🏠 VisitEngland & the AA have released a new assessment scheme

👋 Welcome to all of the new subscribers who have joined us this week. 🎉

This week's newsletter is jammed full of information, survey results, and tips to improve your holiday let business.

We have delved into a recent presentation by Key Data as-well as providing some insights from Sykes Holiday Cottages latest report.

Read on to find out more…

See you next Saturday at 5pm?

Phil

Founder, My Holiday Guide

IN THE NEWS

The AA and VisitEngland have undertaken a modernisation of their accommodation assessment schemes and quality standards, resulting in improved clarity and a more streamlined process for hospitality businesses seeking accreditation. This revised system offers three distinct tiers:

• Quality Star Rated (3 to 5 stars) - This familiar star system continues to provide a concise indication of overall quality

• Quality Assessed - This designation signifies that the establishment meets rigorous quality standards

• Visitor Ready - This newly introduced accreditation confirms adherence to essential safety and hygiene protocols

You can learn more and start your application here.

Interestingly this fits into our article from last week on what makes a holiday let high end?

Skyes Holiday Cottages have released a report providing results from their owner survey coupled with data from AirDNA.

You can view the full report here but here’s a few snippets highlighting the top ten regions and some owner sentiments.

Airbnb’s summer release provided a few new features for guests and hosts. These included:

• The new icons category that we highlighted in our May 4th newsletter

• New Features for Group Trips including shared wish lists, group messaging and simplified trip invitations

• Upgrades for Hosts including a revamped hosting dashboard, more detailed analytics and improved ways to edit a photo tour of your home

Other News

• Digital guest welcome book company Touch Stay has been acquired by itrinity. Touch Stay is a competitor to our very own My Holiday Guide digital welcome book. Did you know that our brand new version has just been released? If you’re interested in finding out more you can arrange a free 30 minute demonstration with me

• Booking.com has been hit with the EU’s ‘Gatekeeper’ status, meaning it will face tighter regulation once approved. Here’s an article that explains what this will mean for them

• Bournemouth, Christchurch & Poole council set to be first coastal towns to install tourist tax

• A new survey from the ASSC has laid bare the “precarious situation” facing the self-catering industry in Scotland

LISTING PERFORMANCE & GROWTH
Tips and strategies to enhance the visibility and attractiveness of your holiday let.

A slightly different take this week - Providing a summary of a presentation by Jason Sprenkle CEO of Key Data.

Jason Sprenkle - CEO at Key Data has released a presentation providing a 2024 outlook for the short-term rental market. A number of the views presented were US centric, with some specific information for Europe, however the information presented for the US highlights some interesting trends that are worth delving into.

If you’d like to listen to the hour long presentation you can sign-up here, however to save you 55 minutes I have created a summary below. All charts credit Key Data:

• In unsettling times, over communicate & double down on building trustworthiness

• Use segmented speedometers early & apply small incremental changes regularly

• Need to apply long term perspective - For instance US Annual RevPAR - over 10 years has steadily increased however has decreased over last 3 years

• Annual (inflation adjusted) Average Daily Rate is pretty flat

• In Europe paid occupancy levels have increased from 35% in 2019 up to 43% in 2023, only beaten by higher growth in Asia. But crucially, the trend is a positive one for all regions

• For the US, 2024 Adjusted Paid Occupancy and RevPAR are lagging 2023 levels until September 2024. They didn’t present this view for the UK

• For Owners and Property Managers Jason highlighted the following KPIs (Key Performance Indicators) as the important ones that shape your performance :

  • # Reservations

  • # Properties

  • Reservations per property

  • Average stay length

  • Paid occupancy

  • ADR (Average Daily Rates)

  • RevPAR (Revenue Per Available Room)

• RevPAR is continuing to reduce. Prediction is that property supply will continue to slowly reduce over 2024; allowing RevPAR to recover somewhat as demand and supply start to balance more

• Average stay lengths have continued to slowly decline

• Booking windows - Although 35% of reservations are made 14 days or less prior to a stay, they only make up 17% of revenue. Conversely, bookings made 60+ days prior to a stay make up 55% of revenue and account for 31% of reservations. Take away from Key Data - If your bookings are pacing ahead 90+ out - Start to increase rates now, similarly if bookings 90+ days out are pacing lower, decrease rates slightly early

What are your takeaways from this review by Key Data?

FEATURED RESOURCE - BROUGHT TO YOU BY INNOVATION INSIGHTS
Highlighting useful tools and resources for your holiday let.

"There's money hiding in your walls- Time to take it out!"

Did you know that if you own an Airbnb or any type of UK self-catering holiday let, then you may be entitled to a tax break called Capital Allowances?

What do you get? Either a reduction in your tax liability or a cash rebate.

But hurry- April 2024 changes mean you now only have 1 year left to make your claim.

If you’d like to explore if your property qualifies you can arrange a call with Karen from Innovation Insights using the link below :

INTERIOR DESIGN
Interior design inspiration and decor tips.

PROPERTIES OF THE NEWSLETTER
We all love looking at and getting inspiration from other properties so here’s our top pick for this edition.

NO FOMO
Missed last weeks newsletter? Here’s one thing you might like.

Our article on ‘What makes a holiday let property high end’ was a popular read last week.

If you missed it you can read the full article here to find out what snippets you might choose to apply to your holiday let :

SHARE AWAY
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