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April 29, 2020

As economy rebounds, couple sees opportunity in vacation rental market

IMAGE | Pixabay.com
By Michael C. Bingham

Will summer 2020 be the year the shoreline vacation rental market collapses in Connecticut? Or is there opportunity as the economy reopens and people seek to return to normal life — including summer vacations?

Tony and Jenna Petiprin think the latter. The Trumbull couple, new franchisees for iTrip Vacations, have just expanded the short-term property-management business to the Connecticut shoreline from Greenwich to the Rhode Island line.

iTrip Vacation’s full-service property-management service suite focuses on increasing net rental income and guest reviews, while providing marketing, free light maintenance, 24/7 property care and automatic-response systems for property owners. It is the franchisor’s first venture into Connecticut.

“My wife and I wanted to own our own business — one that kept me home,” said Tony Petiprin, who said he was on the road 70 to 100 days a year as director of sales for a small software company later acquired by Verizon. The couple hired a business broker and shopped for franchise opportunities that would allow them to work from home and spend more time with their three school-aged children. “The cool thing about iTrip Vacations is that I need a phone, a laptop and a work ethic to go out there and try to make a living,” he said.

iTrip Vacations seem to fit the bill, and the Petriprins decided to take the leap — just before the coronavirus pandemic descended on Connecticut and the globe.

Tony and Jenna Petiprin

Nevertheless, Tony Petiprin is confident that vacation rentals will pick up moving into the warmer days of summer as the medical crisis ebbs and the economy restarts. God knows people will need a vacation.

“Already we’re seeing an increase in bookings from the huge dropoff” that took place in March, Petiprin said. “A lot of people cancelled their April and May rentals, but many people are waiting to see about June. What we’re seeing is an uptick in rental in drive-to locations” as commercial air travel remains largely grounded nationwide.

iTrip Vacations works with owners of vacation properties to book short-term rentals and manage the properties to maximize rental income. iTrip franchise operators are paid a percentage of gross rental receipts.

“iTrip Vacations allows us to share our love of Connecticut,” said Jenna Petiprin in announcing the new business. “Our primary mission is to provide guests with five-star experiences and accommodations. Additionally, we will assist our homeowners in maximizing their investment with less stress, hassle-free ownership and optimized revenues.”

The Connecticut coastline franchise is part of a growing number of destinations managed by Nashville, Tenn.-headquartered iTrip Vacations, which says it is the largest franchise brand serving the short-term property management industry in North America.

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