The fourth largest vacation rental property management company in the US has re-branded as it plans strategic acquisitions this year.
The re-brand of Vacation Rental Pros into VTrips marks an ambitious move by the company to continue growth within the US plus expand internationally.
VTrips, which owns the exclusive contracts of almost 2,000 properties, plans to further consolidate its position as a bridge between OTA’s and traditional management companies by offering a marketing platform.
VTrips has created a technology platform that brings together the best practices of online travel agencies and traditional holiday rental management companies.
The Florida-based business will continue operating Vacation Rental Pros as a sub-brand within the company alongside 17 other vacation rental brands owned and operated by the company in 19 different markets, with further acquisitions in the pipeline.
VTrips has 150 employees in 19 markets across the US, including Florida, South Carolina, Tennessee, New Mexico and Hawaii.
The global vacation rental market, predicted to be worth $194 billion by 2021, is currently highly fragmented with an estimated 10,000 property management business in the US alone, and demand for rentals set to exceed supply by 10%-20%.
Company founder and CEO Steve Milo said: “VTrips will continue to generate demand for vacation rental homes with first in class marketing initiatives while simultaneously aggregating a differentiated supply of exclusive contracts through strategic acquisitions.”
Chief marketing officer Amy Africa added: “VTrips is changing the traditional paradigm of property centric marketing in our industry.
“Because VTrips owns the exclusive contracts to the properties we manage, through our sub brand micro sites, the VTrips site and using online travel marketplaces, we are able to bring together the best of both the OTAs and vacation property managers by being fully guest centric in both our operational and marketing approach.”