Now for the fun part!
Destinations are by far the best part about being in the SkyRun vacation rental business. It’s the glamorous part that shines!
But there are a few logistics to consider when deciding on which destination market will be yours.Types of Markets
Two types of markets are available to SkyRun Destination Owners.
Primary and boutique.
Several criteria and metrics are used to determine how any given market is categorized as primary or boutique. Each destination is classified on a case-by-case basis weighing all the data as well as a prospective owner’s specific situation.
There are, however, some overarching factors.Primary Markets:
The primary markets are leisure destinations with over 500 vacation properties available for rent. For example, Aspen, Sedona, Myrtle Beach, and Orlando are primary markets. Everyone has heard of them, and many people can claim they’ve been to at least one of those places before. They are popular vacation destinations and there are plenty of property types and numerous properties available within each market. These locations will generate a high volume of traffic and there will be ample opportunity to find homeowners for your SkyRun network of inventory.Boutique Markets:
The boutique markets are leisure destinations with less than 500 vacation properties available for rent. For example, Cottonwood and Jerome, Arizona are boutique markets. You may have never heard of these places, but they have a lot to offer. Any place with features such as lakes, rivers, mountains, beaches, hiking trails, museums, festivals, or desert landscapes can attract visitors.
People who live closer to them already know about them. They might even be considered a local gem of sorts—off-the-beaten-path places that locals like to keep hidden. These little hidden gems can be lucrative because they typically cost less for homeowners as well as guests. And because they’re so accessible and affordable for the drive market, they often yield more frequent bookings.Which Market is Best for Me?
The market you choose to enter depends entirely on you.
In general, however, the boutique market accommodates those prospective owners who might want to get into the business but on a smaller scale. They might live in that smaller market and want to develop their business right where they live. Or perhaps they live nearby one of these smaller markets and like being able to go there or are thinking of retiring there someday.
The primary, or larger, markets attract lots of people and offer lots of potential. They almost sell themselves. Some prospective owners may not want to take on the business on such a large scale though.
We can help you with this decision, but your specific circumstances and business acumen will be key factors.
Knowing the different market types and having considered what would be best for you leads us to the next big question.Do I Have to Live in the Destination Market I Own?
Not to further muddy the waters, but the answer to this question is both yes and no.
Ideally, yes, you would live in the market you own. You know the territory. You know where the optimum spots are for the best experience. You have lots of local knowledge to share with guests. You might even already know people eager to join your network right from the beginning.
But not everyone lives in an ideal vacation destination.
Don’t let that be an obstacle if this opportunity is something you think is for you.
If you don’t live in a good vacation market, ask yourself if you live within a one-hour drive of a good market. If you do, you should be willing to drive that distance on a very regular basis—especially in the beginning when you’ll be spending a considerable amount of time building your business.
Once you have guests checking in, there will be jobs that must be hired out if you don’t intend to be there all the time.
To meet our operating standards, absentee destination owners must:
What Markets Are Still Available?
- Spend at least two weeks per month in the destination market
- Contract with a reliable local cleaning outfit
- Contract with a qualified local maintenance company
- Hire a local manager to handle the guests’ experience and day-to-day operations
Destination markets are plentiful, so rest assured, even though we have over 30 vacation destinations at SkyRun, there are still hundreds of North American markets available.
Ski resorts that offer slope-side condos, chalets, and homes in the winter, and hiking, biking, and boating in the summer are popular choices.
The beaches of Florida, Texas, and South Carolina have a strong appeal in all seasons. But there are quite a few destination markets in each of those states as well as in other states with beautiful beaches that are ripe for destination ownership.
Consider an unlikely locale like Tucson where the desolate desert meets a thriving metropolis of shops, restaurants, and cultural events.
The lakes and rivers of Montana, Wisconsin, and Vermont bring in thousands of guests each year for boating, fishing, hiking, and sitting by a crackling fire at night. What lake retreats or rivers are near you?
Also popular are metro areas like Denver or Miami where culture, nightlife, and outdoor activities combine the best that each area has to offer.
Secluded mountain retreats, rocky coastlines, national parks, sandy beaches, theme parks, urban getaways, and crystal-clear lakes are just some of the possible locations for your vacation rental destination ownership. How Do I Know if I’m In or Near a Good Vacation Market?
Some people want to go to unfamiliar places and try something new.
Some want to return to the same place with their families year after year.
Some are looking for rest and relaxation while others are looking for adventure.
Some want to shop and eat. Some want to play golf or go to the beach.
Think about it in terms of what vacationers want, and it’s easy to see there’s a vacation destination for everyone out there. You may be sitting in one of those untapped destinations right now.
It’s a big world out there with lots of possibilities and opportunities for vacation rental destination ownership.
Check out our list of available SkyRun markets
.Ready to Talk?
SkyRun is a full-service Vacation Rental Property Management company that licenses its business to individual entrepreneurs, who become Destination Owners. In 2021, RentalsUnited.com lists SkyRun as one of the top 50 global companies leading the way in Vacation Rental Property Management.