, you have to practice that much harder because there is someone that always wants to win more". I have always lived my life with this mentality. I have always had the opportunity to be around people with this same mindset, be it my Dad who always demanded the best at whatever I did, my Coaches in sports, or my first mentors in the business world.
When I first arrived at Resort I knew I had an unbelievable opportunity to finally prove my worth as a Leader through all my years of training by these great mentors. To quote the age old cliche, it was time to "sink or swim". However, really thinking back to what I was taught by these mentors, I want to judge myself by how I am able cultivate the next leaders within our organization. I must say that this has been the most challenging, and rewarding, part of my job. Many managers, who have never had the opportunity to challenge the "old way" of doing things have blossomed in their new found role of "Leadership".
Many of the new ideas that have emerged over the past two years have been directly from our employees and managers that are on the front lines everyday. This is (what I envision anyway) what a successful, innovative business looks like. I take great pride in hearing these ideas and even greater pride when we implement these for the benefit of our homeowners and guests.
So, in closing on my first post on The Salt Spray blog, I want to thank all of my employees, managers, seasonal staff, Real Estate Agents, and vendors who have helped me get off on the right foot in my "Leadership" role with Resort Realty. This is truly a Team that I feel proud to be apart of.
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