• News
    • VRM Intel News
    • Latest News
    • Sponsor News
  • COVID-19
  • Marketing
  • Tech
  • OTAs
  • Customer Service
  • Regulations
  • Business
  • Housekeeping
  • Subscribe
  • More
    • Calendar of Events
    • VRM Intel Live!
    • Reports Login
    • VRM Intel Magazine
    • Advertise
    • Authors
    • About Us
    • Contact Us
VRM Intel
  • News
    • 2024 DARM Sessions Preview, Sandestin, Dec 2 – 4
    • Vacation Rental Women’s Summit is Coming to Nashville, December 3 – 6, with Inspiration, Motivation, and Education
    • Vacation Rental Industry’s DARM Conference Returns to Nashville, December 5-7
    • Rent Responsibly STR Association Management Services Feature Image
      Rent Responsibly Launches A La Carte Support Services for Vacation Rental Alliances
    • Arizonans for Responsible Tourism Pregame Prep Campaign
      Arizonans for Responsible Tourism Hosts Super Bowl Preparedness Campaign for Vacation Rental Operators
    • VRM Intel News
    • Latest News
    • Sponsor News
  • COVID-19
    • Recession-Proofing Your Vacation Rental Business
    • 2022 Vacation Rental acquisitions from AvantStay, VTrips, Vacasa, Meredith, and more
      Who Sold? Here’s What We Know: 2022 Vacation Rental Management Acquisitions
    • 2021/2022 Ski Destinations Showing Big Performance Gains in ADR and RevPAR for Vacation Homes and Condos
    • “It’s like a short-term rental regulation pandemic.” 2022 Spring Vacation Rental Regulatory Trends + Fall Outlook
    • HR 2022: Attracting Today’s New Workforce after the Resignation Tsunami and the Great Renegotiation
  • Marketing
    • 2024 DARM Sessions Preview, Sandestin, Dec 2 – 4
    • Amber Hurdle Pre-conference Webinar Series
      Professional Development Webinar Series with Amber Hurdle Starts November 6
    • Vacation Rental Women’s Summit is Coming to Nashville, December 3 – 6, with Inspiration, Motivation, and Education
    • Vacation Rental Industry’s DARM Conference Returns to Nashville, December 5-7
    • Recession-Proofing Your Vacation Rental Business
  • Tech
    • 2024 DARM Sessions Preview, Sandestin, Dec 2 – 4
    • Vacation Rental Industry’s DARM Conference Returns to Nashville, December 5-7
    • Recession-Proofing Your Vacation Rental Business
    • Geotargeting & SEM: A How-To Guide on Spending Less & Getting More
    • All About the Data: Predictive Indicators with Jason Sprenkle
  • OTAs
    • Vacation Rental Industry’s DARM Conference Returns to Nashville, December 5-7
    • How to Increase Your Occupancy in a Competitive Market through Monthly Rentals
    • Blue Star Acquires Majority Stake in TravelNet Solutions
    • Vacation Rental Data and Revenue Management Conference, DARM 2022, Nashville
      Sessions Details for Upcoming Vacation Rental Data and Revenue Management (DARM) Conference: Livestream/Video Tickets Available
    • Vacasa (VCSA) Stock Falls as Lock-up Period Expires
  • Customer Service
    • Amber Hurdle Pre-conference Webinar Series
      Professional Development Webinar Series with Amber Hurdle Starts November 6
    • Vacation Rental Women’s Summit is Coming to Nashville, December 3 – 6, with Inspiration, Motivation, and Education
    • Why Not A Hotel? A Guest and Homeowner’s Perspective: There’s No Place Like Home … Or Is There?
    • Leading Proptech Company Guesty Appoints David Aber as CFO
    • Meredith Hospitality Brands Inc. Expands to Mt Hood with Acquisition of Mt Hood Vacation Rentals
  • Regulations
    • vacation-rentals-housing-vrm-intel
      Carrots and sticks: Vacation rentals and the creation of affordable, workforce housing
    • Woman dropping off a ballot
      2022 Election Results of Vacation Rental Ballot Measures
    • voters at a polling center voting
      Dozens of Vacation Rental Ballot Measures Heading to Voters this November
    • board meeting in presentation room
      Tourism Boards and DMOs Offer Seat at the Table for Vacation Rentals
    • Arizona state flag outside the legislature buildings at the state capitol
      Arizona Legislature Passes Measure to Restore Some Power to Cities
  • Business
    • 2024 DARM Sessions Preview, Sandestin, Dec 2 – 4
    • Amber Hurdle Pre-conference Webinar Series
      Professional Development Webinar Series with Amber Hurdle Starts November 6
    • Vacation Rental Women’s Summit is Coming to Nashville, December 3 – 6, with Inspiration, Motivation, and Education
    • Vacation Rental Industry’s DARM Conference Returns to Nashville, December 5-7
    • Recession-Proofing Your Vacation Rental Business
  • Housekeeping
    • Why Not A Hotel? A Guest and Homeowner’s Perspective: There’s No Place Like Home … Or Is There?
    • Analysis: “Reinventing” Vacation Rental Management by Alex Nigg
    • HR 2022: Attracting Today’s New Workforce after the Resignation Tsunami and the Great Renegotiation
    • Safety First: Evaluating and Addressing Safety Risks at Your Vacation Rentals
    • The Importance of the Guest Experience within Vacation Rental Operations: From the Back of the House to the Front
  • Subscribe
  • More
    • Calendar of Events
    • VRM Intel Live!
    • Reports Login
    • VRM Intel Magazine
    • Advertise
    • Authors
    • About Us
    • Contact Us
  • RSS

Login
Industry News for Vacation Rental Managers

The Theory of Limited Edition: Are your homes commodities or limited edition offerings? 

The Theory of Limited Edition: Are your homes commodities or limited edition offerings? 
mm
Matt Landau
December 22, 2018

I would like to share what I feel is the most radical concept in the vacation rental industry today—the theory of limited edition—which argues that, contrary to large OTAs and corporate growth, focusing on the elements of a business that do not scale is the most viable (and enjoyable) path for independent vacation rental success. Formulated over the past two years with the help of our Inner Circle Community, the theory of limited edition reminds us that we have everything we need to succeed.  

 

Commodity versus Limited Edition

The theory first began with a very serious realization. As the vacation rental industry grows, independent owners and managers are being forced to choose between two polar opposite business models: the commodity vacation rental and the limited edition. There is increasingly less opportunity for success anywhere in between.  

Commodity vacation rental businesses should not be looked upon negatively because they are the standardized businesses—the completely stocked kitchens, the online booking functionality, the hotel-level cleanliness—mainstream travelers want and need. Let’s face it, until a new industry has baseline standards, first-time vacation rental travelers won’t know what to expect (as a consequence, we will almost inevitably let them down). The biggest caveat (for homeowners) with the commodity model is that it plays into the hands of big business wealth and strength—the proverbial Goliath. The game of standardization is one in which big hotel chains or even companies like Vacasa or TurnKey are poised to conquer with only small tweaks to their already well-oiled systems and processes. It’s a game in which independent owners and managers will have a tough time competing because it’s all about scale. In a match of strength versus strength, Goliath wins almost every time.  

However, the opposite of the commodity vacation rental business model is the limited edition. The limited-edition business does all of the things a commodity business does but with an additional layer of personality, style, and differentiation. Fortunately, these are the things small business owners already possess, so crafting a limited edition business model is more about discipline and deliberate choices than it is rocket science. Limited edition means going against the grain and building yourself a business that is protected and whose success is defined on your own terms. It is the case in which David changes the terms of the playing field and pulls out his slingshot—and his chances at success increase dramatically. Let’s dive into how this theory was born as well as some of the factors that contribute to its success.  

 

The Wonderful World of Collector’s Items

When I first visited the neighborhood of Casco Viejo in Panama (a neighborhood I would go on to call home for twelve years), I walked around with a real estate agent named Patrizia, who explained there were strict preservation laws in place because the historic district was a UNESCO World Heritage Site. Developers could not build up or out in Casco Viejo, and they had to stick with the original, historic facades. This meant there would only be a fixed number of properties on the market in the entire neighborhood. Buying real estate in Casco Viejo was, as Patrizia said, “a limited-edition investment.”  

I really enjoyed this concept and began to explore what it meant in other areas of business and pleasure when I discovered Antiques Roadshow, a television show on PBS in which people submit antiques for appraisal by experts. What I noticed about one-of-a-kind antiques (as they related to real estate in Casco Viejo) was that limited supply preserved the value of the items. With this in mind, I focused on the elements of our businesses that cannot be replicated or mass-produced, and I began to look at the independent vacation rental niche. How could independent owners and managers use this idea of limited edition to harness what makes them so special and use that to change the terms of the playing field against the bigger, richer OTAs? 

 

Supply-Limiting Factors  

When it comes to vacation rentals, I began to notice there were two kinds of “supply-limiting” factors worth considering. The first is external factors that are outside of our control, such as beachfront properties, of which there are only so many. The penthouse is another nice example because there’s typically only one per building. Architectural homes, mountain-top properties, and one-of-a-kind views are all hard factors that contribute to a limited supply—thus, an irreplaceable vacation rental experience. These factors are worth considering when you acquire your next property or plan your next remodel.  

Because so many of these external factors are outside of our full control and are expensive to obtain, the theory of limited edition chooses to focus on the second type of supply-limiting factor, the internal factors within us. These factors include style, tastes, preferences, and stories that are unique to each and every one of us. These internal factors are essentially free and accessible to all. So, I decided to dig deeper into how these natural strengths could be channeled and packaged into a marketing portfolio to stave off bigger, richer competition. 

I began to interview limited edition entrepreneurs around the world—in the vacation rental industry and in small businesses in general—and eventually distilled their innovations into eight common factors that make up the prototypical limited edition vacation rental. They are, in no particular order, distinction, personality, names, surprises, customer zero, help don’t sell, parting thought, and landmarking (or anchoring). You can sign up for the complete limited edition workshop (www.vrmb.com/Ltd/) to learn more about these factors and how to boost your overall limited edition score.  

 

Why Limited Edition?  

This question is incredibly important because it is directly connected with our desired outcome. The more limited edition your business is, the less you have to worry about industry shifts or market corrections. The more limited edition your business is, the less you have to play by the commodity rules. The soft way of presenting this is that the factors involved with limited edition can help independent owners or managers carve out their own definition of success. The stronger way of presenting it—the method to which I subscribe—is that an independent owner or manager in our industry cannot succeed without it. Sway too far to the side of commodity and you’re in a race to the bottom. Meander too much in the middle and you’re swallowed whole.  

Because this is still a working theory, limited edition comes with some asterisks. For instance, it’s worth noting that just because we say we are limited edition does not mean we actually are. If you’ve seen the “limited edition collectors coin” on infomercials late at night (it’s yours for just $19.99!), you catch my drift. You really need to demonstrate the factors. You can’t fake them.   

Additionally, it’s important to remember that limited edition is not synonymous with price. Many limited-edition businesses are composed of less expensive materials than their commodity counterparts. Some limited edition efforts actually subtract value in the eyes of the general public (Google the phrase “Mario Balotelli camouflage car” and you’d argue that limited edition has made this item less desirable on the open market). In short, it’s not the price but the collection of eight factors that makes the limited-edition business more valuable and protected over the long haul.  

 

Conclusion

As the theory of limited edition evolves, we’re left with what I like to refer to as “the million dollar” question. Once independent vacation rental owners or managers have figured out their limited edition profile, how do they scale? We understand limited edition as it relates to single use cases, but is it prohibitively small scale? This is a question we haven’t learned the answer to yet. This is a question that may remain unanswered for years to come. My hope is that publications like this one, aimed at documenting the strengths of independent owners and managers and the truest stakeholders in this industry—the pioneering homeowners who paved the way for the greatest travel trend of our lifetime—can help guide the way. 

Related Itemsantiques roadshowFeaturedlimited editionmatt landaupanamaPBSSense of Placeshort termturnkeyUNESCO World Heritage CentrevacasaVacation rentals
View Comments (1)

1 Comment

  1. Pingback: Return on Experience (ROE): The Future of Vacation Rental Marketing - VRM Intel

Leave a Reply

Cancel reply

Your email address will not be published. Required fields are marked *

Industry News for Vacation Rental Managers
December 22, 2018
mm
Matt Landau

Matt Landau is a vacation rental enthusiast who, after exploring Central America, accidentally fell into the vacation rental industry when he purchased Los Cuatro Tulipanes, the oldest existing luxury rentals in Casco Viejo. Matt is the founder of VRMB, a free resource that documents the industry's best practices to close the learning gap between newcomers and the buggest brands in vacation rentals.

Related Itemsantiques roadshowFeaturedlimited editionmatt landaupanamaPBSSense of Placeshort termturnkeyUNESCO World Heritage CentrevacasaVacation rentals

More in Industry News for Vacation Rental Managers

2024 DARM Sessions Preview, Sandestin, Dec 2 – 4

Amy HinoteSeptember 4, 2024
Read More

Vacation Rental Women’s Summit is Coming to Nashville, December 3 – 6, with Inspiration, Motivation, and Education

Amy HinoteNovember 1, 2023
Read More

Vacation Rental Industry’s DARM Conference Returns to Nashville, December 5-7

Amy HinoteNovember 1, 2023
Read More
Rent Responsibly STR Association Management Services Feature Image

Rent Responsibly Launches A La Carte Support Services for Vacation Rental Alliances

Alexa NotaJuly 25, 2023
Read More
Arizonans for Responsible Tourism Pregame Prep Campaign

Arizonans for Responsible Tourism Hosts Super Bowl Preparedness Campaign for Vacation Rental Operators

Alexa NotaJanuary 18, 2023
Read More
vacation-rentals-housing-vrm-intel

Carrots and sticks: Vacation rentals and the creation of affordable, workforce housing

Alexa NotaDecember 6, 2022
Read More
VRM Intel
Calendar of Events
Videos & Whitepapers
VRMintel Magazine
Subscribe
Advertise
About Us
Authors
Contact Us

Recent News

  • 2024 DARM Sessions Preview, Sandestin, Dec 2 – 4
    BusinessSeptember 4, 2024
  • Amber Hurdle Pre-conference Webinar Series
    Professional Development Webinar Series with Amber Hurdle Starts November 6
    BusinessNovember 1, 2023
  • Vacation Rental Women’s Summit is Coming to Nashville, December 3 – 6, with Inspiration, Motivation, and Education
    BusinessNovember 1, 2023
  • Vacation Rental Industry’s DARM Conference Returns to Nashville, December 5-7
    BusinessNovember 1, 2023

View Current Issue

VRMintel Copyright © 2016-17 | Click HERE to Subscribe | Privacy Policy | Disclaimer | Copyright | Jobs | Facebook | Twitter | LinkedIn

Scroll for more
Tap

Sponsor News

  • Vacation Rental Women’s Summit is Coming to Nashville, December 3 – 6, with Inspiration, Motivation, and Education
    BusinessNovember 1, 2023
  • Recession-Proofing Your Vacation Rental Business
    BusinessOctober 18, 2022
  • How to Increase Your Occupancy in a Competitive Market through Monthly Rentals
    Industry News for Vacation Rental ManagersSeptember 16, 2022
  • PriceLabs Announces $30 Million Investment from Summit Partners
    BusinessAugust 5, 2022
Massachusetts Lawmakers Approve Revised Short-Term Rental Bill
Agoda Outside Publishes Vacation Rental Handbook
Coming Soon

xxx videos

  • mamadas
  • redwap
  • free porn
  • porno gratis