First Newsletter

Legal Landscape – Local and State activities

At the state level, there is currently one piece of legislation in sub-committee. HB 1461 which in summary, this legislation is about making sure short-term rentals are registered with local authorities, ensuring that there are rules in place for everyone's benefit, and keeping a balance between homeowners' rights to rent out their properties and communities' rights to regulate them.

Due to the current environment that we are all seeming to be seeing, I did an interview with Wavy 10 and that is scheduled to air Feb 12th at 4:45 PM & 6:15 PM. There will be follow-ups that will be coming after that as well as interviews with The Pilot. This is all in an effort to increase awareness in the Short Term Rentals in the area and the positive impact they can have in our community.

Owner Spotlight – We Want to Hear Your Success Stories!

Whether it's the journey of turning your vision into reality, the personal growth you've encountered along the way, or the impact it's had on your guests and community, your story deserves to be told. Share your insights, challenges overcome, and the joy your short-term rental brings. Let's celebrate your achievements and spread the word about the incredible opportunities STRs offer. Your story could enlighten, inspire, and encourage others to embark on their own STR adventures. Reach out to us, and let's showcase the power of sharing spaces and stories. Get ready to inspire and be inspired!

Political Pulse

His election is a reminder of the impact that dedicated leaders can have on their communities, especially at the city council level where decisions directly affect the lives of residents. As city council seats across the city come up for election, it's essential to recognize the significance of these positions and the opportunity they present for citizens to influence their local government. Hutcheson’s focus on collaboration and his pledge to keep Virginia Beach “on top where it belongs” serve as an example of the dedication required to serve effectively. As we approach future elections, let us remember the importance of participating in our democracy and supporting candidates who are committed to making a positive difference in our communities.

Q&A Corner

The plan includes a robust public relations campaign to highlight the economic benefits of STRs, community engagement activities such as town hall meetings, and support for council candidates who prioritize equitable STR regulations. Through these efforts, we aim to foster a more supportive environment for STR owners, emphasizing the importance of diversity in accommodation and the need for fair regulation.

To get involved and stay informed about the latest developments, STR owners and supporters are encouraged to participate in our upcoming events, including rallies, workshops, and networking opportunities. Additionally, following our social media channels and subscribing to our newsletter will provide regular updates on lawsuit progress, public relations campaigns, and ways to support favorable council candidates. By joining our efforts, you can contribute to shaping a positive future for short-term rentals in our community, ensuring they continue to thrive and benefit both owners and visitors alike.

Industry News

• 7.2 billion total economic impact.

• 4.2 billion from direct visitor spending.

• 32,790 total jobs supported.

• 1.2 billion in state and local taxes generated

The results of this study demonstrate the significant scope of the Tennessee STVR economy in terms of direct visitor spending and downstream property manager and host spending, along with total economic impacts, jobs, and fiscal (tax) impacts in the broader economy.

Some other great points that we can focus on is the economic impact outside of the STR. They found that for every $100 spent on the rental, guests spent $94 dollars outside of the accommodations. This lead to $795M on food and beverage, $433M on retail spending, $307M on transportation, and $525M on recreation. If someone stays in your STR, the businesses that are closest to you will benefit as well. We should take some time to get them to advocate for STR’s as it can help their businesses.

Tips and Advice

Optimize Your Listing with Data-Driven Insights: Leverage analytics tools to understand guest behavior and preferences. Analyze which amenities, property descriptions, and photos generate the most interest and bookings. Use this data to continually refine your listing, focusing on what truly resonates with your target audience. Implement dynamic pricing strategies that adjust for seasonality, local events, and market demand to ensure your pricing is competitive yet maximizes your revenue.

Elevate Guest Experience with Personalized Services: Differentiate your property by offering bespoke experiences that cater to the interests of your guests. Consider partnerships with local businesses to provide exclusive deals, from private tours to gourmet dining experiences. Utilize technology to streamline check-in/check-out processes and offer 24/7 communication channels. Anticipate guest needs by providing comprehensive guides on local attractions, emergency contacts, and house rules in digital formats for easy access.

By embracing these advanced strategies, you position your STR property not just as a place to stay, but as a destination that offers unique value and personalized experiences. This forward-thinking approach not only enhances guest satisfaction but also elevates your brand, setting you apart in a competitive market.

Upcoming Events

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This newsletter was paid for by SkyRun Virginia Beach.