Companies like Accor Hotels which acquired OneFineStay for $170 million, Expedia attempted to acquire Luxury Retreats, and the leader still being AirnBnB which now valued at $31 billion are all moving quickly capture the travel and tourism hospitality scene (Ingrid Lunden, 2017). If Wyndham wants to keep up and not fall behind and lose their revenue, they need to constantly be growing relationships and increasing the awareness for the Love Home Swap and other programs. Due to the competition growing quickly not just within the AirBnB travel market but also other hospitality brands such as Marriott or Hyatt starting vacation exchange programs, now is the time to find companies to package deals with. Companies such as Opendoor, Zillow, and other top real estate companies are perfect platforms to grow the Love Home Swap (LHS) program. By packaging a new home buyer with a discount or free opportunity to try out the LHS program within the first year, it grows the familiarity with the program itself and grows the number of users. There are even opportunities to offer information on timeshares and other things. This way more new and current owners can learn about the niche program.
According to NerdWallet, thirty six percent of Americans plan to buy a home in the next five years (Elizabeth Renter, 2019). Of the thirty six percent, twenty-four percent plan to buy in the next twelve months (Elizabeth Renter, 2019). To full take part in the Love swap program let’s say it costs $150 for first time swaps because of fees. If there are 100,000 new home buyers this year and RCI offered a deal for $75 they can try out the program and get a small bit off their purchase. With this program there will be a $7,500,000 return just from this small relationship with new home buyers. There are more opportunities within condo’s and other areas to continue to grow the program.
References:
Lunden, I., & Lunden, I. (2017, July 31). Wyndham buys Love Home Swap for $53M – TechCrunch. Retrieved from https://techcrunch.com/2017/07/31/wyndham-hotel-group-buys-love-home-swap-for-53m/
2019 Home Buyer Report. (n.d.). Retrieved April 28, 2019, from https://www.nerdwallet.com/blog/2019-home-buyer-report/
The One Equation You Need to Calculate Risk-Reduction ROI. (2018, March 20). Retrieved April 28, 2019, from https://www.cisecurity.org/blog/the-one-equation-you-need-to-calculate-risk-reduction-roi/
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