We recently created a report that outlined the importance of technology for the short term rental industry and how it is a crucial part of the success during and post COVID. In the report, we outlined that during COVID, guests would not only feel more comfortable to rent if the property had technology, but also that guests were investing in contactless technology solutions so that guests would feel more comfortable.
Property technology, which was already seeing steady growth before the pandemic, saw a major increase in adoption due to the pandemic. Guests were looking for contactless solutions in the properties they were renting, and hosts had to catch up. A survey conducted by the Harris Poll stated that 48% of guests wanted a property with contactless procedures among other technologies to simplify and reduce the possibility of transmission.
As the short term rental industry is quite volatile due to restrictions, guest comfortability, and number of cases, expected revenues for businesses are incredibly hard to predict. Another aspect that was highlighted by our report was that flexibility is paramount during this time. One way hosts have pivoted during the pandemic is by introducing longer term stays. This solution, although good, does not account for the resources used by the guests — enter dynamic pricing tools. In order to offer guests flexibility when booking, while also maximizing income, dynamic pricing tools can help with both cases. By introducing different rates to guests depending on what type of stay they are having can ensure your business and their happiness is first on the list.
During the pandemic, even when revenues were at a low, hosts continued to spend on property technology (71.4% according to IGMS). This not only shows the loyalty that hosts have to their property technology, but also that hosts weren’t looking to get rid of the services that were helping them the most.
We covered much more in our report, and if you’re curious to learn more about why your property needs technology, feel free to check it out on our website, or send us an email so we can send it to you at email@example.com.