How technology has transformed the vacation rental industry

How technology has transformed the vacation rental industry
Aswathy Content Writer

Vacation rentals are now mainstream

The number of travelers opting for vacation rentals has tripled since 2010, with one in three travelers looking for private lodging. This growth is expected to continue in the coming years. With this change, the industry will have an opportunity to change travelers into vacation rental travelers.

Traveler expectations are changing

Travelers are taking shorter, spontaneous trips and booking accommodations within one month of their stay. Millennials make up half of the vacation rental travelers and expect a simple and instantaneous booking process. Over half of the travelers shopped on a mobile device this year compared to only 15% in previous years.

How can this be taken into advantage:

● Make sure your properties are online bookable including the payment process. If travelers have to call your office and confirm dates or provide credit card details, you risk losing out to a competitor whose process is completely online 

● Be flexible with the stay requirements

E-commerce is here

With the simplified booking process and the rapid improvement of technology, vacation rentals are now an e-commerce industry. The booking and payment process can be facilitated online. Keeping this in mind, e-commerce has a few other effects that property managers should keep in mind. 

How can this be taken into advantage:

● Ensure you have high-quality pictures of your property. People always find good quality photos alluring. Unflattering photos will take away customers.

● Reviews are always a reflection of your services. Good reviews play a key role in the decision making the process.

● The policies and fees, terms and conditions are scrutinies to customers  

Efficiency isn’t just a traveler need

Speed and efficiency are vital to property managers as they help them scale their business. With an increase in travelers seeking vacation rentals comes an increase in inquiries,  reservations to confirm, deposits to process, guests to check-in and keep track of the business.

How can this be taken into advantage:

● Set up payment processing that integrates with your software. You can free up the staff time used for running credit cards.

● Use a reliable platform to reduce the time used for calls every day. 

The rental platform makes all the difference

A generation ago, booking a rental in the rental industry was hard. In the early days, people call a central reservations line or look through classified ads in the newspaper. You often had to rely on a reservations agent describing, over the phone. Managing a vacation property requires time, patience and resources as well. New technology combined with the internet like Airbnb helped vacation rental industries. The rise of vacation rental platforms made a better space for more rentals to come up.

Wrapping up

The right software can answer all the questions. Want to simplify your work process? Increase revenue by collecting more rentals?  If you wish to start your venture ping to