At RSU, we are dedicated to aiding professional short-term rental managers in growing their business, increasing efficiency, and boosting profitability. Recently, at the premier industry conference Scale Show Barcelona, we curated and hosted the Knowledge Stage, which featured exclusively property managers as speakers—an industry first. The stage was a platform for sharing real-world tactics for property managers, by property managers, and it showcased many fresh faces and first-time speakers.

Among the standout presentations on day two was a session by Sabrina Mulligan, head of the team at Zzzing, Malta, titled ‘The Heart of Hospitality: Elevating The Guest Experience in Vacation Rentals.’ Her presentation delves into the heart of hospitality, offering practical strategies to elevate guest experiences and drive business growth. This guide distills her insights into actionable steps for short-term rental managers, emphasizing the critical role of personalized service and technological integration in creating memorable stays.

What Are NFTs and How Can They Benefit Property Managers?

What is an NFT?

A non-fungible token (NFT) is a digital asset that represents ownership or proof of authenticity for a unique item or piece of content, secured by blockchain technology. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are identical to each other and can be exchanged on a one-to-one basis, each NFT is unique. For example, consider an NFT as a digital deed for a property or a rare collectible. It signifies exclusive ownership of something that cannot be replicated.

Understanding Blockchain

To grasp the utility of NFTs, it’s crucial to understand blockchain technology. Blockchain functions as a decentralized, distributed ledger that records the ownership of digital assets. Imagine it as a highly secure, tamper-proof public registry where every transaction is recorded and verified by multiple sources, ensuring transparency and trustworthiness. This technology underpins the security and authenticity of NFTs, making them a dependable form of digital ownership.

Benefits of an NFT-Based Travel Club

Additional Booking Channel

NFTs create new and exclusive ways to generate bookings, particularly attracting tech-savvy clients who are intrigued by innovative technologies. For example, managers can offer special packages or experiences that are only accessible through NFT ownership. This not only adds a layer of exclusivity but also taps into a niche market willing to spend more for unique offerings and is interested in the investment potential of NFTs.

De-commoditizing Offerings

De-commoditization refers to the process of making a product or service stand out in a market where offerings are typically seen as interchangeable or identical. By de-commoditizing their listings, property managers can avoid competing solely on price and instead focus on delivering added value and unique experiences.

NFTs can add unique value to property listings by offering exclusive benefits or memberships. For instance, an NFT could grant access to premium amenities or exclusive events at the property, distinguishing it from standard listings and appealing to discerning guests.

Increased Owner Retention

The exclusivity and perks associated with NFTs help in retaining property owners. By offering NFT-based memberships, property managers can provide owners with unique benefits that are not available through traditional rental agreements. For example, owners could receive higher payouts on NFT-based bookings or exclusive discounts on management fees, making the partnership more attractive and financially rewarding.

New Income Streams

NFTs can be sold and traded, generating income through initial sales and resales. For example, a property manager could issue a limited number of NFTs that grant lifetime discounts or special booking privileges. As these NFTs are bought and sold within the community, the manager earns a percentage of each transaction, creating a continuous revenue stream.

Community Building

NFTs foster a sense of community among members, enhancing customer loyalty. For instance, owning an NFT could grant access to a private online group or special events hosted by the property manager. This sense of belonging and exclusivity can turn guests into repeat customers and brand advocates.

How Does Euphoric Leisure Leverage Pangolin Club to Deliver More Value?

The Pangolin Club represents a pioneering approach in the short-term rental market, utilizing NFTs (non-fungible tokens) to unlock exclusive opportunities and deliver unparalleled value to both property managers and owners. Here’s how this innovative travel club operates and the substantial benefits it offers.

Membership to the Pangolin Club

Gaining membership to the Pangolin Club is strictly exclusive and can only be achieved in one of three ways:

1. Owning a Pangolin Club NFT: One of the 500 unique tokenized memberships.
2. Owning a Property Listed in the Pangolin Collection: Direct involvement in our curated portfolio.
3. Managing 20 Properties within the Pangolin Collection: Demonstrating commitment and scale within our network.

The Pangolin Club NFT

The NFT memberships are more than just digital assets; they are tradable and transferable tokens that offer real-world benefits. Key aspects include:

• Limited Availability: Only 500 NFT memberships are available, enhancing exclusivity.
• Tradability: These NFTs are tradable, providing liquidity and potential for appreciation.
• Conservation Efforts: 5% of the upfront NFT sales contribute to Pangolin conservation efforts.
• Royalties: A 5% royalty is applied to any NFT resales, benefiting our management company and promoting continuous engagement.

Member Benefits

Members of the Pangolin Club enjoy a suite of exclusive benefits designed to enhance their travel experiences and provide significant financial advantages:

• Discounts on Stays:
  • Unlimited 50% discounts on 7-night stays throughout the Pangolin Collection (with limited blackout dates).
  • Unlimited 20% discounts on all stays under 7-nights, even during blackout dates.
• International Discounts: Access to 20%-60% discounts on bookings within The Registry Collection’s portfolio of over 160 premium international destinations, as well as RCI’s portfolio of over 4000 destinations worldwide.
• Private Banking Solution: Members receive an offshore private banking solution with Xapo Bank, including the first year’s fees at no cost.
• Additional Perks: Continued enhancement of benefits as new opportunities are introduced.

Why Property Owners Agree to These Rates

The generous discounts offered to members might raise questions about property owner benefits. Here’s why owners agree to these rates:

• No Platform Fees: Member bookings do not incur channel or platform fees.
• Short-Stay Optimization: Over 70% of our bookings outside peak periods are for 3-nights or less, making the discounts more favorable.
• Higher Earnings: Owners typically earn more from member bookings than through average platform bookings due to the elimination of fees and increased booking frequency.

Let’s Take a Look at the Numbers

50% Off Benefit
Let’s break down the financial impact using a nightly rate of $100:

1. For a 3-Night Platform Booking:
   • Gross Income: $300
   • Platform Fee: $51.75
   • Management Fee: $44.85
   • Net Owner Payout: $203.40
2. For a 7-Night Member Booking:
   • Gross Income: $350 (after 50% discount)
   • Platform Fee: $0
   • Management Fee: $52.33
   • Net Owner Payout: $297.67
   • Owner Benefit: 46% more cash compared to the platform booking.

20% Off Benefit
Using the same nightly rate:

1. For a 3-Night Platform Booking:
   • Gross Income: $300
   • Platform Fee: $51.75
   • Management Fee: $44.85
   • Net Owner Payout: $203.40
2. For a 3-Night Member Booking:
   • Gross Income: $240 (after 20% discount)
   • Platform Fee: $0
   • Management Fee: $35.88
   • Net Owner Payout: $204.12
   • Owner Benefit: Slightly more cash compared to the platform booking.

20%-60% Off Exchange Benefit

Members benefit significantly from exchange programs, allowing them to utilize weeks in the Pangolin portfolio at a 50% discount and exchange these for weeks in The Registry Collection’s and RCI’s portfolios. This provides access to over 4000 destinations worldwide with member savings ranging from 20% to 60%.

How to Launch Your Own NFT-Based Travel Club

Launching an NFT-based travel club can seem daunting, but with a clear plan and understanding of each step, short-term rental managers can effectively create and manage a successful NFT initiative. Here are the nine steps to guide you through the process:

Define Your Concept and Value Proposition

Start by clearly defining what your NFT-based travel club will offer and why it stands out. This involves identifying the unique benefits your NFTs will provide, such as exclusive discounts, access to premium properties, or special events. 

Conduct Market Research and Define Your Target Audience

Research the market to understand the demand for NFTs in the short-term rental space. Identify your target audience—tech-savvy travelers, property owners looking for added value, or investors interested in digital assets. Understanding their preferences and behaviors will help you tailor your offering.

For example, if your target audience values sustainability, incorporating eco-friendly properties into your membership could be a significant draw.

Choose a Blockchain to Launch Your NFT Collection On

Selecting the right blockchain is vital for ensuring security, scalability, and ease of use. Popular options include Ethereum, Polygon, and Binance Smart Chain. Consider factors such as transaction fees and the environmental impact of the blockchain. For instance, Polygon is known for lower transaction costs and a smaller carbon footprint compared to Ethereum.

Develop the NFT Artwork and the Assets

Design visually appealing and meaningful NFT artwork that resonates with your brand and audience. Collaborate with artists to create digital assets that reflect the unique aspects of your travel club. For example, each NFT could depict iconic properties within your portfolio or embody elements of the local culture from your top destinations.

Develop the Smart Contract and the Minting Website

A smart contract governs the rules and benefits of your NFTs. Hire a developer or use a no-code platform to create a smart contract that ensures security and transparency. Additionally, set up a minting website where users can purchase and manage their NFTs. 

Your smart contract could include terms like royalty percentages on resales and automatic membership verification. Ensure your website is user-friendly and secure.

Partner with Brands That Can Offer Value to Your Community

Form partnerships with brands that can enhance the value of your travel club. This could include luxury travel gear companies, local tour operators, or exclusive dining establishments. For example, partnering with a high-end rental car service can offer your members discounted rates and premium services when they travel.

Create and Roll Out Your Launch Marketing Campaign

Develop a comprehensive marketing strategy to generate buzz around your NFT-based travel club. Utilize social media, email marketing, and influencer partnerships to reach your target audience. Highlight the unique benefits and exclusivity of your club. For example, create teaser videos showcasing the luxurious properties and exclusive experiences available to members.

Plan and Execute Your Minting Event for Your NFTs

Host a minting event where your NFTs become available for purchase. This event should be well-publicized and create a sense of urgency and exclusivity. Consider offering early-bird specials or limited-time discounts to incentivize initial purchases. 

You could organize a virtual launch party with live demonstrations, Q&A sessions, and giveaways to generate excitement and engagement.

Note: Minting is a crucial step in the lifecycle of an NFT because it establishes the ownership and provenance of the digital asset. This process ensures that the NFT is original and cannot be duplicated or altered, thereby providing authenticity and security for both creators and buyers.

Deliver on Your Value Proposition and Continue to Add Additional Perks & Benefits Over Time

Once your NFTs are minted and sold, it’s crucial to deliver on the promises made during the launch. Ensure that all benefits and perks are accessible to NFT holders. Continuously seek feedback from your community and add new perks and benefits based on their needs and preferences. 

Periodically introduce new benefits like additional discount tiers, access to new properties, or exclusive events, ensuring your NFT remains valuable and desirable.