Andrew McConnell – Providing Investors with a Platform to Earn Extra Income Through Vacation Rentals
By Space Coast Daily // April 8, 2023
Vacation properties have existed for decades, however, the idea of advanced vacation rentals which connects property owners with travelers using modern technology, such as the internet, started in the west and has expanded and grown drastically ever since its inception.
This unexpected boom in the vacation rental industry has become a major challenge for hotels that have enjoyed a monopoly over the hospitality industry for centuries.
Before, hotels were leading the hospitality industry by accommodating tourists and travelers, but the concept of small-term vacation rental has flipped the coin upside down in just a few years. It took years for hotels to develop a stronghold over the hospitality industry through marketing efforts and huge investments; however, vacation rentals became popular in less than a decade because of the quality of hospitality it provides to visitors worldwide.
A vacation rental offers travelers a variety of lodging choices such as farmhouses, beach condos, boats, mountain cabins, villas, bungalows, studios, townhomes, chalets, cottages, estates, and loft apartments which are suitable for a diverse range of tourists and travelers, whether they are backpackers or couples. Vacation rentals has provided property owners with an option to earn additional income simply by renting out their vacant property. They offer the tourists a homely rustic atmosphere, where they can have personal space and privacy with all the required amenities that provide leisure.
However, managing vacation and short-term rentals entails a lot of effort, therefore many investors and property owners opt to source out these operations to vacation rental management companies. From listing the properties on online booking platforms, adjusting costs for particular calendar dates, setting prices for each rental, responding to queries of potential customers, and communicating with the guests to coordinating with maintenance and cleaning staff, a vacation property management company performs its all on the behalf of the property owner. So, in order to get the ball rolling, an investor simply has to hire a lawful and fair service provider. One person who has facilitated the homeowners, travelers, and property management industry through his company Rented Inc. is Andrew McConnell.
McConnell is an entrepreneur, author, international speaker, attorney, consultant, and former banker, born in Birmingham, Alabama, United States of America on 24th June 1981. As he grew up, he decided to pursue a career in law and therefore got into Harvard University in 2003, from where he completed his bachelor’s in History. After completing his bachelor’s, he attended the University of Cambridge from 2005 to 2006 in order to secure a Master of Law degree and also acquired his Doctor of Law degree from Harvard Law School in 2007. Apart from his degrees in the field of law, McConnell is a graduate of the Triangle Startup Factory and the Advanced Technology Development Center.
McConnell, who served as the Engagement Manager at McKinsey & Company and as the Director of Solutions Design at Axion Global Inc always had the creativity, vision, persistence, and passion for becoming a successful entrepreneur, which he used to lay the foundation of multiple businesses he went on to establish such as Rented Capital LLC, Vacation Futures and Rented Inc. Other than setting up a chain of businesses, he also acted as an Industry advisor for many up-and-coming technology companies.
Through Rented Inc., McConnell brought together property owners and property managers on a single platform which has helped in the overall growth of the tourism and travelling industry. He hired a group of skilled and experienced individuals who used their unrivalled hands-on hospitality industry expertise with pricing tools, software, and data to offer exceptional revenue management services for short-term vacation property rental managers. Through planning, building, devising, and implementing the manual pricing strategy, Rented Inc has given its customers an outlook on the vacation rental options available. Due to its unique and innovative approach regarding rental vacation properties, Rented Inc. was recently acquired by TravelNet Solutions.
McConnell believes in innovation and wants to stay ahead of the curve by using the latest technology, tools, and strategies. With a platform like Rented.com, achieving greater reach as a homeowner has become a lot more transparent and organized than before, and therefore, it is safe to say that with creative minds like Andrew McConnell in the Industry, the hospitality sector is expected to grow at a great pace in the future.