Whether you are just beginning your journey in real estate, or you are a well-seasoned rental investment veteran, you are always looking for new practices or information to get a leg up in the industry.
If you find yourself in this position, you may want to consider joining the Vacation Rental Management Association (VRMA).
The VRMA is an exclusive association that provides information and professional development services for vacation renters and suppliers. The VRMA’s aim is to “Advance the vacation rental industry through education, information, networking, research, and advocacy.”
You may be asking yourself, “Ok, that all sounds great but how does joining the VRMA actually benefit me? What’s the catch?”
In this short but comprehensive informational guide, we will attempt to outline some of the questions you may have regarding interest in becoming a member of the VRMA.
As stated, the VRMA is the Vacation Rental Management Association.
In short, this group of diverse but like-minded rental professionals are the unified voice for vacation renters and suppliers around the world. With over 100,000 member rental properties and over 800 member companies, the VRMA is the largest rental organization advocating on behalf of the rental industry and its members.
Founded in 1985, the VRMA strives to advance the vacation rental industry by providing valuable tips, education, networking opportunities, and advocacy for its members.
To have access to the complete wealth of knowledge and opportunity that the VRMA has to offer, an individual must first become a member.
(Source: vrmadvocacy.org)
If granted membership, members will have access to invaluable rental information in the form of the association’s weekly newsletter. In addition, members will be granted access to the VRMA’s Member Resource Center. This resource center allows users to collaborate and explore some of the best tips and practices in the vacation rental industry: information exclusively reserved for members. Members are also permitted to display the official VRMA logo on their website or at their business location, symbolizing confidence that business will be conducted in a serious and professional manner.
Another advantageous reason for becoming a VRMA member is the sheer scope of networking opportunities.
In any industry, it never hurts to have exclusive access to thousands of knowledgeable individuals who are in the same avenue as you. With reputable renters and suppliers collaborating within a single entity, the chances of forming a lucrative relationship with a previously unknown company or individual are high. Several conferences and webinars throughout the year can also be attended, allowing VRMA members to meet, collaborate, and discuss ideas in a professional setting.
Another one of the association’s main functions is to debate as well as advocate for industry issues that may arise. This includes advocating for policy and measures that positively impact the rental community and its beneficiaries.
Some examples include advocating for the personal protection of renters’ rights, as well as the protection of rights for rental owners and businesses to rent the properties that they own. Members are also encouraged to join one of the numerous VRMA advocacy committees, and even apply to be elected to the VRMA’s Board of Directors.
Much like any member-based institution offering valuable connections and tips to help navigate a particular industry, there are fees associated with the membership. The Vacation Rental Management Association is no different.
Fees are not designated on a universal prescription basis, but rather depend on the nature of your membership. All memberships run from January 1st to December 31st and are paid on a year to year interval. VRMA fees are broken down as such:
Manager: $540-$9000
A Manager is defined by the VRMA as any individual or company with at least 6 properties under their current management.
Membership fees for a property manager vary to a wide degree based on the total number of properties managed. The yearly membership fees start at $540 (6-25 properties managed), then proceed to increase in relation to VRMA’s incremental classification scale up to $9000 for a member with at least 5001 properties under their belt.
Start-up Manager: $420
A start-up manager is defined by the VRMA as any individual or company with 5 or less properties under their current management. Start-up managers enjoy the same additional benefits as managers in the sense that they are eligible to vote in VRMA elections and serve on VRMA committees.
Fee is one time only, as start-up managers are expected to grow into manager status for renewal.
Supplier/Vendor: $1,075
The VRMA defines a supplier/vendor as any individual or entity that provides a product or service to a vacation rental manager. Some examples include website designers, software engineers, insurance providers, and vacation rental-specific materials such as linens. Suppliers/Vendors are also enjoy the privilege to vote in VRMA elections and join their committees.
Associate: $950
An associate is defined by the VRMA as any individual or entity that provides service to at least to vacation rental units on behalf of a third-party. This category includes in CVB’s, DMO’s, and transaction brokers. Associates too are eligible for VRMA voting and committee inclusion.
VHRP: $350
A VHRP (Vacation Rental Housekeeping Professional) is defined by the VRMA as any individual or entity that provides “back-of-the-house” housekeeping or maintenance for at least two rental properties. Individuals in the VHRP category may vote in VRMA elections and serve on committees only if their respective company is also a VRMA member.
As a vacation rental homeowner, supplier, vendor, or housekeeping professional, you can never suffer from too much information and too many contacts within the vacation rental management industry.
Consider benefits and costs of Vacation Rental Management Association membership laid out within this guide, and consider joining the VRMA if you would believe it to be advantageous to your respective business.
With that being said, if you lack contacts or knowledge within the world of vacation rental management (or simply wish to expand your vacation rental/service empire to new heights), the VRMA may be for you!
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