A Look Under the Hood at Kokopelli Property Management

This is part 2 in the Under the Hood Series in which we interviewed executives from seven on-the-grow vacation rental management companies to discuss everything from growth strategies to company culture, technology and marketing to future predictions for the industry. 

Part 1: A Look Under the Hood at Vacation Rental Pros

Part 3: A Look Under the Hood at Elliott Beach Rentals

 Part 4: A Look Under the Hood at Winter Park Lodging Company

Charles Goodman, CEO of Kokopelli Property Management, has been in the real estate business as an owner, investor, and property manager since 1976, when he acquired a 5-unit apartment complex in Albuquerque, NM. Operating out of a garage with only a handful of properties, he began managing more rentals and soon launched Residential Property Management in 1996.

Goodman recognized that, through economies of scale, the business of property management could be highly profitable. With the help of his wife and two sons, Goodman grew the company and re-branded it as Kokopelli Property Management. Today the company manages 600+ rentals.

Acquisition and Consolidation

Kokopelli entered the vacation rental space in 2003, when they acquired a company which had a small inventory of short-term rentals. By 2013 the company had acquired 11 other companies and currently manages 220 vacation rentals, along with 500 long-term rentals and 60 commercial spaces.

“When we acquire a company, we typically don’t absorb their employees,” says Ryan Goodman, CMO. “They are less likely to adhere to our standards and procedures. We absorb the work load, closely analyze performance, decide if we need to hire, and hire fresh. There have been a few exceptions when we have absorbed employees if they have some important relationships we feel strongly we would lose without their being on board.”

Looking ahead to acquisition trends, “Consolidation on the online side and listing side has happened. Consolidation on the service side is coming,” said Goodman. “I think what is coming next is the franchise model. By establishing a national brand, you would get all accounting, marketing, sales, best practices, increased purchasing power and branding power.”

We asked Goodman if Kokopelli was still looking to acquire more vacation rental management companies. He responded, “You can’t acquire something if the seller isn’t ready to sell. Many vacation rental managers are in it to retire and will consider selling at that point. However, it may be too late.”

Synergy Between Long-term and Short-term Rental Management

Kokopelli found there was substantial synergy between the processes involved in long and short term rental management. “On the vacation rental side, the ratio of employees to properties managed is about 1:10, while the ratio for long-term residential and commercial properties is closer to 1:100, and one commercial contract can produce ten times the gross revenue from a vacation rental,” said Goodman. “Most vacation rental management companies are highly engaged in real estate sales and short-term rentals. We found that it was more profitable to exit sales and focus on property management, both long-term and short-term. This strategy allowed for more synergy in our processes and services and resulted in an explosion of referrals from realtors, as we were no longer in competition with them.”

Goodman adds, “We created an assembly line approach in order to empower our employees and provide the best owner experience. That’s how we’ve managed to be so successful.” Now Ryan Goodman acts as CEO over vacation rentals, while his brother heads up commercial and long-term rentals.

Open Book Management

Jack Stack’s The Great Game of Business introduced business owners to the concept of Open-book Management as a tool in getting employees engaged in the success of your business by sharing financial and decision-making duties among all employees.

Goodman adopted this approach with his employees at Kokopelli. “We have decided to open our books to our employees. In giving them manageable, simplified job expectations, we have found if they aren’t looking at a budget or P&L, it is hard to expect them to make the best decision. They also know if they want to ask for a raise, they need to demonstrate how their contribution directly affects the bottom line.”

Bringing It In-house

We have an in-house housekeeping department and an in-house service/maintenance department.
“In Santa Fe, we call it the ‘land of mañana’ …or we’ll get to it tomorrow,” said Goodman. “Finding prompt, quality service was a challenge so in order to provide the kind of quality services we needed, we had to bring these services in-house.”

Goodman adds, “We initially ran these at a loss until we built them up. Now we help finance these departments with ancillary services, such as preventative maintenance inspections and freshen-up cleaning for realtors’ showings and open houses. We also market our housekeeping services to our long-term commercial and long-term renters and to VRBO’s. In the short-term rental industry, it doesn’t matter if you rent by owner or are professionally managed, you need housekeeping and maintenance, so we offer these services to VRBO’s, as well.”

“We have found different revenue streams to support the departments we needed to ensure the quality of our service,” said Goodman.

Technology Should Add to the Bottom Line

When looking at technology, Kokopelli is laser focused on their return on investment (ROI).

Goodman emphasizes, “We are careful to analyze ROI with the technology we utilize. Everything we spend eats into our margins. We have to ask, ‘What is it adding to our margins?’ For example, we funded our Glad to Have You App as a Santa Fe Tourism App and sold advertising on it. It’s now a profit center with 100 strategic partners in Santa Fe, NM.”

More Owners = More Profits

Kokopelli has a proactive view toward owner acquisition and owner retention. “We chose to grow by acquisition, but we still have to get creative with our marketing to owners,” said Goodman. “Our relationships with our owners dictate our profitability. Most vacation rental managers are competing for guests. We are competing for owners.”

“For example, we sent out a four piece direct mail campaign to 600 contacts in Angel Fire, NM,” said Goodman. “It cost us $2,000, and we got 15 contracts from it. At the end of 2013, when all rental proceeds from those contracts were calculated, we had a 3,000% return on that investment.”

He adds, “In our market, we don’t do a lot of targeting based on property type. We all know that a 5 bedroom house yields more revenue than a 2 bedroom condo, but not if the owner of the 5 bedroom house is calling every day and upsetting the system. We weed out in the sales cycle, not in the marketing campaign.”

Like Steve Milo, founder and Managing Director at Vacation Rental Pros Property Management (who also manages over 600 rentals), Ryan Goodman says their owners have his cell phone number, and he has implemented a proactive strategy in communicating with owners. “No matter how much we’ve grown, we have prioritized the relationship with the homeowner.”

Goodman generates an arrival report every week to see which owners are coming into town; he attempts to schedule face-to-face time with them. “Why try to chase them down when you can proactively get in front of them while they’re in town?” said Goodman. “I have a big face with a big smile and that doesn’t come through in an email or on the phone. I want them to know they are taken care of.”

Many property managers struggle with owners attempting to market their own properties. Kokopelli chooses to work with owners who want to self-market. “I am not a property marketer, I am a property manager. If I have an owner who thinks he can do a better job marketing his property, I let him do it.”

Advice for Vacation Rental Managers

For vacation rental managers looking to sell their companies Goodman advises, “Get your books in order. Eliminate any expense which isn’t directly impacting your bottom line. You will need 12-18 months of good books. Make sure you don’t have an area within your company which is losing money.”

Goodman also recommends getting involved in organizations like the VRMA. “Pick two or three associations which offer education. Network and get involved. Participating can be expensive and time-consuming, so don’t pick too many, but the networking and education really helps you succeed.”

By Amy Hinote

Related Articles:

Part 1: A Look Under the Hood at Vacation Rental Pros

Part 3: A Look Under the Hood at Elliott Beach Rentals

High-Energy Property Management: A Look Under the Hood at Vacation Rental Pros Property Management

This is part 1 in the Under the Hood Series in which we interviewed executives from seven on-the-grow vacation rental management companies to discuss everything from growth strategies to company culture, technology and marketing to future predictions for the industry.

 Part 2: A Look Under the Hood at Kokopelli Property Management

 Part 3: A Look Under the Hood at Elliott Beach Rentals

Part 4: A Look Under the Hood at Winter Park Lodging Company

A Look Under the Hood at Vacation Rental Pros Property Management

In 2002 Steve Milo, Managing Director and founder of Vacation Rental Pros Property Management LLC, purchased his first vacation rental and struggled to find a competent property management company in the area. He decided to self-manage and explore the opportunity in the market.

By 2006 Milo owned or co-owned 10 vacation rentals, and was having great success renting his properties on his website. Seeing the opportunity in the marketplace, he decided to launch Vacation Rental Pros. By the end of 2006, he was managing 25 properties.

Milo’s initial growth was organic. “I started the business in a recession. Many property managers had stopped taking new homes because they were having trouble getting bookings. In hindsight the recession was an opportunity. It allowed us to take advantage of a tougher playing field. By running a lean organization, we were able to be profitable, and we used that profit for marketing. We ended up having more bookings than units.”

Only seven years later, Milo’s company now manages over 635 properties in Northeast Florida and along the Southwest Gulf Coast.

Running a Tight Ship

Being an exceptionally high-energy property manager, Milo hired his first employee, a bookkeeper, in December 2007. At that time he was managing 125 properties.

“Managing 125 properties (without employees) wasn’t sustainable, but it taught me I can do more for less,” said Milo. “I learned many property managers have too much tied up in G&A Expenses. I learned not to waste money on things that don’t drive revenue.”

Now, the Vacation Rental Pros team puts enormous emphasis on doing everything in a prudent, thoughtful manner to control G&A expenses and profitability. Last year, Milo cut staff and increased sales 30% in 2013 over 2012. Vacation Rental Pros now has 47 employees and outsources cleaning, services, some marketing and photography.

“In general, I am a big fan of outsourcing,” said Milo. “We run a tight G&A. This doesn’t happen by accident. It happens because management buys into the philosophy of keeping expenses low and having productive employees.”

A tight focus on the bottom line is a common thread throughout the company. “We have been mono-focused on property management and have been willing to partner with others for furniture, real estate, and construction,” said Milo. “We also have been willing to stay away from ancillary revenue from these sources.”

#1 –A Great Website

Steve Milo understood the many economic and market benefits of the internet 20 years ago, when he transitioned his consumer catalog business -first to email marketing -and then to ecommerce before successfully selling the business in 1999.

When he ventured into property management in 2006, Milo started out by investing in a user-friendly website, and he credits strategic use of the internet for his rapid expansion in vacation rental property management.

According to Milo, “Today it’s different than it used to be. It is really dependent on original content. We have a lot of content, including 15,000 guest reviews, over 20,000 photos, vacation options and information. The search engines reward content-rich websites. Consumers can book online directly or can call us and talk to a sales agent about the rental property they are interested in. We also invested in an effective, user-friendly mobile site. ”

And to make the business more profitable, he has outsourced website development overseas. “I have successfully utilized overseas programmers at a fraction of what it costs in the U.S. to do our web development,” Milo said.

Milo and his staff have found that the key to having a successful online presence is to keep it simple for customers: “The first thing is it starts with your website, and having a website that is user-friendly and easy to navigate with content properly laid out and updated on a regular basis.”

100% Online Marketing

Milo has been a student of marketing strategies implemented by successful competitors. “The easiest way to determine your marketing strategy is to look at the best in breed in your industry, those that are already established with strong marketing and internet sites. We look at Expedia, Travelocity and Bookings.com to see what they’re doing,” he said.

Vacation Rental Pros has a 100% online marketing strategy. “We never printed a vacation rental catalog, and we don’t spend money on offline marketing,” said Milo. “The fact is you can reach a global audience without the cost of postage.”

One component of his strategy includes investment in pay per click advertising (PPC). With an ecommerce background, Milo learned to utilize PPC carefully and with a great deal of restraint. He works closely with a boutique company who specializes in ecommerce to manage his PPC budget.

Milo also places targeted portal advertising on VRBO.com and other distribution sites, and he has created and maintained a sophisticated database so Vacation Rental Pros is able to execute highly targeted and segmented email campaigns.

In regard to branding, “Branding is overrated in our industry,” said Milo. “There are companies who are too obsessed with their brand and not focused on conversion. Our focus is on the market, conversions and the number of leads generated.”

Technology: The Digital Divide

According to Milo, “The key to running a business in any industry is learning to get the best results from technology. In most industries there is a digital divide and a big difference between those who know how to utilize technology and those who don’t.”

He selected Escapia, a web-based property management system (PMS) to help in the management of his properties. “It was a really good choice for us in 2006. We may come to a point where we outgrow it,” said Milo.

“The best thing is to work with your vacation rental software (or PMS) provider. For example, we worked with Escapia to open up our API to create an interface with Salesforce to have a better help desk. We also use NAVIS and Glad to Have You.”

Owner Acquisition and Retention

“What separates us from other companies in our area is that our bookings are so much stronger and occupancy is higher, so we have happier owners,” said Milo.

Vacation Rental Pros has a dedicated person for owner relations and the bulk of their correspondence is through email. “We also have a customer service department to answer any questions,” adds Milo. ”But owners still have my cell phone number.”

Milo admits he does occasionally have to “fire an owner.”

To attract new owners to the company, Milo targets by property type (e.g., large, oceanfront homes) and maintains a comprehensive database on every homeowner and property type they have targeted.

Acquisition and Consolidation

According to Milo, “It is irrefutable that there are economies of scale in the vacation rental industry, once you establish your G&A.” Vacation Rental Pros has acquired four companies, one per year, since 2009, adding 225 properties to his inventory. “The first one was a smaller company that was struggling during the recession. We don’t absorb the employees. We do what is known as an asset purchase. For us, expansion is about quality, not quantity.”

As they look to the future, Milo adds, ““Consolidation is a given. We’re in the beginning stages of consolidation, and Wyndham has demonstrated a big appetite for acquisition. It reminds me of the 90’s with e-commerce sites. What evolved was that Yahoo and AOL attracted eyes, and then the consumer sites like Amazon came after. The consumer sites were able to grow because the eyeballs were there. Wall Street has funded some big portals in the vacation rental industry which are drawing eyeballs now, and there are opportunities for property managers to leverage the technology to allow for consolidation and efficiencies. The opportunity is there. No organization has been able to effectively manage vacation rentals on a large scale… yet.”

High-Energy Company Culture

To preserve company culture in his energetic, bottom-line-focused business, Steve Milo leads by example and focuses on accountability.

“In our experience, company culture is incredibly important. Our company has a culture which is high-energy and doesn’t mix with traditional models,” said Milo. “I’m a high-energy owner. I get up early, and I don’t have time for wasted effort. I task people in our company. I hold them accountable and expect them to meet deadlines. Once you start to build a like-minded team, if you bring someone in who’s not a good fit, they typically won’t last for the 90-day probationary period.”

Advice to Growing Vacation Rental Management Companies

We asked Steve Milo if there was anything he wishes he had done differently during his rapid expansion, and he responded, “I wish I had stayed with my gut for the last 7 years. There were times I listened to ‘industry experts’ who offered advice which was not right for our market. For example, my gut was to outsource as much as possible, and I briefly listened to advice from a consultant to bring more in house. It resulted in fractured liaisons for groups of owners. We quickly repaired the mistake and centralized operations, chopped costs and eliminated one-point-of-contact for owners.”

Regarding technology and marketing, Milo identified the following “must-haves” for rental mangers:

1. User-friendly website with online check-out/online booking
2. Web-based vacation rental software
3. Comprehensive database/contact strategy
4. CRM
5. Strong mobile presence

Milo also advises vacation rental managers to join organizations and to become politically aware of any government situations in your area which are unfriendly or becoming unfriendly to short-term rentals.

“Government restrictions are the biggest challenge we face as an industry. If you haven’t faced it, consider yourself lucky, but don’t think you won’t,” warns Milo. “In Florida, it has been frustrating to see how few property managers will help fund advocacy initiatives and political campaigns. To me, it would be like not paying for insurance. In our industry, it is a cost of doing business. The VRMA Eastern Regional Seminar is going to be on Orlando, and we hope to use this opportunity to raise awareness with our political leaders here in Florida.”

By Amy Hinote

Related Articles

Part 2: A Look Under the Hood at Kokopelli Property Management

Part 3: A Look Under the Hood at Elliott Beach Rentals

Part 4: A Look Under the Hood at Winter Park Lodging Company

Looking for New Year’s resolutions that are easier to keep than, say, losing weight or kicking a bad habit you’ve had for 10 years? Turn to your business. No business, or business owner, is perfect, and there is always room for improvement. The New Year is a great time to carry out new strategies, fuel growth and make changes for long-term success.

“A new year brings with it the promise of a fresh start,” said Connie Certusi, executive vice president and general manager of small business accounting at Sage North America. “Why not take a moment to reflect on the lessons learned from the past year and move forward with a new focus on success?”

Whether you need to be more efficient, keep up with the latest technology or implement innovative ways to find and retain new customers, New Year’s resolutions can help you create a plan of attack and stay on track. Here are 10 small-business New Year’s resolutions to help you get started.

1. Get the most “bang for your technology buck”

Commit to fully using all of your technology solutions. So many busy small business owners do not fully utilize the technology investments they’ve made, despite the fact that doing so would likely save them a lot of time, and drive efficiency. Make 2014 the year to become the master of your technology!

2. Adopt mobile payments

I predict, in 2014, significant advancement in the field of digital wallet payments will make credit cards obsolete.

The current magnetic stripe is highly inconvenient for smartphone-enabled customers. And credit card numbers are extremely insecure. Their authorization doesn’t specify the amount of the transaction, so they are routinely “accidentally” used twice by merchants. Or even worse, are stolen from reputable retailers by third parties.

Encrypted digital wallets will provide an answer to all these needs. They will authorize payments for a specific amount. They will be accessible anywhere through secure smartphone apps. And retailers should make them easier to use by providing proximity sensors in checkout registers.

“All businesses, retail or enterprise, large or small, should work to update their payment systems. Customers and business partners will expect to send and receive payments using more secure and convenient methods like Pay-pal or Google Wallet,” said Dr. Satwant Kaur, “First Lady of Emerging Technologies” and chief technologist at Hewlett-Packard

3. Get closer to customers

As we head into 2014, one of our key resolutions is to continue innovating the ways in which we engage with our customers. We view our customers in terms of relationships, not transactions, so it is critical that we are delivering value to them in every engagement, before and after the sale. Our unique support model and online communities are examples of ways we do this today, but there is more we can do. Through the continued expansion of mobile technology and social properties, consumers and businesses are interacting with brands in whole new ways. Next year, businesses should focus on capitalizing on these [tools] to strengthen their customer relationships. — David Duncan, chief marketing officer at Webroot

4. Make customer service a priority

It’s a fact: customer service can make or break your relationship with current and even future customers. Looking ahead to 2014, customer service should be a priority for every small business. We see small businesses taking advantage of the cloud to work smarter and make customers happier. As we learned in our most recent survey, one in six customers would rather see their dentist than speak with a customer service agent. So small businesses, take note! — Matt Lautz, president and chief information officer at CorvisaCloud

5. Focus on marketing efforts

In 2014, we plan to grow spending on marketing along with revenue. In the age of digital marketing, everything is now measurable, and marketing is more accountable than ever. At Message Systems, we are increasing our marketing spend triggered on measurable results from spend in the last quarter. For example, when we see certain activities that grow our sales pipeline and closes, we are able to increase the budget in the following quarters based upon solid knowledge that the spend has a return on investment (ROI). — Steve Dille, senior vice president of marketing at Message Systems

6. Revamp social media strategy

Earlier this year, we saw a rise in visual social media platforms like YouTube and Pinterest, coming in just behind the big three [Facebook, Twitter and LinkedIn] in adoption growth among small businesses. In 2014, a picture truly will be worth a thousand words as small businesses increase their adoption of visual-based social networks like Pinterest, YouTube, Instagram, Tumblr and Slideshare. — Mark Schmulen, general manager of social media at Constant Contact

7. Be SEO- and data-savvy

In late 2013, Google began blocking keyword referral data in Google Analytics. Before, you used to be able to see which keywords users entered to bring them to your site and how many visitors came from each keyword. This data is no longer available through Google Analytics. Google’s position on this change is that they are “protecting” the consumer. As identity theft and cybersecurity dominate the headlines, this is Google’s way of making sure consumers feel safe using Google products and platforms. However, the data is still available to Google, just not to digital marketers who rely on their [Google’s] analytics program. In 2014, search engine optimization (SEO) firms will discover new ways to uncover this data (there are several options). Firms will get more creative with how to access and interpret keyword data because it remains a large part of SEO strategy. After all, knowing how visitors are searching helps firms to better understand their target markets and create a better user experience on the website — the foundation of a solid SEO strategy. — JoAnna Dettmann and Kaysha Kalkofen, co-founders of digital marketing firm tSunela

8. Perform a security audit

Next year will be a crucial time for companies to make sure their data stays truly protected. The rise of targeted attacks we’ve seen against corporations — from technology companies like Adobe to retailers like Target — have made this a very real and urgent concern. When it comes to investigating potential vulnerabilities, it’s best to look outside the company and leverage domain experts to probe for risks, examine policy and suggest fixes. While we have very strong security protocols in place, we perform an audit yearly. Next year, we’re expanding the scope of our audit due to the new types of security risks and escalating threats we’ve observed. As the saying goes, if you see a storm approaching, it’s best to bring both a raincoat and an umbrella. — Charles McColgan, chief technology officer at TeleSign

9. Prevent employee fraud

Adopt a code of ethics for employees. Set a “tone at the top” that fraud will not be tolerated at any level of your organization. Draft and approve a code of ethics that includes concise compliance standards that are consistent with promoting ethical behavior across the organization. Require each employee to read and sign the code of ethics — as well as contractors who work on behalf of the organization. — James D. Ratley, CEO at the Association of Certified Fraud Examiners (ACFE)

10. Become more nimble

As mega-retailers like Amazon continue their quest to steal market share from other big-box retailers, both online and off, smaller online businesses will need to become more nimble in how they compete, both from a price, customer service and marketing standpoint. This includes identifying true points of difference and showcas[ing] these points in marketing and branding, delivering personalized experiences, etc. — Matt Winn, marketing communications manager at Volusion

Originally published on BusinessNewsDaily.

HomeAway’s rising online vacation rental bookings may persuade suitors to tackle the most expensive Internet deal since 2007 as an improving economy spurs a rebound in travel.

With listings for more than 700,000 homes around the world, analysts estimate (AWAY:US) that HomeAway will boost sales by about 65 percent in three years. Revenue for all U.S. travel agencies is poised to rise as economic conditions improve, with growth from online booking sites seen fueling the gains, according to IBISWorld Inc. As Priceline.com Inc. (PCLN:US), Expedia Inc. and TripAdvisor Inc. (TRIP:US) eye opportunities in vacation rental services, HomeAway may entice takeover interest, Cowen Group Inc. said.

After surging 81 percent this year, HomeAway traded yesterday at 10.3 times its sales, already a higher multiple than any public Internet company has commanded in a takeover in the last six years, according to data compiled by Bloomberg. While the $3.4 billion company faces competition from rivals such as Airbnb Inc., Piper Jaffray Cos. said HomeAway’s dominant position in the growing online vacation rental market makes it worth the price for potential suitors. Even Google Inc. (GOOG:US) could be interested in a deal, according to Canaccord Financial Inc.

“This whole concept of alternative bookings and travel is a concept that’s here to stay and it’s something that ultimately the bigger players in online travel will need to be participating in,” Michael Olson, a Minneapolis-based analyst at Piper Jaffray, said in a phone interview. “I don’t think people are looking at what the stock has done this year. I think they’re just looking at what the opportunity is going forward, and the opportunity is significant.”

Read more at Bloomberg Businessweek

Dec 10, 2013 — HomeAway, Inc. AWAY -4.79% , the world’s leading online marketplace for vacation rentals, today announced it plans to commence, subject to market and other conditions, an underwritten public offering of 5,500,000 shares of its common stock pursuant to an effective registration statement. An additional 518,630 shares will be offered by the selling stockholders. In addition, the selling stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 902,794 shares to cover over-allotments, if any.

HomeAway intends to use the net proceeds of this offering for general corporate purposes, which may include acquisitions or license of, or investment in, products, services, technologies or other businesses. HomeAway will not receive any proceeds from the sale of shares by the selling stockholders.

Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Goldman, Sachs & Co. and Morgan Stanley & Co. LLC will serve as joint book-running managers for the proposed offering. Stifel, Nicolaus & Company and Pacific Crest Securities LLC, Incorporated will act as co-managers.

The offering of these securities will be made only by means of a registration statement (including a preliminary prospectus for the offering) filed with the U.S. Securities and Exchange Commission on December 10, 2013. Copies of the preliminary prospectus may be obtained from: Deutsche Bank Securities Inc. at 60 Wall Street, Attention: Prospectus Group, New York, NY 10005-2836, by email at prospectus.CPDG@db.com or by phone at (800) 503-4611; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at (866) 803-9204; Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, NY 10282, or by phone at (866) 471-2526; or Morgan Stanley & Co. LLC, Attention Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, by email at prospectus@morganstanley.com, or by phone at (866) 718-1649.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About HomeAway:

HomeAway, Inc. based in Austin, Texas, the world’s leading online marketplace for the vacation rental industry, with sites representing over 773,000 paid listings of vacation rental homes in 171 countries. Through HomeAway, owners and property managers offer an extensive selection of vacation homes that provide travelers with memorable experiences and benefits, including more room to relax and added privacy, for less than the cost of traditional hotel accommodations. The company also makes it easy for vacation rental owners and property managers to advertise their properties and manage bookings online. The HomeAway portfolio includes the leading vacation rental websites HomeAway.com, VRBO.com and VacationRentals.com in the United States; HomeAway.co.uk and OwnersDirect.co.uk in the United Kingdom; HomeAway.de in Germany; Abritel.fr and Homelidays.com in France; HomeAway.es and Toprural.es in Spain; AlugueTemporada.com.br in Brazil; HomeAway.com.au and Stayz.com.au in Australia; and Bookabach.co.nz in New Zealand. Asia Pacific short-term rental site, travelmob.com, is also owned by HomeAway.

HomeAway also operates BedandBreakfast.com, the most comprehensive global site for finding bed-and-breakfast properties, providing travelers with another source for unique lodging alternatives to chain hotels. For more information about HomeAway, please visit www.HomeAway.com .

Seaside Vacations and Coldwell Banker Seaside Realty Announce the Acquisition of Kitty Dunes Rentals and Realty.

December 04, 2013 –Gordon Jones, President and CEO of Seaside Vacations and Coldwell Banker Seaside Realty, is pleased to announce the acquisition of Kitty Dunes Rentals, Kitty Dunes Realty, and Colington Realty all North Carolina-based companies. Kitty Dunes has a rich 43 year history on the Outer Banks, manages over 200 vacation rental homes and has offices in Kitty Hawk, Colington, and Corolla, NC.

Through this acquisition, Seaside Vacations expands its leadership role in the Outer Banks vacation rental industry. Coldwell Banker, a proven leader in real estate sales in northeastern North Carolina, will experience increased market share through this integration. The acquisition agreement was closed last Wednesday, November 27, 2013, having been approved by Gordon Jones, President and CEO of Seaside and Jack Neighbors, President of Kitty Dunes.

“The Kitty Dunes name is well known on the Outer Banks and the focus at Seaside will remain the same – creating the most amazing experience on the Outer Banks by offering the best vacation homes,” said Jones, President and CEO of Coldwell Banker Seaside Realty and Seaside Vacations. “By combining the teams and the inventory of Outer Banks vacation homes, we can bring the Outer Banks vacation experience to even more visitors each year.”

Jack Neighbors, President of Kitty Dunes agrees. “Seaside Vacations is the perfect fit for Kitty Dunes. Their property management team is well-respected in the market, led by an ambitious entrepreneur in Gordon Jones. Combining that with the synchronicity of systems that exists among our businesses, preferred vendors, in house technology, and similar processes, we are united by a common vision centered around a passion for driving the consumer experience. One of the greatest benefits I see for Kitty Dunes homeowners will be the opportunity to receive three times as much marketing exposure without incurring any additional costs.”

The Outer Banks has proven itself as a favorite vacation destination for more than 20 years. Companies like Kitty Dunes Rentals and Seaside Vacations have been here through all of the changes and have weathered many storms, economic and tropical in nature.

“The vacation rental industry and real estate market on the Outer Banks has evolved greatly since its early days,” said Jones. “At Seaside Vacations, we continue to improve our service offerings, including pool and spa, maintenance, and linen services. In recent years, we have simplified the vacation experience by integrating Club Seaside, a program designed to offer packages to visitors unfamiliar with all the area has to offer. Coldwell Banker Seaside Realty continues to be a leader in the real estate market by tapping into the brand recognition of the franchise, Coldwell Banker, and leveraging the unending supply of technology and tools to market to potential home buyers.”

Kitty Dunes Rentals and Realty was founded in 1970 and opened its doors at its current Kitty Hawk location of 3620 N. Croatan Hwy at that time. Seaside Vacations has relocated to the Kitty Dunes office in Kitty Hawk on December 1, 2013. Coldwell Banker Seaside Realty will continue to operate at 4900 N. Croatan Hwy in Kitty Hawk, NC. Seaside Vacations will begin operations at the Kitty Dunes Realty office located in Corolla at 1109 Ocean Trail, Suite A in the Corolla Village shops.

Read the full story at http://www.prweb.com/releases/2013/12/prweb11391037.htm

Nov 27, 2013 –The Vacation Rental Managers Association named Ben Edwards as the new president in an executive session on November 26, 2013, replacing Heather Weiermann of All Star Vacation Homes.

Previously, on October 22, at the VRMA 2013 Annual Conference, the association held its election for Board of Directors in which the following members were elected to serve on the board:

1.    Ben Edwards, Newman Dailey Resort Properties, Miramar Beach, Fla.
2.    Steve Milo, Vacation Rental Pros Property Management, Ponte Vedra, Fla.
3.    Mike Harrington, Resort Realty of the Outer Banks, Nags Head, N.C.
4.    Carole Sharoff, Atlantic Vacation Homes/AVH Realty, Gloucester, Maine
5.    Heather Weiermann, All Star Vacation Homes, La Jolla, Calif.
6.    Jodi Taylor Refosco, Taylor-Made Deep Creek Vacations, McHenry, Md.   * (1 year term)
7.    Matt Curtis, HomeAway, Inc., Austin, TX

Following the election, on October 23, the newly elected board met and elected its new president, Heather Weiermann, then owner and CEO of Southern California Vacation Rentals.

On November 8, 2013, All Star Vacation Homes announced its acquisition of Weiermann’s Southern California Vacation Rentals.

In an executive session on November 26, preceding the November Board of Directors Meeting, the board voted to name a new president and chose Ben Edwards of Newman-Dailey.

“I support Ben as President and know he will do an excellent job in this role,” said outgoing President Heather Weiermann.

Ben’s acceptance of the position is effective immediately. Weiermann will continue serving on the VRMA Board of Directors.

The VRMA Board of Directors is also comprised of existing members, Bob Milne of Wyndham Vacation Rentals, Alan Hammond of Holiday Vacation Rentals, Resorts and Inns, Maureen Reagan of Seaside Vacation Rentals, Lee Hughes of CSA Travel Protection, and Tristan Webb of Utah Vacation Rentals.