In this episode of the STR Data Lab, Jamie Lane, the Chief Economist at AirDNA, and Eric Goldreyer, the CEO and Founder of Savvy. Eric shares his rich history in the vacation rental industry, dating back to 1995 when he and his wife founded bedandbreakfast.com. The website became the leading platform for bed and breakfast listings and property management software. Eric recalls his journey, from creating central reservation systems, to selling bedandbreakfast.com, taking time off, and eventually pioneering new ventures like Turnkey Vacation Rentals and Funair. 

He highlights the pain points property managers face with high distribution costs and how the Savvy platform aims to address these issues. Savvy offers a fresh approach with a no-fee model, aiming to facilitate direct bookings for vacation rentals, thereby saving costs for property managers and guests. Eric delves into the company's strategy, including maintaining algorithms that ensure high-quality matches between guests and properties. He emphasizes the importance of providing great hospitality, managing distribution costs, and building repeat and word-of-mouth business. 

The conversation takes a deeper dive into the competitive landscape, where Eric stresses that Savvy doesn't aim to replace OTAs but complement them by offering an alternative that reduces booking costs. Jamie and Eric also discuss the importance of effective direct booking sites for property managers and the evolving dynamics of website quality, revenue management, and the role of property managers. Eric concludes by envisioning a future where Savvy is successful, benefiting both travelers and property managers, and addresses the challenges and opportunities within the vacation rental industry. He provides insights into what new property managers should focus on, drawing from his extensive experience in the sector.

You don’t want to miss this episode!

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LinkedIn: https://www.linkedin.com/in/jamiehlane/ 

Twitter: https://twitter.com/Jamie_Lane 

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LinkedIn: https://www.linkedin.com/company/airdna/  

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Episode 123