Technological progress is what enabled the sharing economy to rise to surprisingly high levels. The appearance of digital platforms like Airbnb and VRBO is what took the entire market to the next level. In the last several years, developers are focused on designing software solutions that could help the host to maximize the quality of service and simplify property management.
Whether you are a new host or experienced in managing properties, vacation rental software can be of great assistance. Keep reading to find out how you can use technology to your advantage in this industry.
What Are the Main Trends in the Vacation Rental Business?
It doesn’t take an expert to notice that the vacation rental industry is growing, but did you know that it is worth more than $100 billion at this point? New property owners are joining the market every day, but that doesn’t affect the reliability of the system. Hosts and guests are protected with Airbnb ID verification and other mechanisms that combat most of frauds and safety issues.
Gen Z and millennials are those that most frequently travel using online booking and short-term rentals. They prefer traveling in groups, which is why large accommodation is their favorite.
An increased number of users means a large number of available properties. Visitors can choose from numerous properties, and owners and managers focus on making their rental stand out from the crowd. It involves ensuring maximum comfort and additional services that will dazzle your guests. That can be time-consuming, which is why hosts resort to using vacation rental software to make their job easier.
What Types of Tools Can Vacation Rental Industry Hosts Use?
Once you get everything ready for renting and make sure that you acquired an appropriate business license, it’s time to focus on optimizing your service. Here is an overview of tools that you should use as a host or manager of a vacation rental business:
- Dynamic pricing – that strategy involves adjusting prices based on the time of the year. Is your city most popular in the summer because of the beach? Do you have an annual festival the entire world heard of? Dynamic pricing implies increasing cost when the location is popular, and reducing them when the demand is not that high.
- Chatbots – hosts might receive thousands of questions from guests and interested parties daily. Chatbots are apps that reply automatically to most frequently asked questions. That enables the customer to get their answer right away and saves the host’s time.
- Smart home systems – smart smoke and carbon dioxide detectors, as well as security cameras, promote safety, while other features like smart thermostats help to regulate the temperature in the accommodation easily.
- All-in-one vacation rental software – it is a range of tools that take vacation rental management to the next level. It improves the efficiency and quality of service and comes with a wide range of convenient features to use.
How Can Vacation Rental Software Help Your Business?
Whether you rent single or multiple properties, using property management software can make things easier. These tools come with the option to integrate them with the most popular rental websites such as Airbnb, Vrbo, and HomeAway. By using the channel manager feature to integrate all platforms where you listed your properties in a single dashboard, you can easily keep track of all activities related to your rentals.
- Guest messaging and communication – thanks to platform integration, you will receive all guest messages into a single inbox, which shortens the time required to answer.
- Scheduling bookings – you can also accept online bookings by opening the software and confirming the deal.
- Key management – guests might be leaving, but you can’t be there to take the keys. Thanks to the key management feature, you will always know where the keys to your property are.
- Pricing management – you can set the prices for all your properties at once, establish discount rules, and determine the minimum and maximum stay for interested guests.
- Team and Cleaner management – cleaning is one of the most tiring tasks for most hosts. If you have a cleaning crew, using a vacation rental software solution allows you to assign specific tasks to each member. That allows you to keep track of their work and maximize efficiency.
- Routine tasks automation – whether you need to access the reservation system, see transaction history, or check work orders, this software can help you find the right information in seconds.
The huge popularity of sharing economy that keeps growing is a chance for all rental owners to boost their income. Vacation rental software could be crucial in optimizing property management and enhancing the guest experience. Using technology to your advantage can improve your earnings further, and help you to top the list of vacation rental hosts in the coming years!