Adapting Business Strategies
Rentals of Tomorrow: Sustainable STRs
By Steve Milo, VTrips CEO & Founder
As issues like climate change and the health of our planet continue to be a topic of global concern, leaders across industries are adapting their business strategies to implement more sustainable practices.
The uncertain sustainability of the short-term rental sector is primarily due to a general lack of industry standards and increased opposition to operations due to the poor strategies of technology companies.
As we fight to keep the doors of our properties open to allow families and friends to create priceless memories, advocating for positive change in our sector is more crucial than ever – in more ways than one.
Not only does the STR industry require a set of high-quality standards for our business processes in terms of services and customer care, but we also need to cater our strategies to be more eco-friendly.
Sustonica, a Barcelona-based startup, may have cracked the code regarding a way to award STRs with a “certification for environmental sustainability” in a new program. The organization uses a standard for vacation homes based on United Nations Sustainable Development Goals.
I am incredibly supportive of this initiative to make vital property standards no matter their location. This will benefit not only our planet as a whole but also the 41% of travelers who say they are likely or extremely likely to book with a travel brand that makes sustainability a priority, according to Phocuswright's latest U.S. Consumer Travel research.
There is a lack of cohesion in the standards we set for deeming a property or property management company sustainable. With online travel agencies like #Airbnb, it’s a bit like the Wild West. What #sustainability means to one person could be completely different at another location. Enforcing standards across the board provides clear guidelines for what is expected and allows for consistency throughout the industry.
The certification Sustonica is proposing can pay off #vacation rentals by helping them achieve environmental, social, and governance (#ESG) goals that appeal to investors while having a big impact on sustainability.
Our team at #VTrips has adopted various eco-friendly practices, including incorporating systems to save energy and water. This includes doing laundry at environmentally sustainable facilities that use recycled water and environmentally friendly cleaning products rather than in residential laundry machines, eliminating paper and single-use plastics, and more. VTrips pledges to keep our standards and ethics high to the benefit of all those around us, including the planet.