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Applying the maturity model to vacation rental companies
As a vacation rental business owner or manager, continually improving your operating processes is how you’ve stayed ahead of the competition and kept up with new trends in the industry. So far so good. But what if there were some processes in the business you had a blind spot on? If you don’t know where to look for those blind spots, you might have a few processes that are slowing down growth or consuming valuable time.
The solution is to look at your business through the lens of what’s called the maturity model. In a nutshell, a maturity model is the mapping out of how businesses in an industry operate (process by process) and define what those processes look like for each one.
A few excerpts from the paper:
I'm a big fan of models like this because they help managers orient themselves in uncharted waters. Identify where you are, then determine the next steps to get where you want to go.
A distribution channel is a website (sometimes called a platform) that allows hosts, owners, or managers to list and market their properties to potential travelers looking to book a rental. In exchange for listing the properties, the distribution channel either charges a membership fee, or a commission once a booking takes place. Airbnb, Vrbo and Booking.com are examples of typical distribution channels.
In this paper, we define a maturity model vacation rental owners or managers can use to map out their processes and see which ones need to be updated.
If you’re ready to take a fresh look at your business processes and unlock that untapped potential, download the maturity model report today:
The 10 major processes found in every vacation rental company
We clearly define what constitutes a Direct Booking Site. We also explore how the vacation and short-term rental industries evolved from Direct Bookings to the current model of listing sites and online travel agencies.
The maturity model for each level of sophistication of a vacation rental company
With the 10 major categories defined, we look at what a mature vs less mature process is. By knowing what the next level of sophistication of a process should be, you can then put in place concrete steps to reach the next level. lso explore how the vacation and short-term rental industries evolved from Direct Bookings to the current model of listing sites and online travel agencies.
What each level of maturity looks like
Where does your vacation rental company fit in this model? Most industry professionals would be surprised to learn that their processes are more advanced than they realize. But there’s always room for growth. So why not take a peek at what the level of process maturity above yours looks like?
Ways to move forward along the maturity model
Growth doesn’t always mean growing your vacation rental portfolio. Refining your processes could unlock efficiencies and give you and your team more time and resources to improve the bottom line.
