Citing a PhocusWright study, FlipKey highlights over 350K second home owners queued to begin offering their vacation homes to travelers more frequently

January 15^th Boston, MA:  With the vacation rental market estimated at $24B, the growing and popular lodging sector motivated PhocusWright – a leading travel research firm – to conduct the industry’s first ever dedicated market study.  Co-sponsored by 14 industry players including FlipKey.com – a leading vacation rental site featuring the industry’s largest collection of verified guest reviews – the study estimates 1.26M second homes are available for rent in the U.S. for families looking for an alternative to hotels and other lodging options. 

The study identified that 56% of the vacation rental market is represented by rent-by-owners with the remaining 44% of vacation rental homes managed by professional property managers.  Encouraging for the growth of the industry, the study highlights 50% of rent-by-owners are casual renters, offering their units primarily to friends, family and through word-of-mouth.  As the economy continues to place additional financial burdens on second homes owners, FlipKey expects more of these casual renters to become increasingly active, working independently or through a property manager to offer their home more frequently and to travelers beyond family and friends. 

“Although there are 1.26M vacation homes that have been rented, it doesn’t mean they were made available to the general traveler,” stated TJ Mahony, CEO of FlipKey.com. “When we pealed back the layers of the study we estimated there are 350K casual renters that don’t necessarily make their home available beyond their immediate friend and family network.  It’s reasonable to assume the current economic environment will help motivate many casual vacation rental owners to become more active.”

FlipKey defined an ‘active’ renter as an owner that markets their home to travelers beyond their family and friends network.  Mahony summarized, “if an owner actively markets their property online and rents their unit to two or more people completely outside their personal network each year we consider them active.”

When renting a vacation home its imperative vacationers feel comfortable and confident in the home and manager/owner of the property.  Vacation homes overseen by property managers and active owners often provide strong customer support, clear check-in / check-out processes and other support services consumers value.   Mahony concluded, “Given the economy and growing support and marketing services available, there is a clear opportunity for more of these casual participants to become more active, renting their homes more often, yielding increased rental income.”

About FlipKey

FlipKey^™ is a leading vacation rental service featuring the world’s largest collection of verified vacation rental guest reviews. FlipKey believes reputation, trust and feedback from past guests are the best resources to ensure consumers find the ideal vacation home. FlipKey currently features more than 60,000 vacation homes offering vacationers the unique advantages of more personal space, superior amenities and ideal locations throughout the United States, the Caribbean, Canada and Mexico. FlipKey is majority owned by TripAdvisor, LLC, and is a member of the TripAdvisor Media Network, attracting more than 32 million unique monthly visitors* across 12 popular travel brands. FlipKey is available at http://www.flipkey.com

*Source: comScore Media Metrix, May 2008

© 2008 TripAdvisor LLC. All rights reserved. 

Press Release

Struggling Economy Driving Consumers to Alter Ski trips, But not Cancel Them

Boston, MA, January 6, 2009- Travel industry reports forecast a dark winter for the travel industry, but FlipKey.com, a leading vacation rental website, indicates this doesn’t necessarily spell a down season for the whole ski industry. FlipKey – www.flipkey.com – which markets over 60,000 vacation rentals throughout the United States, has found that consumer interest in many ski areas remains strong and has actually increased from 2008.  In fact, an informal survey of vacation rental managers in areas that draw from a more local traveling population reports year-over-year increases. Vacation rental managers are also seeing an increased interest in vacation rental properties rather than other lodging options.

According to Jeremy Gall, Chief Operating Officer of FlipKey, “Destination ski areas, such as Aspen, CO, that require consumers to travel long distances will struggle this season; however, we are seeing a boost in interest to more local ski resorts. For instance, Loon Mountain, a local draw within the New England market cited 9% year-over-year increase in pre season ticket sales.”

Similarly, Cort Roussel of Franconia Notch Vacations, servicing the White Mountain region of NH, added, “Cannon Mountain has seen a 40% increase in the volume of season’s passes sold over last year.”

Those benefiting from current traveler trends tend to be located in areas that cater to local interest and/or offer alternative lodging accommodations. Specifically, consumer interest in vacation home rentals has been bolstered by the current economy, as more people seek more affordable vacation options that do not require excessive travel. 

“We are seeing increased interest in our larger vacation homes as families are traveling in groups, taking advantage of the shared weekly rent and comfortable space afforded by our vacation homes,” said Joanne of New England Vacation Rentals.

Nick Lanza of Big Bear Vacations (Big Bear Lake, CA) cites, “Out-of-state skiers are relatively absent this year, but we are seeing a surge in interest from southern California.”

The decrease in destination ski travel is mostly a function of the economic downturn, but can also be placed on new airline policies. The introduction of baggage fees across the airline industry places further burdens on the long distance ski traveler. A family of four flying from the east Coast to the Rockies can incur more than $300 in additional fees for simply checking in their skis and boots. 

The emerging formula for this years ski family is to stay local, drive a few hours and book a vacation home rental that affords the family extra space to discuss how bad the economy is.

FlipKey^™ is a leading vacation rental service featuring the world’s largest collection of verified vacation rental guest reviews. FlipKey believes reputation, trust and feedback from past guests are the best resources to ensure consumers find the ideal vacation home. FlipKey currently features more than 60,000 vacation homes offering vacationers the unique advantages of more personal space, superior amenities and ideal locations throughout the United States, the Caribbean, Canada and Mexico. FlipKey is majority owned by TripAdvisor, LLC, and is a member of the TripAdvisor Media Network, attracting more than 32 million unique monthly visitors* across 12 popular travel brands. FlipKey is available at http://www.flipkey.com

About FlipKey

*Source: comScore Media Metrix, May 2008

© 2008 TripAdvisor LLC. All rights reserved  

Last week Travel + Leisure released its ‘Top Travel Website” winners and we’re happy to announce FlipKey was named the web’s Top Vacation Rental Website.

(Yeah, cheers, several high fives!!!!)

Travel + Leisure is one the world’s most prominent authorities in the world of travel and boasts circulation/audience of 950,000 readers.

Citing FlipKey’s growing properties – now over 60,000 throughout North America – and unique collection of verified guest reviews, Travel + Leisure identified something truly unique about FlipKey.  We hope Travel + Leisure’s recognition of FlipKey will help drive additional awareness of vacation rentals and the wonderful experience afforded by our vacation homes.

THANKS!!!!!!

We are excited to announce the release of online booking functionality on FlipKey.com.  Vacation rental guests will now find our Online Reservation widget in the right-hand column of any vacation rental property accepting online bookings on FlipKey.com. Properties not offering online bookings will continue to feature email reservation forms and phone numbers that will allow guests to contact the reservation manager.

Why we are excited: 

The combination of guest reviews + online booking functionality is the holy grail of establishing trust in the vacation rental industry.  FlipKey guest reviews help prospective guests learn from the experiences of past guests, so they can select the right home and feel comfortable and confident in their decision.    Once the guest has found the perfect home, the booking process is straightforward and as simple as booking a hotel online.   Although many guests may prefer to call your reservation number or send you an email inquiry, simply knowing that your operation offers the ability to book online helps the consumer understand the professionalism of your operations….

The powerful combination of guest reviews and online booking functionality has several tangible benefits.   Most relevant to FlipKey, is FlipKey’s RepScore (short for Reputation Score), a scoring system that determines promotional listing placement on FlipKey and TripAdvisor (coming soon!).   By simply offering online booking functionality on FlipKey we can determine a more confident user experience compared to a similar property not offering online booking, which improves your listing placement on both FlipKey and soon on TripAdvisor.

If your software company supports online bookings and you’re interested in (i) collecting guest reviews and (ii) accepting online bookings through FlipKey contact us at myreviews@flipkey.com for more information.

FlipKey currently accepts online bookings for property managers using any of Instant Software’s services (V12, PropertyPlus, First Resort, Entech) or Escapia’s online distribution service EscapiaNet.

The following is an excerpt from a recent Instant Software client newsletter.  To read the full article click here.

——————- ISI Insider Newsletter—————–

ISI Clients are Increasing Booking Conversions with New Integrated Guest Review Service Powered by FlipKey

Instant Software and FlipKey launched an integrated seamless guest review service during RezFest 2008. In less than three weeks since launching, 35 property management companies have successfully begun integrating guest reviews through ISILink. Over 4000 reviews have already posted on 1500 properties with an average rating of 4.32 out of 5. Getting started with guest reviews is quick and easy…and it’s also FREE.

WHY COMPANIES ARE USING FLIPKEY / ISI GUEST REVIEWS

Research shows that recommendations from prior guests have a dramatic effect on booking conversions. According to Compete, Inc., 78% of vacationers say they are significantly more likely to book a vacation home if they can read reviews from past guests. TripAdvisor notes that hotel websites have doubled their conversion rates after incorporating guest reviews into their websites. Why? Because they remove the uncertainty and unpredictability often associated with a potential accommodation.

Not only will guest reviews likely increase your booking conversions, but through FlipKey, you will also increase your marketing distribution. In 2009, TripAdvisor will begin promoting vacation rentals that feature FlipKey reviews, giving you the opportunity to promote your properties to more than 24 million visitors per month.

MANAGE YOUR REPUTATION – NO REVIEW IS A BAD REVIEW

Some property management companies have expressed concern about potentially negative ratings. However, 81% of guest reviews are positive to very positive with an average rating for ISI clients of 4.32 out of 5. In fact, only 4% of guest reviews are negative and these minor cases are critical in establishing the credibility of all your positive reviews. Research has shown products featuring at least a few critical reviews convert better than products featuring only positive reviews. 

To read more click here.

In the past few weeks there has been growing discourse over the proposed bi-laws of VRMA and the future direction of the organization.

FlipKey has invested heavily in the promotion of the vacation rental industry and supports multiple organizations (VRMA, Discover Vacation Homes, CFVRMA, etc.) to further the collective interests of our industry.

To that effect, we felt it was prudent to make our readers aware of Alex Risser’s (President, Outer Beaches Realty) Save VRMA campaign.   Although this is not an endorsement of any particular party, we do feel it’s important our readers are aware of the emerging issues that are being addressed at this years annual VRMA Board Meeting.

This information is taken from www.savevrma.com where you can find additional information on the current issues, what Alex is proposing and your options as a VRMA member.

If you are a VRMA member you should have received meeting notes from last years annual board meeting, Restated By Laws of VRMA and a proxy vote form.  Please consult these materials to understand all aspects of this year’s voting issues, topics and positions.

————Taken from SaveVRMA.com————–

We, the undersigned, collectively urge Vacation Rental Managers Association members to give their general proxy to VRMA Board Member Alex Risser so that he will have the voting power to bring about some urgently needed changes in VRMA’s management and direction.

We believe that VRMA is our best hope of addressing urgent technology, political and economic trends that are threatening our industry.

We have reluctantly concluded that VRMA’s current management, while having done a good job coordinating conferences for our members, has done too little in expanding VRMA’s membership and participation in issues that are too large for any individual member, including:

• National promotion of vacation rental homes to hotel customers;
• Educating renters to differentiate managed from self-managed rental homes;
• Community restrictions on vacation rentals;
• The lack of a central industry website to compete with rent-by-owner sites;
• Legislative initiatives that would make flood insurance more expensive or unavailable.

With great excitement we announce that TripAdvisor has taken a majority position in FlipKey.   TripAdvisor – the world’s largest travel community – represents the “perfect fit” for FlipKey’s industry leading vacation rental guest review service.   Over the last year, FlipKey has made great strides in enabling the vacation rental community with the power of guest reviews.  To add to our value proposition we will now begin working with TripAdvisor to introduce vacation rentals and the reviews you collect through FlipKey to tens of millions of consumers from across the world.

TripAdvisor’s branded websites attract 24 million consumers a month.*   Over the next year we will work closely with TripAdvisor to introduce vacation rentals to a wider consumer audience and allow the power of guest reviews to promote the vacation rental experience.   We are confident that the combination of FlipKey’s industry focus and TripAdvisor’s marketing reach will be a significant win for consumers, FlipKey clients and the entire vacation rental industry!

FlipKey will continue to operate as an independent company, so continue to check the blog for service updates, company news and industry commentary.

See below for the full press release.

*Source: comScore Media Metrix, May 2008

———————————-Official Press Release———————————-

TRIPADVISOR TAKES MAJORITY POSITION IN FLIPKEY, STRONG PLAYER IN VACATION RENTAL MARKET

NEWTON, Mass. – August 20, 2008 — TripAdvisor®, the world’s largest travel community, today announced it has purchased a majority stake in FlipKey™, http://www.flipkey.com, a leading vacation rental review site. Terms of the investment will not be disclosed.

“Vacation rentals is the hot emerging category in travel and FlipKey has a great foundation and a smart business approach,” said Steve Kaufer, founder and CEO of TripAdvisor. “We believe we can help FlipKey become the leader in the space and, in turn, FlipKey content will satisfy a growing need for TripAdvisor users.”

“TripAdvisor is ‘it’ in the world of user-generated travel reviews, so we are thrilled to have the support of the TripAdvisor Media Network,” said TJ Mahony, FlipKey founder and CEO. “We’re honored to have been chosen as the vacation rental provider to the world’s largest travel community and look forward to working with TripAdvisor to build our business.”

Boston-based FlipKey.com launched in March 2008 and is led by TJ Mahony, CEO, Jeremiah Gall, COO, and Carl Query, CTO. FlipKey features 50,000 vacation homes, representing all 50 U.S. states. In addition to amassing vacation rental listings and consumer reviews of the featured properties, FlipKey has an exclusive relationship with Instant Software, the leading property management software company, to provide a guest review platform for its clients. FlipKey content is expected to be integrated with TripAdvisor.

About TripAdvisor Media Network
TripAdvisor® Media Network, operated by TripAdvisor, LLC, attracts nearly 32 million monthly visitors* across 12 popular travel brands, TripAdvisor®, www.airfarewatchdog.com, www.bookingbuddy.com, www.cruisecritic.com, www.holidaywatchdog.com, www.independenttraveler.com, www.onetime.com, www.seatguru.com, www.smartertravel.com, www.travel-library.com, www.travelpod.com and www.virtualtourist.com. TripAdvisor-branded sites make up the largest travel community in the world, with 24 million monthly visitors*, six million registered members and 15 million reviews and opinions. Featuring real advice from real travelers, TripAdvisor-branded sites cover 300,000+ hotels and attractions and operate in the U.S. (http://www.tripadvisor.com), the U.K. (http://www.tripadvisor.co.uk), Ireland (http://www.tripadvisor.ie), France (http://www.tripadvisor.fr), Germany (http://www.tripadvisor.de), Italy (http://www.tripadvisor.it), and Spain (http://www.tripadvisor.es). TripAdvisor® Media Network provides travel suppliers with graphical advertising opportunities and a cost-per-click marketing platform. Collectively, the sites comprising the TripAdvisor Media Network have won hundreds of awards and accolades from press and industry worldwide. TripAdvisor and the sites comprising the TripAdvisor Media Network are operating companies of Expedia, Inc. (NASDAQ: EXPE).

TripAdvisor is a registered trademark of TripAdvisor LLC in the U.S. and/or other countries.

© 2008 TripAdvisor LLC.  All rights reserved.

*Source: comScore Media Metrix, May 2008

# # #<-->

A few weeks ago TripAdvisor announced it had acquired VirtualTourist.com. I will admit that I was not particularly familiar with VirtualTourist (VT), so I jumped on the site to see what they were all about.

After a brief investigation I realized that I “should have” known who VirtualTourist was.

Summary of Observations:

Based on Compete.com statistics the site attracts ~1M visitors/month. I consider 1M visitors the qualifier for “I’m a major site.” I’m ashamed that I wasn’t aware of the site prior to the announcement.

I’m going to Asheville, NC for a wedding in August and figured I would see what VT had to say about it. I was surprised to find a significant amount of tips, tricks and photos of avid VT users who had clearly spent a ton of time reviewing the area. Although the site has some user experience quirks, the user generated content featured is robust and very useful.

I then decided to register and discovered why users spend so much time talking about the trips. VT actually ranks users based on the volume and quality of the content they post. Their user-community basically competes to have a high “VT Rank” and thus members go the extra mile to upload extra pictures, videos, tips and deals.

Although VT had some great content on Asheville, I did notice it fell short in many other vacation rental destinations.  For instance, a search for “Outer Banks” and “Grand Strand” yielded no results.   With that said, I found excellent content for a number of other vacation rental destinations.

VT allows you to register as a resident of your area and then allows people to contact you if they are looking for recommendations.   With 1M visitors per month on this site, managers would be well served to register, use their local knowledge to enter useful tips, photos of nearby attractions and highlight the availability and advantages of vacation rentals in the area.

We are excited to announce that FlipKey and Instant Software have partnered to allow Instant Software clients to easily and affordably (it’s free!) collect guest reviews. (Full Press Release Below)

Highlights:

• Beginning in July, ISI clients can opt-in to ISI’s Guest Review service (powered by FlipKey)
• The service is provided at no charge and will allow property managers to set their ‘collection preferences’ and then automatically begin collecting reviews from past guests through FlipKey at the conclusion of each vacation rental
• All guest review content will be made available through ISILink™, which will make it easy for property managers to publish guest reviews on their own site, FlipKey.com or any marketing channel they are leveraging to attract and convert guests.

The combined ISI-FlipKey service includes all FlipKey Features

• Personalized Invitations: Automatically email requests to past guests to leave reviews for the specific property they stayed in
• Manager Response: Respond to reviews and thank guests for their positive feedback and/or address improvements
• Low Rating Alerts: Emails alerting property managers of low rated reviews to allow quick response to critical feedback
• Extension Tools: Free tools to easily extend FlipKey reviews to property managers’ own websites. Click here to see an example of the FlipKey Guest Review Widget at Mermaid Cottages
• And much more….

This partnership provides ISI clients a wonderful opportunity to begin leveraging the power of guest reviews.

———————————–FULL PRESS RELEASE———————————-

FlipKey and Instant Software Partner to Create the Largest Collection of Vacation Rental Guest Reviews Online

FlipKey to power guest reviews for Instant Software’s 225,000 vacation rental homes

Boston, MA June 18, 2008 – Instant Software – the largest and leading supplier of software solutions and real-time online services to the Vacation Rental industry – has selected FlipKey to power an integrated guest review management service. FlipKey – the first and only independent reputation and guest review service built specifically for the vacation rental industry – will provide a private label guest review portal connected to Instant Software’s ISILink technology to enable Instant Software clients to automatically collect and publish guest reviews based on verified booking records.

“Instant Software understands the powerful impact guest reviews have in driving increased bookings – both online and offline”, said TJ Mahony, CEO of FlipKey. “By leveraging the FlipKey service, in conjunction with ISILink, Instant Software will enable its clients to more effectively compete against traditional vacation lodging accommodations, namely hotels, which have long benefited from the increased consumer confidence and information that online guest reviews provide.”

Vacation home rentals are quickly becoming the lodging option of choice for many vacationers. Vacation rentals provide vacationers superior amenities, more personal space, ideal locations and often lower prices compared to hotels. However, for many travelers concerns about whether the vacation home is as advertised and available guest services has discouraged adoption. According to a recent FlipKey.com study conducted in partnership with Compete, Inc, 78% of vacationers indicate they are significantly more likely to rent a vacation home if they can read a review of a prior guest.

Instant Software clients will be able to collect, manage and publish guest reviews through FlipKey in July ’08. Guest review content will then be available for consumers to view directly through the vacation rental manager’s websites, FlipKey.com and other Instant Software marketing distribution partners.

“Guest reviews help increase the predictability and highlight the advantages of the vacation rental experience,” said Ted Miller, COO Instant Software. “We selected FlipKey to power our guest review solution because FlipKey not only provides a best-in-class solution, but also allows the guest review content to live across the internet. The combination of the FlipKey service and ISILink will enable Instant Software clients to opt-in to a powerful and automated process to gain a competitive advantage and convert more guests, all at no cost. ”

About FlipKey

FlipKey is a community driven travel service that helps consumers find trusted vacation rentals throughout the world, by providing real reviews of verified vacation rental properties. FlipKey believes reputation, trust and feedback from past guests are the best resources to ensure consumers find the ideal vacation home.

FlipKey is available today at www.flipkey.com

About Instant Software

Instant Software Inc. (ISI), is the nation’s leading provider of vacation rental management software, real-time online reservation and distribution systems and related services. The Instant Software product portfolio includes First Resort™, PropertyPlus™, Entech™, V12.NET™ and ISILink™. ISI has installed software at more than 2,000 property management companies and vacation rental resorts throughout North and Central America and the Caribbean. The company, which was the first in the vacation rental industry to bring real-time booking, serves more than 225,000 vacation rentals and provides more software solutions for more companies than any other in the USA.

For more information visit www.instantsoftware.com

Guest Author: Discover Vacation Homes

When Discover Vacation Homes was formed in 2006, founding members agreed that the level of consumer awareness and confidence in the vacation rental category is only going to grow if we, as an industry, come together as a united front of colleagues rather than competitors. Steve Trover, Discover Vacation Homes’ President, explains that awareness is our industry’s greatest obstacle and greatest opportunity. “Only a small percentage of Americans have stayed in vacation homes, and most don’t even know the option is available. Together, we can change that.”

Discover Vacation Homes, the name which is a call to action in itself, is currently an alliance of the most well-established vacation rental management companies in the Orlando area. During the past two years, we have worked side-by-side to develop the Discover Vacation Homes objective, brand, key messages, press materials, website, and more, sparking a growing momentum for the good of the vacation rental industry nationwide.

Our goal is unanimous: To raise awareness of vacation rentals as a viable lodging option to travelers, and importantly, as one of the hospitality industry’s fastest-growing categories. Nearly all of the association’s funds are dedicated to public relations efforts, including presence at local and national trade shows, and we have enlisted an internationally recognized PR firm, Y Partnership (www.ypartnership.com), to handle publicity and media relations for the consumer-driven campaign.

Dan Kline, Amanda Patric and, Brian Brannigan – Founding Members of DVH

Why public relations? We recognize that consumers are increasingly looking online for credible third party recommendations about everything from retail goods to accommodations. By combining the traditional practice of PR with new media strategies, Discover Vacation Homes seeks to elevate the awareness level of the entire industry through editorial coverage and social networking.

The more involved the industry becomes, the louder the message, and as awareness grows, so goes the association. A mantra of sorts, this belief is key to the cause as Discover Vacation Homes poises to expand membership on a national scale in 2009. With national representation and support from industry partners, the organization will exponentially grow the awareness (and, in turn, bookings) of vacation rentals in locations across North America, and potentially worldwide.

Association membership includes a commitment to uphold Discover Vacation Homes’ code of ethics and business practices, as well as required membership with long-standing professional association, VRMA – the Vacation Rental Managers Association (www.vrma.org), and encouraged affiliations with local and regional groups, CVBs, the Better Business Bureau, and AAA, among others.

To get involved, join the discussion, or learn more about the association and its efforts, feel free to:

• Visit www.DiscoverVacationHomes.com
• Email JoinIn@DiscoverVacationHomes.com
• Call directly at 1-800-557-0135

Keep an eye out for an upcoming submission form on the Discover Vacation Homes website for companies interested in association membership, as well as the latest vacation rental news and editorial coverage.

Interviewing consumers about their experience in a vacation home at the Vacation Home Expo in Altanta, GA