This year has profoundly impacted the vacation rental industry. Property managers have had to adjust business processes to meet new guest expectations. Whether it be offering a contactless check-in experience, adding additional cleaning protocols, or using new marketing tactics and tools, as we approach the final months of 2020, it is important to take a moment to reflect on these processes. Rising to new challenges has brought both opportunities for improvement as well as growth.
When planning for the travel season ahead, there are many tech trends to look out for in 2021 that could help delight guests, improve efficiencies, and drive ROI, all while providing clients with memorable vacations that can last a lifetime. Consider these five trends below for your vacation rental business in 2021.
Property managers can leverage the power of artificial intelligence (AI) to tailor and streamline many vital business processes for the short-term vacation rental industry. AI allows machines to be able to adapt, learn, and execute tasks, which makes it an excellent tool for revenue management. AI can be used in the form of chatbots, intelligent document process and more, here’s a great article from our partners at Lodgify. At Perfect Price, our dynamic pricing tool uses the power of AI to intelligently adjust pricing automatically for your vacation rental property to reflect the market. You don't have to worry about spending time analyzing trends; dynamic pricing tools with AI can execute this tedious task for you by adjusting prices for peak season and minimum stays. Most dynamic pricing software like ours will integrate seamlessly with your existing property management systems (PMS).
The Internet of Things
Another tech trend taking the smart home market by storm is IoT devices. Such devices operate by connecting to the internet and can provide property managers a simpler way to take care of their vacation rental properties. Essential data is transferred between the device and the internet to perform tasks. Property managers can remotely monitor and control lighting, thermostats, locks, security systems, and much more right from the convenience of a smartphone app. This helps to ensure the conditions of the property are suitable for guests and that everything remains secure during vacancies as well.
Secure WiFi Network
As the future points to remote work, many individuals are traveling for business and choosing to work as digital nomads. Business and travel enthusiasts are looking to unwind in unique spaces and locales around the world. When guests consider booking your place, they will be looking for a space that will suit their needs. One way to appeal to guests is to offer a secure WiFi network. Although many remote workers may already utilize a secure network option provided through their company devices, layering in an additional, secure WiFi solution can ensure guests have a reliable and secure connectivity when working away from home. Guests will have a peace of mind that they can be productive and effective when enjoying their stay.
Guests are often looking for extra perks when booking a property. They appreciate being able to take advantage of the latest tech gadgets, and voice recognition is often sought after. Voice recognition works by the device’s software having the ability to recognize verbal commands and, in turn, execute a desired task. Such devices can include home systems, lights, plugs, and much more. One popular voice recognition gadget that can impress guests is a virtual concierge.
Vacation Rental property managers should be on the lookout for a different type of VR, Virtual Reality (VR). This technology creates realistic experiences when software replicates a three-dimensional environment, which viewers can immerse in and interact with. VR is already becoming a growing way to offer home tours to help immerse guests in the property before booking. Guests can use VR goggles or their phones to truly step into your space and visualize the luxurious accommodations for themselves, comfortably and safely without leaving their living rooms. This unique type of marketing may help guests feel more of a connection to your property and increase their propensity to book. It’s also a great differentiating factor from comparable properties that goes way beyond simple photos!
The responsibilities and growing demands for property managers will only increase in the coming year. Therefore, it is critical to leverage the latest tech tools the market has in order to keep operations running smoothly and encourage bookings. Not only will implementing these trending technologies into your strategy lend a helping hand in the management process, but will also impress guests and potentially lead to repeat stays. It will help to solidify your reputation as a property manager for being an outstanding host.