Despite the fact that most travelers still prefer hotels, you will find some who opt for vacation rentals. In the second quarter of 2020, a popular tourist website reported that 40% of reservations were for alternate accommodations.
Vacation rental properties are gaining popularity due to their competitive pricing and home-like setting. A vacation rentals software platform with API integrations is necessary for managers and property owners to run such a business efficiently and effectively.
How can software manage my property?
Most property owners have reservations about using a software program. If you’ve been considering switching to a virtual property management system, you may have doubted your decision too.
You know how hard it is to run your business, whether you are a vacation rental owner or property manager. There’s always so much to do, no matter how many properties you own. A decent vacation rental software integrates multiple functions into a single application. It has a calendar that you can use to keep track of bookings made through your website and other channels, such as Airbnb.
It has features to block out selected periods, automatically adjust prices based on time of year, increase profit margins and generate custom quotes. Property owners/managers can use this multi-benefit software as a vacation rental scheduler, organizer, bookkeeper for all properties, etc.
1. Work with several properties simultaneously
It allows you to manage everything from one place using a centralized property management system. You will no longer have to switch between multiple platforms to access your calendars, messages, prices, and bookings. Instead of repetitive tasks, you can focus on more important things.
Due to the highly competitive nature of the vacation rental industry, using easy-to-use and all-in-one software can lead your business to flourish. Even if you don’t know much about technology, you can use these platforms regardless of your familiarity.
2. More independent bookings
By integrating a booking engine into your vacation rental website, you will be able to take direct reservations. Third-party platforms will not receive commissions from you. Create a personalized, professional website with our easy-to-use tools and templates. Consider using a website builder that allows you to display your site in various languages to reach out to a wider audience.
There are numerous benefits to having a website that allows users to book vacation rentals. By setting up a secure booking system for your guests, you will earn credibility and ownership of your business. Your vacation rental property’s reputation will increase due to all these features.
3. Integrated calendar
An integrated or multi-calendar system records reservations from the past, present, and future from anywhere globally, allowing the user to see a single view of them all. Multiple information channels regarding rental reservations can be automatically updated using this tool. For instance, if you reserve on Expedia, the information about the reservation will also appear on all the others’ calendars. Your reservation will appear as blocked or unavailable.
An information vacuum won’t be appealing to your guests. Most vacation rental management software includes a special module, i.e., automated messages and reservations. Through this service, confirmed reservations can be emailed automatically to guests as soon as they make their reservations. Those messages can include trip reminders, queries related to the trip, arrival and departure instructions, different checklists, etc.
5. Use of APIs
You can extend the functionality of your vacation rental software by integrating it with other programs. The use of APIs (application programming interfaces) can connect them to payment systems, multiple control tools, cost-control tools, and countless other options for integration.
In addition to this, numerous other features may be important in a specific business process. Furthermore, custom vacation rental software is sometimes required to complete specific tasks, which can be built with the help of developers.
6. Managing Revenue
Although most VRS does not come with revenue management features, it is essential for today’s hospitality and travel industry. Rental demand at your rental property can be forecast by using historical rental rates, competitive rental rates, and inventories, which are analyzed by a revenue management system. These systems leverage artificial intelligence (AI) to account for thousands of variables — both external and internal — affecting demand and pricing. This will enable you to react to a change efficiently and adapt accordingly.
Recently, a tech-based company collaborated with a US-based company to develop a feature that forecasts occupancy rates for small and medium-sized vacation rentals using AI.
7. Easy payment processing
Your website can support multiple currencies with vacation rental software that operates internationally. You can take it a step further by ensuring the safety of all information and payments by using SSL encryption. This will increase customer trust since many people are wary of scams. You will be able to send automatic statements and access accounting tools.
It is important to analyze reports and finances while earning money is a great goal. You should monitor your progress periodically, ensure payments are made, and compile reports according to traffic and revenue. Your vacation rental properties will succeed if you consider all these factors!
8. Improving guest experience with vacation rentals
The guest experience in this industry, as we all know, is everything. There is a need to give individual priority to every guest, regardless of whether they are staying in several different properties simultaneously. If you don’t have a VRS with automated messaging and other tools, managing all of these tasks can be extremely difficult.
Before guests arrive long after they leave, automated emails and texts allow you to communicate with them. As a result, your guests will have a great experience, which will result in positive feedback and returning visits. Besides improving your customer experience, you will also reduce the time and energy spent on back-and-forth communication.
In addition to the benefits listed above, you can be certain that a VRS will revolutionize your enterprise. No matter what type of vacation rental you have, your property will benefit from these platforms because they will save you time, increase bookings, and ultimately help you grow your business. See how your business fares when you decide to make this the right move for you!