Spain Grants Homeowners’ Associations the Power to Outright Ban New Short-Term Rentals
- Spain’s Supreme Court has made a landmark ruling that allows homeowners’ associations to ban short-term rentals within their buildings.
- If a community of owners votes by a three-fifths majority, they can prohibit holiday homes.
- This ruling aims to control the rapid growth of short-term rentals, especially in areas facing housing shortages, particularly in popular destinations like Malaga, by giving residents more power to limit them.
- This ruling does not affect already-registered holiday homes, meaning new restrictions will only apply to future listings.
- This ruling is primarily aimed at residents who are increasingly concerned about tourist rentals’ impact on their communities.
- Issues such as noise, increased maintenance costs, and a declining sense of community were among the reasons cited by residents to call for restrictions.
Snigdha’s View
- The decision clarifies Article 17.12 of the Horizontal Property Law (Ley de Propiedad Horizontal), which governs how homeowners’ associations can manage properties. Previously, it was unclear if they had the power to ban holiday rentals.
- The Supreme Court’s new ruling, confirming that a three-fifths majority vote is sufficient to ban, now clears the ambiguity surrounding article 17.12.
- This is yet another clear example of how cities across Europe are tightening regulations on tourist rentals.
- With the Barcelona ban already looming, this new rule adds even more pressure to the rental space in Spain.
- As a property manager, if your properties are in buildings governed by homeowners’ associations, you could face bans on new holiday rentals if they don’t align with residents’ interests.
- This can limit the scope of business and cut potential revenue streams, especially in tourist-heavy markets like Malaga, where the debate over tourist accommodations is fierce.
- However, for property managers, this new rule is not the end of the road. Building strong relationships with homeowners’ associations could help negotiate and potentially avoid bans.
- Cooperation, playing by the rules, and running rentals in a way that doesn’t negatively impact residential areas is the smartest, most responsible approach, especially with new regulations in place.
Airbnb Eyes South Korean Domestic Tourism Growth Through Partnership with K-Pop Sensation SEVENTEEN
- Airbnb has teamed up with K-pop sensation SEVENTEEN to offer fans a once-in-a-lifetime experience, an overnight stay in a specially designed Airbnb replicating the set of the group’s latest music video.
- This unique stay coincides with the launch of SEVENTEEN’s new album, SPILL THE FEELS, on October 14, 2024.
- Starting from October 25, 2024, fans will have the chance to book one of seven one-night stays in SEVENTEEN’s Airbnb, a space crafted to mirror the set of the music video for their title track, “LOVE, MONEY, FAME (feat. DJ Khaled).
- This unique partnership between Airbnb and SEVENTEEN caters directly to K-pop fans.
- SEVENTEEN’s massive global fanbase, combined with the affordability of the experience (₩17,000 KRW for the night), ensures strong appeal.
- The campaign is clearly aimed at both international visitors and South Korea’s growing domestic travel market.
About SEVENTEEN:
K-pop’s SEVENTEEN is a South Korean boy band formed by Pledis Entertainment in 2015. The group is known for its large lineup, consisting of 13 members. Over the years, SEVENTEEN has gained a massive global following, known as “Carats,” and has achieved commercial success with hits like “Very Nice,” “Don’t Wanna Cry,” and “Left & Right.”
Snigdha’s View
- Airbnb’s been leaning into celebrity partnerships and themed stays for a while now, like Barbie’s Malibu Dreamhouse or the Home Alone house.
- This campaign fits right into Airbnb’s playbook of offering unique, limited-edition stays. By teaming up with K-pop giant SEVENTEEN, they’re tapping into a huge fanbase eager for one-of-a-kind experiences with their idols.
- Airbnb has long recognized South Korea as one of its fastest-growing markets and even launched ads targeting Korean travelers last year. The SEVENTEEN collaboration is a follow-up.
- By teaming up with local celebrities, they’re aiming to snag a bigger slice of Korea’s booming tourism and activate the domestic market.
- Property managers can capitalize on this by thinking beyond traditional rentals. Celebrity tie-ins or themed stays are a clever way to attract bookings.
- Property managers can draw inspiration from SEVENTEEN’s Airbnb experience, which includes personalized touches like a welcome video, customized key cards, and even snacks prepared by the band, etc. These small gestures can create lasting impressions for guests.
- The Industry is heading toward experience-driven stays given the growing demand, property managers must adapt.
Blanket Unveils Tools to Managing Churn and Growing Portfolios
- Blanket, a UK-based property management technology company, has introduced two new tools: Retain and Grow.
- Blanket will unveil these tools in person for the first time at the upcoming NARPM Annual Convention and Trade Show.
- These tools are aimed at helping property management companies address two key challenges: retaining owners and expanding their portfolios.
- Retain is designed to focus on identifying properties at risk of churn and provide insights to help managers maintain owner relationships.
- Grow is designed to help increase portfolios by streamlining the process of generating new leads, referral management, and adding more properties.
- Both tools use AI-driven insights and automation to offer property managers real-time data to make informed decisions.
About Blanket:
Blanket provides property managers with AI-driven tools to grow their portfolios and retain owners, offering solutions like automated lead generation and seamless integration with existing software.
Backed by investors like Foundation Capital and Symbol, Blanket focuses on streamlining the property management industry with its suite of tools.
Snigdha’s View:
- Retain identifies properties at risk of churn and suggests proactive strategies to prevent it. this can translate into stronger, longer-lasting relationships with owners by addressing issues before they escalate.
- it offers real-time data on property performance, such as cash flow, equity, and value. PMs could use this to offer tailored strategies that improve property performance, demonstrating their value to owners.
- Transparency can also build trust and position managers as proactive partners in optimizing property investments.
- STR managers can grow their portfolios with minimal effort, focusing more on providing quality service rather than constantly chasing new leads. The integration with platforms like Appfolio and Buildium ensures easy adoption without disrupting existing workflows.
- With access to off-market properties, STR managers have an opportunity to strategically grow in markets where supply is constrained or untapped.
- Managers will need to ensure that AI recommendations align with their operational realities, can’t be over-reliant.
- They will still need to be selective about which properties they add to their portfolio.
