The short-term property rental industry in Dubai - having evolved only through the last five years – continues to benefit from various regulations laid down by the government. It is only imperative that the vacation rentals market should experience a continued boom.
Stats indicate the number of units under short-term rentals increased from around 11,000 in 2021 to about 24,000 last year, and the numbers keep rising. It seems a natural choice to many real estate companies to add their inventory to this market as a different vertical for their operations.
With a whole set of new trends powering travel and a shift from traditional stays in hotels, short-term let properties today can no longer be differentiated only in terms of product and aesthetics.
The service element - the human touch – and the experiences created for travelers is in essence the true differentiating factor between a great short-term property vs. one that is not. It needs hoteliers with that mindset and companies that can identify with that are able to set themselves apart.
Some of the crucial skills and qualities a hotelier does bring are:
Customer service orientation
Hoteliers have a strong focus on delivering exceptional customer service. They strive to meet or exceed guest expectations, ensuring a positive experience for one and all.
Attention to detail
Managing a vacation rental company involves handling multiple tasks simultaneously. Having strong time management skills are essential for overseeing reservations, bookings, staff schedules, maintenance, and other operational aspects.
Business acumen
A successful hotelier understands the business side of the operation. They have an understanding of financial management, budgeting, revenue generation, marketing strategies, and market analysis to ensure profitability and growth.
Market awareness
Coming from a similar industry, they stay updated on trends, market demands, and customer preferences, which is vital for a successful vacation rental company.
Flexibility and adaptability
The hospitality industry can be unpredictable, and situations often arise that require quick decision-making. Being flexible is crucial in managing unexpected challenges and providing a satisfactory guest experience.
Passion for hospitality
Having a genuine interest in providing exceptional guest experiences will contribute to the success of a vacation rental company.
As Conrad Hilton once said: “The buyer is entitled to a bargain. The seller is entitled to a profit. So there is a fine margin in between where the price is right. I have found this to be true to this day whether dealing in paper hats, winter underwear or hotels.”
A successful short-term rental management company with the hospitality mindset understands this perfectly.
