Vacation Rental Tech in Numbers
8/1/2022
Sponsored by Minut
Looking to introduce new tech in your vacation rentals but don’t know where to start? In this article, we arm you with some key property tech stats, so that you have concrete numbers driving your decisions.
74 Percent of PMs Use a Channel Manager
Let’s start with software. According to Your.Rentals, 74 percent of property management companies use a channel manager and 98 percent of all large property managers (100+ properties) use a PMS.
Takeaways:
- Property management software has become a must-have in the vacation rental industry, as it helps property managers sync their booking channels, automate guest communication, and optimize operations.
- There is a great variety of PMS providers out there, and all of them cater to their niche: serviced apartments, Airbnb hosts, large PMs, etc. Picking one can be overwhelming. We recommend you begin by asking other hosts in your community what they use and if they are happy with it. You can also read case studies to figure out which tool is right for you.
- Also consider how easy it is to connect the software with the rest of your stack. The last thing you want is to have five or six systems that don’t integrate with each other.
83 Percent of Travelers Prefer Contactless Experiences
Minut estimates that automating check-ins can save property managers up to 100 hours per year. What about the guests? According to Guesty, 83 percent of travelers prefer contactless and digitized experiences.
Takeaways:
- Most guests are used to contactless check-ins and the flexibility they afford, so not offering this option is a real disadvantage. If you don’t already have smart locks in place, start looking into them.
- Smart locks are also a safer alternative to keys, as the access codes can be unique to each guest, timed, and, unlike keys, they cannot be copied for later use.
- If you’re worried about sending the wrong code and leaving the guest without access, you can always automate this process by integrating your lock with another system. For example, Minut can automatically send your guests the codes if you have a Nuki or Igloohome lock.
$1,620 Is the Average Cost of Damage Caused by Guests
In their pilot program in Prague, Czechia, Minut found that 44 percent of hosts had received at least one noise complaint in the past. Their research also shows that, on average, there’s a noise issue in two out of every five rentals each month. The average cost of damage and lost revenue due to an unauthorized party is estimated at $1,620.
Takeaways:
- Noise and unauthorized parties pose a real threat to your business. In addition to being costly, they also put a strain on your relationships with neighbors and homeowners. Property tech, such as noise or occupancy sensors, can help you mitigate the risk and keep your home safe remotely.
- Don’t lose sight of guest privacy. For indoor areas, you should always choose a cameraless device. The Minut sensor, for example, monitors noise, occupancy, and other factors such as motion, without recording any personal information.
- Consider how versatile the sensor is before committing. Does it just monitor noise or offer you a broader insight into your rental, with additional features such as occupancy, motion, and temperature tracking? If you’re operating in multiple markets, is it available globally? And does it integrate with the tools you already use?
78 Percent of Global Travelers Intend to Stay in a Sustainable Property
Sustainability is a topic that is beginning to touch all areas of our lives, including travel According to booking.com, 78 percent of global travelers intend to stay in a sustainable property at least once in the coming year.
Takeaways:
- Start with small steps. We suggest saving energy, as it brings down your carbon footprint and your bills at the same time.
- If you don’t have one already, get a smart thermostat. Minut estimates that just by automating your AC to turn off when guests leave, you can save around $150 per year (or more if your rental is located in an area with high energy costs). It will also save up to 645kg of carbon dioxide emissions yearly. Looking for a ready-made solution? Minut integrates with tado°’s AC control.
- Remember to opt for environmentally conscious suppliers. Do they have an environmental, social, and governance (ESG) policy? Are the devices energy-efficient? Is the packaging eco-friendly? These small things can add up to keep your footprint low.
The data shows that adopting the right tech stack is crucial to running a profitable vacation rental business. And if you’re worried that installation and maintenance will be very labor-intensive, we have good news: Most tools nowadays only take a few minutes to install, offer user-friendly apps, and are easily customizable. A lot of them also integrate with each other, so the maintenance can be minimal if you choose wisely.