Business conditions in Orlando will eventually improve, but a few opinions are in order for maintaining viability for vacation rentals during these difficult times:

1. Know Your Customer – These times demand changing tactics. As we have indicated on another blog post, international travel may make up a smaller percentage of your overall occupancy than they did in 2008. However, as we write this, the tourism and travel market is very dynamic and always stay attuned to your customers. Always segment your customer base to better understand their tastes and preferences.
2. Emphasize Family Values – Don’t stray from the competitive advantages that vacation homes have over other traditional means of lodging. These include, but are not limited to privacy, value, and quality. A sacrifice in any of these core values will impact your core business significantly. Moreover, referral marketing based on past rental experience is a low cost way to generate value as well.
3. Flexible Pricing Strategies – As we have indicated on other posts(1), the general travel market is quite uncertain moving into 2009. Price cuts may need to be on the table for a temporary promotion to boost the bottom line. However, clearly establishing and communicating a strong value proposition for your rental home should always be the primary and first driver of any strategy.
4. Maintain Marketing Spending – Although difficult to do, it is not advisable to cut marketing spending during a business downturn. It is also not the time to pull support from vacation home management companies who may be able to garner high visibility on the internet which is often the lifeline for Orlando vacation home rentals.

There is possibly no better time for prospective vacationers to visit Orlando than in the coming year. Promotions for area theme parks and attractions abound. As we have established on several other posts(2), there is also no better value for Orlando lodging than renting area vacation homes. As always, do your own due diligence using the appropriate independent professionals when making a decision of any kind.