When deciding whether or not to implement a management software into your short-term vacation rental business, it is critical to consider the benefits against the costs. While property managers may be hesitant to add to their lists of business expenses, many find that the value a management software offers is worth the price.
Here are some of the major benefits of utilizing a quality vacation rental software:
1. Saved Time
Many of the features offered by a top vacation rental software aim to save short-term property managers valuable time that would otherwise be spent on tedious and repetitive business operations. Tools that help reduce the work hours of property managers include:
- Automation technology, which takes over routine tasks like adjusting prices, posting and requesting reviews, sending correspondence to guests through various stages of their booking journey, creating and assigning tasks and more.
- A channel manager, which eliminates the need for property managers to log into multiple platforms to make adjustments to their listings or sync calendar rates and reservations.
- A central inbox, which saves property managers the trouble of checking separate communication channels for messages from guests and allows them to view, store and respond to inquiries from one location.
- Homeowners dashboard, which serves as a place where homeowners can check in on their properties’ performance and reserve time in their rentals, sparing property managers the time they’d have to allocate to updating their homeowners and manually blocking dates for their use of their homes.
- Third party integrations, which allow software users to connect their dashboards to other helpful management technologies so they don’t have to go through the process of manually inputting all of their data into yet another platform.
2. Increased Revenue
While some vacation home rental software tools help property managers boost their revenue through more obvious means, like enabling them to promote their rentals on more channels with a channel manager tool, other tools simply contribute to enhancing the guest experience, which results in positive reviews, repeat guests and traveler-to-traveler recommendations. These tools include:
- Automation technology, which helps property managers deliver prompt responses to guest inquiries, along with any additional information needed to provide smooth guest experiences.
- A central inbox, which also allows property managers to get to guest messages in a timely fashion.
- Task management tools, which ensures all personnel are doing what they must to properly prepare for incoming guests and tend to their needs throughout their stays.
- Third-party integrations, which offer an array of guest-centric functionalities, like keyless check-in, home automation technology, luggage storage solutions and more.
Other tools that can help increase revenue are:
- A channel manager, which, as mentioned, allows property managers to easily list their properties on more channels, giving them more exposure to potential guests.
- Automatic pricing, which can reduce lost revenue by lowering prices during gaps in occupancy to encourage bookings.
3. Reduced Human Error
Though all businesses are subject to human error, short-term and vacation property managers can significantly reduce this risk by implementing specific management tools, such as:
- A channel manager, which updates and syncs calendars across all booking channels in real-time to prevent double bookings.
- Automation technology, which ensures all messages receive a reply, that all guests are given proper instructions at the appropriate times, that all guests are reviewed following their stays and more.
- Task management tools, which prevents critical tasks from falling through the cracks.
4. Business Growth
Software solutions designed for vacation rental property managers can facilitate business growth in the following ways:
- The level of professionalism they give to property management companies makes them more appealing to homeowners.
- Many offer analytics tools, which help property managers gain practical insights into their business performance and make data-based business decisions.
- Their ability to free up time spent on business operations gives property managers the space they need to take on more properties in more locations.