Examining Whimstay’s funding, its role in the vacation rental market, and the potential benefits for property owners and managers, alongside insights from Transparent’s study and competitor GetawayGoGo.
Introduction to Whimstay and the last-minute vacation rental market landscape
Whimstay, a leading platform for last-minute vacation rental bookings, has recently raised $10 million in equity financing. This funding will be used to develop new products and features, such as enhancing the search experience, guest engagement, dynamic pricing, flexibility, loyalty programs, and ancillary fintech products. These advancements aim to generate more bookings for property managers during periods of lower occupancy rates and revenue per available room (RevPAR).
In addition to Whimstay’s view on the vacation rental market, this article will also explore the findings from a Transparent study, which GetawayGoGo, a competitor of Whimstay, commissioned. This study will provide valuable insights into the realities of the last-minute vacation rental market and the opportunities from which property owners and managers can benefit.
Whimstay’s recent funding round signals its intent to further cement its position in the last-minute vacation rental market. The platform offers property owners and managers a valuable opportunity to increase their occupancy rates and revenue by tapping into the growing demand for last-minute bookings. The insights provided by Whimstay and the Transparent study, commissioned by GetawayGoGo, paint a comprehensive picture of the current market landscape and the potential advantages of participating in this segment of the industry.
Introduction to Whimstay
Whimstay, a leading platform for last-minute vacation rental bookings, has recently raised $10 million in equity financing. This funding will be used to further develop new products and features, such as enhancing the search experience, guest engagement, dynamic pricing, flexibility, loyalty programs, and ancillary fintech products. All of these advancements are aimed at generating more bookings for property managers during periods of lower occupancy rates and revenue per available room (RevPAR).
The vacation rental market, according to Whimstay and Transparent’s study
A. Whimstay’s perspective on the vacation rental market
Whimstay views the vacation rental market as a $60 billion opportunity, with roughly 50% of vacation rental nights going unrented every year. The company emphasizes the importance of optimizing last-minute bookings to maximize revenues for property managers and owners. Whimstay’s CEO, David Weiss, stated in the press release, “We are dedicated to helping property managers and owners unlock the full potential of their vacation rental properties by providing them with access to millions of last-minute travelers.”
B. Insights from the Transparent study ordered by GetawayGoGo
Transparent’s study on last-minute vacation rental bookings provides a more detailed understanding of the market. The study reveals that last-minute bookings, defined as those made within two weeks of check-in, account for 37% of all bookings worldwide. In some regions, such as Latin America, this figure is even higher, with 50% of reservations secured within two weeks of check-in.
The study also highlights the prominence of last-minute bookings in urban markets, with 91% of urban reservations being made within two weeks of check-in. On the other hand, markets with traditionally higher leisure quotas, such as beach/lake, rural, and ski markets, see around 30% of bookings secured within two weeks of check-in.
Additionally, the study finds that the average daily rate (ADR) of last-minute bookings tends to be lower than those made with longer lead times. In the US and Europe, there is a 15% to 17% reduction in ADR for last-minute reservations. Furthermore, the average length of stay for last-minute bookings is shorter, resulting in a lower average booking value.
Despite the lower value of last-minute bookings, they represent a significant proportion of occupancy for property managers, particularly in urban markets or regions like Latin America. This underlines the importance of optimizing last-minute pricing and operations to make the most of this revenue opportunity.
Listing on Whimstay for property owners and vacation rental managers
Property owners looking to list on Whimstay can do so through a collaboration with RedAwning, a vacation rental marketing and reservation platform. By partnering with RedAwning, property owners gain access to Whimstay and more than 200 other booking websites. Vacation rental managers can list their properties on Whimstay directly via their Property Management System (PMS) or channel managers, such as Streamline, TRACK, Escapia, Hostfully, Hostaway, and a host of other major PMS, as well as Rentals United , NextPax, BookingPal, and RedAwning.
Benefits of listing on Whimstay include:
- Increased revenue: Whimstay helps property managers and owners capitalize on unrented nights, capturing additional revenue from last-minute bookings.
- Better control: The platform offers more control over customer experience, robust reporting, and reconciliation, compared to larger, less user-friendly channels.
- Complementary to existing strategies: Whimstay supplements a property manager’s overall distribution strategy, specifically targeting last-minute stays to increase bookings and profitability.
Whimstay’s growth and future plans
With its recent equity financing, Whimstay aims to strengthen its position in the vacation rental market. Plans include expanding services like loyalty and rewards programs and ancillary fintech products. The recent integration with Google Vacation Rentals will boost guest traffic and bookings, giving Whimstay access to millions of potential guests.
As the market continues to evolve, property owners and managers can benefit from utilizing platforms like Whimstay to optimize their last-minute bookings and maximize the value of their properties. By staying informed about industry trends and leveraging the available technology, property owners and managers can be well-positioned to capitalize on the growing potential in the last-minute vacation rental market.
Background information about last-minute vacation rentals
The vacation rental industry is growing at an unprecedented rate, with millions of travelers opting for vacation rentals over traditional hotels. This trend has led to an increase in last-minute vacation rentals, offering travelers the opportunity to book a vacation rental at the eleventh hour.
Vacation rentals are a popular choice for families, friends, and large groups. They offer more space, privacy, and flexibility than traditional hotels, and often come with amenities such as private beach access, swimming pools, hot tubs, and fully equipped kitchens. Last-minute vacation rentals offer the same amenities and benefits but at a discounted price.
In recent years, the demand for last-minute vacation rentals has increased significantly, with more travelers looking for short-term rental deals. These deals are often available in family-friendly neighborhoods, conveniently located near shopping, restaurants, and other amenities. Vacation rental management companies and property managers offer great deals to fill up vacant rental units, often at discounted prices.
One of the key features of last-minute vacation rentals is the availability of private beach access. Vacationers can enjoy a relaxing vacation on a private beach, without having to worry about the crowds or noise. Some vacation rentals also offer private balconies, providing a stunning view of the ocean or city skyline.
The summer months are the peak season for last-minute vacation rentals. The Sunshine State, Florida, is a popular destination for vacationers seeking sunshine, sand, and relaxation. The availability of fully equipped kitchens and dining areas in vacation rentals allows families to enjoy home-cooked meals and save money on dining out.
Last-minute vacation rentals also offer the convenience of a short walk or drive to nearby attractions, such as amusement parks, shopping centers, and tourist spots. Families with children can take advantage of high chairs and other child-friendly amenities in vacation rentals.
Last-minute cancellations are also common in the vacation rental industry, providing an opportunity for travelers to snag great deals on short notice. Vacation rental owners and management companies are often willing to negotiate and offer discounts to fill up last-minute cancellations.
In conclusion, last-minute vacation rentals offer a great opportunity for travelers to enjoy a relaxing vacation without breaking the bank. With the availability of private beach access, swimming pools, hot tubs, fully equipped kitchens, and other amenities, vacationers can enjoy a comfortable and memorable stay. The vacation rental industry is booming, and last-minute deals and availability are increasing, making it an attractive option for families, friends, and large groups.
