Key Takeaways:
– Property management software enhances operations and saves time and money for agents, property owners, and short-term rental guests.
– Short-term rental industry is booming due to the convenience of booking properties online and the flexibility of remote work.
– Short-term rental software streamlines tasks such as reservation management, vendor coordination, guest communication, payment processing, and cleaning.
– It allows property owners to directly manage bookings without the need for an intermediary.
– Property management software can generate reports to increase rent and ensure compliance with laws and regulations.
– When choosing rental software, look for effective channel management, a central hub to streamline operations, and hassle-free payment processing.
– Embracing property management software can save time and reduce stress as your rental business expands.
– It is important to assess the suitability of software options before selecting one.
– Using software is a better alternative to hiring a property management company.
inman:
Property management software enhances operations and saves time and money for agents, property owners and short-term rental guests. Victoria Kennedy, CEO of Atman Real Estate, shares strategies for assessing your tech.
This November, Inman offers a deep dive into the world of proptech and the state of the startups that are building the future now. We’ll also debut a brand new coveted set of awards, Proptech All-Stars, celebrating the entrepreneurs, VCs, and visionaries in the field. It’s Proptech Month at Inman.
The short-term rental industry is experiencing a remarkable boom, driven by how easy and convenient it is to book properties online. This surge can be also attributed to the widespread adoption of remote work following the pandemic, allowing professionals the flexibility to live anywhere.
Short-term rentals make up a whopping 30 percent of all privately owned accommodation businesses in the U.S. If you’re thinking about jumping into the game, you have probably felt the heat of competition.
Top-notch short-term rental software could give you an edge over other investors, as it’s one of the key technological drivers reshaping real estate. However, it’s vital to find software that aligns with your unique needs. The following is an overview of what to consider when introducing software solutions to your rental business.
Why utilize short-term rental software?
Property management software can streamline a multitude of tasks, from centralizing reservation management, facilitating vendor coordination and guest communication, processing payments, managing revenue, cleaning, and channels — all through the use of one hub or software application.
It can also enable property owners to directly manage bookings without the need of an intermediary. Avery Carl, CEO of The Short Term Shop, elaborated on how this is revolutionizing the short-term rental market.
“Short-term rental property management software helps significantly with streamlining a short-term rental business. It pulls all of a host’s listings and communication into one easy-to-use dashboard so that they don’t have to toggle between apps like Airbnb and VRBO,” said Carl.
“It automates many of the redundant informational messages that need to be sent to each guest, auto-populates cleaning dates on the cleaner’s calendar, and ties in easily with dynamic pricing software to ensure that your property gets booked for the highest price possible. With the use of a few property management platforms, it is easier than ever for short-term rental investors to manage their own properties remotely, without the steep expense of a management company eating into their returns.”
Property management software can also generate reports that help investors increase rent to catch up with market value and facilitate compliance with the growing number of laws and regulations.
What to look for when determining what rental software to employ
Many short-term rental managers juggle multiple software solutions simultaneously, much like their clients who book through various platforms. However, in an ideal scenario, rental managers should seek an all-encompassing software tool that checks all the boxes.
The logic behind this is clear: it’s better to invest in one comprehensive software solution that carries out all necessary functions than to scatter data across multiple software solutions, as it avoids the need to create duplicate entries, which may introduce errors.
That said, here are three key variables to consider when choosing an all-encompassing software solution.
1. Effective channel management
Effective channel management is crucial for short-term rental hosts, given the importance of consistent pricing across platforms.
A channel manager is an indispensable tool for short-term rental hosts, as it automatically updates calendars and pricing across all the major booking sites, thus saving rental managers the headache of making manual entries across all these platforms.
In short, finding software with an effective channel manager ensures pricing consistency across all platforms, a critical aspect of proper management.
2. A central hub to streamline operations
Efficiency is the backbone of successful short-term rental management. That said, it’s imperative to find software solutions that streamline housekeeping, booking, and scheduling. A number of them do this in one central hub, thus helping you keep track of all the details of a rental property, including minor and major repairs as well as maintenance schedules.
3. Hassle-free payment processing
Superior rental-management software should also keep track of all short-term and long-term rental income, and offer tenants different options for hassle-free payment processing.
On the backend, this software should also provide rental property managers with up-to-date pricing and occupancy data, and have accounting tools built in, so that the profit and loss on each property can be reconciled in one place.
The benefits of embracing property management software
As your short-term rental business expands, a well-chosen software management solution will significantly save you time and reduce stress.
Modern property management software simplifies complex systems and automates tasks for all your properties. However, short-term rental property management software comes in various forms, and it’s wise to explore multiple options before settling on one long-term.
What’s important is to assess the suitability of software firsthand, as each option presents its own set of advantages and drawbacks. But regardless of what software you end up using, that’s a superior approach to the alternative of relinquishing significant sums to a property management company.
Victoria Kennedy is CEO of Atman Real Estate. Connect with her via email.
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Property Chomp's Take:
In today's digital age, property management software has become an essential tool for agents, property owners, and short-term rental guests. This software not only enhances operations but also saves time and money for everyone involved. Victoria Kennedy, CEO of Atman Real Estate, shares some valuable strategies for assessing your tech and finding the right software for your needs.
The short-term rental industry has experienced a remarkable boom in recent years, largely due to the ease and convenience of booking properties online. This surge has been further fueled by the widespread adoption of remote work following the pandemic, which has given professionals the flexibility to live anywhere. In fact, short-term rentals now make up a whopping 30 percent of all privately owned accommodation businesses in the U.S.
If you're considering entering the short-term rental market, you're likely aware of the intense competition. To gain an edge over other investors, it's crucial to invest in top-notch short-term rental software. This technology is one of the key drivers reshaping the real estate industry. However, it's important to find software that aligns with your unique needs and requirements.
Property management software can streamline a multitude of tasks, from centralizing reservation management and facilitating vendor coordination and guest communication to processing payments, managing revenue, cleaning, and channels. It acts as a one-stop hub or software application that allows property owners to directly manage bookings without the need for an intermediary. Avery Carl, CEO of The Short Term Shop, explains how this software revolutionizes the short-term rental market.
"Short-term rental property management software helps significantly with streamlining a short-term rental business. It pulls all of a host's listings and communication into one easy-to-use dashboard so that they don't have to toggle between apps like Airbnb and VRBO," said Carl. "It automates many of the redundant informational messages that need to be sent to each guest, auto-populates cleaning dates on the cleaner's calendar, and ties in easily with dynamic pricing software to ensure that your property gets booked for the highest price possible. With the use of a few property management platforms, it is easier than ever for short-term rental investors to manage their own properties remotely, without the steep expense of a management company eating into their returns."
Furthermore, property management software can generate reports that help investors increase rent to catch up with market value and facilitate compliance with the growing number of laws and regulations.
When determining what rental software to employ, many short-term rental managers juggle multiple software solutions simultaneously, similar to their clients who book through various platforms. However, it's ideal to find an all-encompassing software tool that checks all the boxes. This approach avoids the need to create duplicate entries across multiple software solutions, which may introduce errors. Here are three key variables to consider when choosing an all-encompassing software solution.
1. Effective channel management: Consistent pricing across platforms is crucial for short-term rental hosts. An effective channel manager is an indispensable tool as it automatically updates calendars and pricing across all major booking sites. This saves rental managers the headache of making manual entries across multiple platforms.
2. A central hub to streamline operations: Efficiency is the backbone of successful short-term rental management. Look for software solutions that streamline housekeeping, booking, and scheduling. Central hubs help you keep track of all the details of a rental property, including minor and major repairs, as well as maintenance schedules.
3. Hassle-free payment processing: Superior rental management software should keep track of all short-term and long-term rental income and offer tenants different options for hassle-free payment processing. On the backend, this software should provide rental property managers with up-to-date pricing and occupancy data, with built-in accounting tools to reconcile the profit and loss on each property in one place.
Embracing property management software brings numerous benefits as your short-term rental business expands. A well-chosen software management solution will save you time and reduce stress by simplifying complex systems and automating tasks for all your properties. However, it's essential to explore multiple options and assess the suitability of software firsthand. Each option presents its own advantages and drawbacks, but it's a superior approach to relying on a property management company and relinquishing significant sums of money.
In conclusion, property management software is a game-changer for agents, property owners, and short-term rental guests. It enhances operations, saves time and money, and streamlines processes. By carefully assessing your tech and finding the right software that aligns with your unique needs, you can stay ahead in the competitive short-term rental market and build a successful business.
