June 15, 2018

Everything You Need To Know About Vacation Rental Management Software

The vacation rental industry is expected to grow by 2021 to more than $193 billion. With that expectation, you can expect to find more interest in vacation rental management software as the industry expands. As more property owners realize the value in short-term listings, access to vacation rental management software and marketing management services will be an asset. 

What Is Vacation Rental Management Software?

Vacation rental management software provides property owners with critical services that help manage rental incomes including digital management, tenant inquiries, calendar booking, and property maintenance. Rental management software also provides you with access to a variety of features that help clients engage professionally and retain more profit.

Critical Vacation Rental Management Software Features

Choosing a software provider with numerous features provides many opportunities for digital providers of rental services to utilize its sources to scale services. When gauging the quality of different property rental management software, you should check for the following features.

 

1.     Website Builder

 

When you use a secondary source, you cannot integrate all of your channels in one place which is one of the most significant benefits of this type of software service. You might shy away from anything that says website builder, but today’s drag and drop or template-based designs make it easy to build your rental website in minutes.

 

2.     All-In-One Chat Protocols

 

Your vacation rental management software should provide direct chat access to clients which allows you to instantly send and receive messages and connect with your guests so that you never miss revenue. Your guests will consider your service outstanding when they receive quick and courteous communication. The faster you respond, the better your feedback will be which will boost your ratings.

 

3.     Secure Online Reservation System

 

With digital availability through vacation rental management software, you can book new reservations online 24/7. You also have the capabilities to include rental agreements and other literature your guest will need to automatically check-in and out. If you manage a property with hundreds of listings, a secure reservation system will save time and energy when not having to book each reservation manually.

 

4.     Multi-Channel Management Capabilities

 

You might think that software for property management companies comes with access to only a few channels. Property management software should offer at a minimum of 30 channels to list your properties. You also see all of your listings so you know which channel has the most potential for ROI. Using a service that has multi-channel management capabilities will boost your chances of having full calendars while also helping you with marketing campaign analysis data.

 

5.     Payment Services

 

In today’s digital world, you must have a software system that enables you to provide online payment options. Whether you use an in-house system or opt for a secondary source for credit card processing, you increase your chances of booking when you have the right infrastructure for digital consumers to pay instantaneously. Not only does it guarantee your payment if someone cancels at the last minute, but it provides a convenience that your competition may not offer.

 

6.     Automation

 

It can be helpful when your software allows for automated services that send information to guests before check-in, during their stay, or after your guests check out. Instant messages can inform guests of essential information like security codes, dates of stay, or as a reminder to leave a guest review. This tool enables you to anticipate guests needs even when you are not in your office which means that you will not get calls after-hours unless there are emergencies. 

 

7.     Integration Optimization

 

There are specific tools you need to integrate such as social media platforms which garners more than half of B2C bookings. Direct links to social media also boost engagement which helps generate buzz about your listings. You also need immediate access to accounting programs, maintenance tools, and apps that will help you perform your daily duties faster. Choosing software that enables you to integrate sites like Google Analytics will allow you to monitor traffic and conversion rates. 

 

By choosing software that offers these seven critical tools, you have the resources you need to excel as a rental agent while also avoiding the issues that inexperienced hosts complain the most.

 

Chang Kim

My name is Chang and I manage operations at Voyajoy. I've been in the short-term rental space for the last four years and have an operations career dating back 20+ years. I've learned about vacation rental management the hard way and have seen how quickly this industry has changed in a very short time. My objective is to use this experience and knowledge to give our valued clients big competitive advantages.

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Vacation Rentals

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