One of the best things about the current state of the Short Term Rental (STR) market is that one could be perfectly content as a remote host, with properties all over their city, or even, the world, and manage them as if they were living next door. As well, investing in real estate, pandemic or not, is always an exciting prospect for an enterprising individual.
But that means that you’re potentially far away from the physical address of your investment, which means you can’t be there if anything goes wrong. Thankfully, there are options to help manage every facet of your rental property and the guest’s vacation journey.
Picking the Right Platform to Host your Property
Depending on the type of property or properties you have on offer and what you believe guests are seeking, there are numerous platforms where vacationers actively search for rentals. These platforms are prime locations to reach your target customers precisely when they are ready to book. Each platform offers unique features, catering to different types of travelers and preferences, which allows you to strategically position your property where it will attract the most interest.
For instance, platforms like Airbnb may appeal to travelers looking for unique, home-like stays, while sites like Booking.com might cater to guests seeking more traditional accommodations with flexible booking options. VRBO could attract families or larger groups looking for vacation homes, whereas platforms like HomeAway might appeal to those looking for longer stays in well-established vacation spots.
You can choose to focus on one platform that best aligns with your target market or expand your reach by listing your property on multiple platforms. This multi-platform approach increases your property’s visibility and booking potential, but it also requires careful management of reservations, pricing, and availability to avoid double bookings and ensure consistency across all listings.
This is where Property Management Software (PMS) becomes invaluable. A robust PMS can help you manage your listings across multiple platforms seamlessly. It synchronizes reservations, adjusts pricing in real-time based on demand, and keeps all your calendars up-to-date. This ensures that you can maximize your reach without the headache of manually managing each listing, allowing you to focus on providing excellent service and enhancing the guest experience.
Airbnb
This is number one on everyone’s list, and has the largest community of vacation rental hosts. With over 7 million listings and 220 regions and countries, there are a lot of options to choose from. While there’s no fee to list a property on the site, hosts do pay a service fee per booking.
Do note, that with the sheer volume of listings (with some geographically adjacent to yours), a host would need to find ways to make their listings stand out, with sharp images, unique amenities and features, as well as dynamically pricing your nightly rate.
What makes Airbnb unique and the clear frontrunner in the STR market, is the ability to list different types of properties (shared rooms, cabins, full houses, and even treehouses).
VRBO
This site is a part of the Expedia Group, and one of the most popular vacation rental sites for holiday seekers. Originally known as Vacation Rental by Owner, this is a site that focuses on private apartments and houses for rent, ideally for a vacation stay, rather than one night here or there. A homeowner/host can either pay by booking, or through an annual fee.
This platform differs from Airbnb in the sense that it only allows hosts to list private spaces, and full properties, rather than just a spare room. This means that the listings on the site cater more towards an older audience who are willing spend more and travel with family.
HomeAway
Also owned by the Expedia Group, HomeAway was the original format of VRBO, before it was spun off into a separate site. They offer over 2 million rentals across 190 countries, and the benefit here is that if you list with HomeAway, then you automatically cross-listed on VRBO. This means more eyes can see your property.
Much like VRBO, it only allows private apartments and houses and offers an annual subscription or a pay-per-booking option for hosts.
Booking.com
This site has more than 27 million properties listed, and was once known more as a hotel booking site, rather than a vacation rental booking site. But in recent years, that’s changed. Now, you can use this site to find a short term rental, much like any other.
The differentiating factor, however, is that booking doesn’t offer its own payment system, but allows a host to choose their own payment options, and the site then invoices the hosts for a commission. Other than that, there’s no cost to list your property, and it a great site to have in your list of platforms you’re using.
Other options
There are also other sites, such as TripAdvisor, Homestay, atraveo, and OneFineStay, that offer listing services with various benefits to hosts. Each of these platforms caters to different types of travelers and property styles, which means that carefully selecting the right platform can significantly impact your property’s visibility and booking success.
For example, TripAdvisor might be ideal for reaching a global audience seeking trusted reviews, while Homestay could attract guests looking for a more personalized, cultural exchange experience. Atraveo specializes in vacation rentals across Europe, making it a go-to for properties in that region, and OneFineStay caters to luxury travelers looking for high-end, curated homes.
Given the variety of options, it’s crucial to do your due diligence in evaluating which site would best suit your property and the type of guests you want to attract. Consider the platform’s user base, the types of properties that perform well, the fees involved, and the kind of exposure you can expect.
While you’re assessing which platforms to use, it’s also wise to find a Property Management Software (PMS) that can amalgamate all your listings into one unified dashboard. This software will simplify your operations by allowing you to manage all your properties and reservations from a single interface, saving you time and reducing the risk of errors. With all your listings in one place, you can easily monitor performance, update pricing, and ensure consistent communication with guests across all platforms, making your property management more efficient and stress-free.
Vet your Vacation Renters
The beauty of all the online rental portals, as well as the proliferation of social media, means that when someone requests to book your property, you can take a look and screen them to see if they’d be a good fit. While this might seem like a lot of work, it’s a necessity to protect your investment. Every member of a STR booking site has a profile and a booking history with reviews. Looking at how they’ve been rated by previous hosts, as well as how they themselves rate their hosts and stays, will inform you if this is someone you want to let into your home or property, and if they’ll offer any sort of risk.
Especially since you’re not in geographic proximity to the rental, it helps to know that it’s in good hands.
Communicate Frequently
The worst thing a remote host can do is remain radio silent. A lack of communication can lead to confusion, frustration, and a poor guest experience, which can ultimately result in negative reviews and a decline in future bookings. On the flip side, effective communication is key to building trust and ensuring a smooth stay. A host should communicate often (but not too often) with their tenants, striking the right balance to avoid overwhelming them while still being available and responsive.
Checking in on your guests shortly after they arrive helps ensure that everything is going well and gives them an opportunity to ask any immediate questions. Throughout their stay, regular yet unobtrusive messages can enhance their experience by offering personalized recommendations, reminders about amenities, or information about the local area. As their departure approaches, sending a friendly message with checkout instructions and a thank-you note leaves a lasting positive impression.
With the help of a good piece of management software, these communications can be largely automated, ensuring consistency and saving time. Automated emails can welcome guests to the home, provide check-in and check-out instructions, and offer reminders or local tips at strategic points during their stay.
Some advanced property management software solutions even include a virtual AI-enabled concierge that can answer guests’ questions in real time. Whether it’s how to operate the thermostat or where to find the nearest grocery store, the AI concierge can handle these common inquiries efficiently, freeing you from answering the same questions repeatedly. This not only improves the guest experience but also allows you to focus on other aspects of your rental business, confident that your guests are well taken care of.
Offer Self Check-In
Since a host can’t be there in person, and manage the keys physically, it only makes sense to offer a way for guests to access your property without meeting a physical person. In most cases, this means a lock box or a service like KeyCafe, but there’s an even better option; a smart lock. Both options have the ability to send notifications when a guest has accessed your property, but with a smart lock, there’s no physical key to keep track of.
Through a keycode or an app that works with a mobile device, guests can get into their rental property without any hassle. They’ll have all the information they’ll need right at their fingertips, and with a hosts remote access, they can offer help if a guest is having trouble gaining entry, and you’ll also know if there’s any unauthorized access immediately.
This is also a great way to monitor check-outs as well as offering access to your cleaning staff.
Automate as Much as you Can
Smart technology has revolutionized the way rental properties are managed, especially for remote hosts. With tools like smart thermostats, you can control the temperature of your property from anywhere, ensuring that your guests are comfortable upon arrival and during their stay. Noise sensors help you monitor the noise levels in your property, alerting you to any potential unauthorized parties or disturbances that could negatively impact your property and ratings.
Additionally, smart routers allow you to control access to WiFi and other connected devices, ensuring a secure and seamless experience for your guests. While the goal is to let your guests enjoy their stay with minimal interference, having remote access to these smart technologies provides peace of mind. It allows you to step in only when necessary, ensuring that your property remains in excellent condition and your guests have a five-star experience.
Invest in a Good Property Management Software
If you’re listed across multiple booking sites, then it’s a pain to have to manage each listing individually. Thankfully, software exists to permit you to manage your vacation rentals easily via an integrated dashboard. This way, you can control all guest communications, bookings and alterations, manage prices and property management operations, as well as coordinate with your vendors, any maintenance staff, and cleaning teams.
An even better feature is that with a unified inbox, you can also automate messages that are triggered with actions such as booking requests and their check-in date. You can also synchronize calendars to manage reservations and print detailed reports of key metrics, so you can best manage and optimize your properties.
All this means you can take care of everything efficiently, so you can focus on your own activity outside of vacation rentals.
Feel Closer to Your Rental Than Ever Before
Implementing these key ideas into running your business from afar, will offer you peace of mind that your properties will remain safe, clean and ultimately, profitable. It takes a bit of laborious setting up at the beginning, but it will be worth it in the end.
And when your business starts to run perfectly, you’ll be able to attract more bookings, get positive reviews and enjoy the fruits of your hosting responsibilities.
