Owning a vacation rental can be a very lucrative venture within the ever-growing hospitality industry. However, like most businesses, you will need to put in a lot of work in order to successfully manage your rental business so that your customers are happy, and the business also posts a profit. Fortunately, technological advancements have led to many solutions across industries and the vacation rental business is not left out of this. With the rise of short term rental software, rental owners and managers are now able to completely monitor and run operations completely remotely. This is especially handy with all the challenges that affect our current reality such as the global pandemic.
This article discusses a number of ways you can streamline your vacation rental management process, capitalizing on available resources to maximize efficiency and revenue.
So, what exactly is vacation rental software?
Vacation rental software is a valuable tool that allows rental owners and managers to streamline the management of their rentals using technology. It is an extremely handy and adaptive tool, and this has never been more so than now. The great thing about vacation rental software such as lodgify is that it comes packed with very useful features that are quite beneficial for your business. Some examples of these features include Airbnb channel manager, automated check-in and check out, channel managers, and so much more.
Given that there are several rental management software options out there, it is important to select one that works for you and will be profitable for your business in the long run. The following information will assist you in selecting the appropriate rental software:
Decide based on what’s most important to you: Each vacation rental software has its unique sets of features that make it stand out from other competitors in the market. Knowing what you want to get out of utilizing the software will make your decision-making process go more smoothly.
Make sure you stick to your budget: Renting software is not incredibly cheap, and budgeting is an integral element of running a business. Therefore, setting aside a budget and comparing prices from various rental software suppliers is crucial. Concentrate on the software’s worth to you and weigh it against the price.
Look for different points of view: Getting a second opinion is an excellent idea because this will be an essential aspect of your vacation rental business, and who better to ask than someone with some relevant experience using similar vacation rental software? Customer feedback and ratings are also an additional fantastic resource. Ratings reflect the true picture from the customers’ perspective, so do your research and see what others have to say about the software providers you’re considering.
It is critical to understand how to improve the vacation rental procedure in order to provide a profitable experience for both parties. The vacation rental process may be improved using a variety of tools and methods. The following are some approaches to streamline the vacation rental management process:
Make a centralized system to handle everything
When working with massive volumes of data, the necessity of synchronization cannot be overstated. As a result, just synchronizing your bookings is insufficient. You must develop a single system from which you can access whatever data, service, or choice you want to have a well-optimized vacation rental management. Furthermore, because you don’t have to visit various platforms, a single approach saves time and makes the procedure less laborious.
Opt-in for a vacation rental channel manager
One of the many features packed in a good vacation rental management software is the rental channel manager. With this, managers are able to synchronize their rental software with other listing providers, in this case – Airbnb. This feature streamlines and automates the process in a very user-friendly way.
Conveniently manage tenants using rental management software
You can provide tenants access to information about their accounts and the rental property using a tenant portal for rental properties. They’ll be able to use the internet to ask inquiries, get answers, and execute tasks such as rent payments. New tenants can now apply to lodge online. This simplifies your communication with your renters, allowing you to devote more time to the most unique and important inquiries. This is another effective way to streamline your vacation rental operations. With this, you are able to monitor your tenants in real-time through a screening and vetting system. Vacation rental software also tracks tenants’ payments, it also has access to your tenants’ credit scores, and this is very handy in protecting your business from defaulting clients.
Assert your presence in the market
An important aspect in the running of any business is making sure people know who you are and what you can do for them. It is no different with vacation rentals, using rental software, you can put up advertisements for your rental in the market. A great example is booking.com, where there are listings available for customers to choose from. This is indeed very helpful in landing guests. In addition, you can make available a section for reviews, as well as showing the rates of your property, and the offers your tenants receive when they choose your rental.
Secure your business data
In today’s world, data and privacy is everything and even more so with a vacation rental. If you do not have a strong security system for your guest’s information such as credit card details, agreements, or even check-in information, then this is sure to affect your business negatively. Rental software is useful in storing all your sensitive data. Companies that offer software development solutions are experts in using state-of-the-art encryption technology for maximum safety and privacy, this is quite secure compared to manually storing your data.
Deploy automated financial management using rental software
Financial analysis, statement generation, tax management, and even help with maximizing profit are just a few other features that can be useful for your rental which you will also find within a vacation rental software. Consider standardizing your property management charges if you’re looking for a way to cut costs. A spend management program and a standardized product purchasing program can assist you in spending in line with your values and bottom line. It helps you to keep your spending habits consistent and to hunt for savings and discounts that are part of your regular purchasing. This will not only simplify your purchasing procedure but also save you time and money.
Have a security system in place
As much as it is important to have a secure tech system, it is also just as necessary to have a physically secure vacation rental. With the help of state of the art surveillance cameras recording live footage of your premises, adequate locks in the form of key cards or the old-fashioned lock and key, alarm systems, among others, you and your guests are guaranteed a physically secure experience.
Partner with a cleaning service of your choosing
The tidiness and cleanliness of your rental are not exactly something that can be compromised. How clean your space is plays an incredibly huge part in your customers’ experience and in turn the subsequent review after they are done using your service. With a cleaning service on retainer, cleaning your rental in the long term is sorted out and you need not worry about handling that.
Check-in and check-out for your tenants should be automated
By automating this crucial procedure in your rental operations management, you not only save time and effort but also ensure your visitors are satisfied. Various technologies are accessible for this very purpose, such as Airbnb lockboxes and smart locks, to mention a few. How this works is that there is a safe method of handling the key exchange. To prevent accidental access, hosts can lock their keys in the lock box. Guests may then enter the code to unlock the lock box and gain access to the key when they arrive.
Increase value and wow your guests with smart appliances
Once you are well equipped with all of the fundamentals for your rental, why not go above and beyond by installing some smart appliances to wow your visitors and improve your overall vacation rental? Including smart technology in your vacation rental is a great way to easily impress your visitors. This will no doubt also help you land more bookings and also reflect positively on your rentals reviews. Installing smart appliances will no doubt set you apart from other rentals.
To conclude, as detailed above, the benefits of an exceptionally streamlined vacation rental management process will without a question prove very beneficial for you as an owner and manager. Clearly, the deployment of vacation rental management software is integral to making this happen seeing as it is an all-in-one package with so much to offer. Some of these benefits again include hassle-free transactions, revenue growth, tenant satisfaction, ease of operations, increased visibility, and business longevity.