Rentyl Resorts is the brainchild of Nick Falcone, who came up with the idea while having dinner with his father and brothers. The family spoke of their frustration with the difficulty of finding vacation rentals spacious enough to accommodate large families or groups of friends. Nick and his brothers had also noticed that many vacation rental properties needed updating and renovations. They saw an opportunity to create a business that would offer spacious, high-quality, well-maintained and stylish vacation rentals. With the support of their father, an experienced real estate developer, they embark on the creation of Rentyl Resorts. The company has now been in business for several years and has earned a reputation for offering some of the best vacation rental properties on the market. In this interview, Nick discusses how the company leverages technology to fuel business growth, improve operational performance and retain customers.
First, congratulations on your success in growing Rentyl Resorts from a Florida-based regional company to a collection of resorts around the world. What role has technology played in fueling this growth?
Technology plays a major role in the growth of Rentyl Resorts. Our technology has allowed us to expand and grow our business because our partnerships require connectivity. Technology also provides us with the internal tools needed to maximize performance and differentiate ourselves from our competitors. Finally, we believe our technology is key to growing our consumer side of the business with programs such as our multi-industry loyalty program that provides unique benefits to travelers in their daily lives beyond hospitality experiences.
What differentiates the Rentyl Resorts booking platform from those of other major seasonal rental players? In your opinion, what are the competitive advantages of the platform?
Rentyl is a brand platform that represents high quality homes blended with the amenities, services and standards of a resort. We work with developers to build these resorts from the ground up and our platform truly blends the worlds of development and hospitality. Some of the strengths of our platform include trusted accommodations within a resort, customer-focused loyalty that extends benefits beyond the resort, upcoming features such as installment payments, ease of booking resort experiences , growing residential complex inventory, double points between our loyalty program , credit card providers and much more.
Can you tell us a bit about Rentyl Resorts’ technology-based loyalty program? How does it work and what benefits can owners and guests expect from using this feature?
Our loyalty program is multi-industry, we can work with companies that perform any function to link them to the program. This creates unique benefits that can impact everyday life and make our loyalty program one that delivers value far beyond travel. For example, users will be able to accumulate points from transactions with Rentyl and then redeem those points at participating vendors such as restaurants, entertainment venues, stores and more. Our members will also be able to use these points for their biggest transactions in life, such as buying a car or a house. Our homeowners can see clear benefits as they receive points for their first home purchase which can then be used for a host of future purchases.
How can vacation rentals and resorts work together to mutually benefit and meet travel needs and what role do you think technology plays in the collaboration?
One of our core technologies that we develop is our Rentyl Match program. This program takes inventory of individual homes and maps the home to a hotel/resort. This seamless technology will allow owners and hotels/resorts to find each other, check each other, sign contracts and connect to enjoy the benefits on both sides.
The owner will now have an established hotel/resort that their guests will have access to and, in some cases, take over operations from home. The homeowner will also have increased exposure by having their home on the Rentyl distribution network, as well as higher ADR.
The client can be confident that the home must meet brand standards and will enjoy a more seamless resort experience by taking advantage of all resort services and amenities.
The hotel/resort will contribute resort fees and booking revenue (they receive a percentage of the owner’s revenue) in exchange for the services and amenities they provide. This increases hotel value by generating new revenue without the overhead of building new inventory. We will be rolling out this program in 2023 and believe it will revolutionize the vacation home industry.
You are a recognized leader and innovator in the tourism and hospitality industry, having founded NDM Hospitality Services over ten years ago. Can you tell us a bit about your professional background?
Early in my career, we were fortunate enough to get involved with a large, growing company called BurgerFi, which at the time had just one restaurant and now has over 120 worldwide. I learned a lot about business by owning and working in a restaurant. He taught us real estate selection, constructions, negotiations, operations, people management and much more. We were able to use those skills and look for new ways to complement developers. This is a mission of NDM Hospitality, and led us to the vision of Rentyl Resorts.
Rentyl was exclusive to the Central Florida region for the first 3 years, and with the proof of concept, we discovered we had something special that could be replicated anywhere in the world. We quickly began visioning our technology backbone, building brand partnerships that could take us to the next level, and defining our menu of services for hoteliers and developers around the world to grow our inventory. In 2022, we launched our first external fundraising to further stimulate the growth of the company. All of this has led us to where we are today and we could not be prouder of this trajectory as we have been able to open multiple businesses, over $100 million in revenue per year through our establishments, with significant growth opportunities ahead of us. .
What do you do in your daily work? What do you like most about your job?
My position focuses on five main areas of the business: Fundraising, Marketing, Technology, Business Development, and People/Culture. My favorite work topics revolve around marketing, technology and business/culture. What I love about marketing and technology is that there are so many uncharted territories and ways to be entrepreneurial and create what no one else has done before. These two areas of the business really bring out my creativity and innovation. When it comes to people/culture, one of my WHYs that drives me every day is the ability to impact people’s lives and hopefully leave a positive mark that will enrich the future. of these individuals by providing them with knowledge, opportunities and care.
How has Rentyl Resorts’ original vision changed – or not changed – as the company has grown over the past decade?
The vision hasn’t necessarily changed, but I would say the goals have changed in terms of where we want to deploy the vision and how to develop it.
We have always aimed to compliment developers and add value by controlling the home content within developments. We knew we wanted to take our knowledge from restaurants and apply it to other aspects of hospitality, which we did. Getting involved in vacation rentals became a no-brainer as our careers progressed.
What we didn’t expect was the diversity of industries we are now involved in, ranging from technology, hotels and resorts, vacation rentals, residential clubs, business management. apartments, retail management, entertainment management, development consulting, etc. We are now positioned in a very unique place, where as a family we have tremendous vertical integration and an understanding of how to execute at the most granular level across many types of businesses. This allows us to be very successful in more complicated real estate transactions.
What will be the main focus areas for Rentyl Resorts in the coming year? New initiatives related to technology?
From a growth perspective, we started the year with 400 accommodations and now have over 13,000 under contract with the hope of continuing the rapid expansion of our brand footprint in the coming year.
I mentioned earlier that one of our major technology initiatives is the Rentyl Match program. We will also work to roll out the real estate and retail components of our Spire loyalty program.
Are there any major accomplishments over the past year that we haven’t mentioned yet? Is there anything else new and noteworthy in terms of new partnerships, platform enhancements, recognitions, etc. ?
We are the first company in the world to establish an Embassy Suites Condo Hotel in partnership with Hilton. We have established a brand partnership with Jack Nicklaus using Bear’s Den Resort IP to grow the brand in hospitality and expand it globally.