Last year, property managers stated efficiency (at 32%) and maintenance (at 31%) are the two biggest challenges they face in day-to-day operations. For many short-term rental property managers, managing several properties is a full-time job - and as a property portfolio grows, so does responsibility.
Today, more short-term rental businesses are exploring proptech solutions to help them stay ahead of the market. The right property software can transform a short-term rental business, boosting efficiency and enhancing the guest experience - but, when is the right time to invest?
Property management software is a centralized suite of tools to help property managers oversee listings, verify guests, fill vacancies and automate communication. In short, a property management system is designed to efficiently manage the exhaustive list of property managers’ tasks, freeing their time to focus on driving other areas of their business.
As a property manager in the short-term rental sector, it can be difficult to determine the right time to invest in a property management system. Here are four signs your business could benefit from using one:
When building a short-term rental property portfolio, it’s not uncommon for property managers to use entry-level systems and spreadsheets to manage different aspects of their business. Relying on multiple systems to manage a small number of properties can work for a period, but as your business grows, managing data can quickly become challenging.
Handling large amounts of data in multiple locations can lead to manual entry errors, data duplication and loss of data. Merging your systems into one platform ensures all of your data is stored in one centralized and easily accessible hub. Not only does this save time, but it reduces manual error and gives you complete oversight of every property you own, without having to flick between systems and spreadsheets.
A fast-growing portfolio is a sure-fire sign your business could benefit from property management software. As your portfolio scales, so does your to-do list. From verifying guests and collecting deposits to managing listings, taking bookings and ensuring efficient communication with guests, a property manager’s to-do list can quickly become a never-ending cycle of time-consuming tasks.
If one step in the property booking process is missed, the guest experience is likely to be affected. At worst, you should expect negative reviews and an impact on business.
Investing in a property management system can greatly improve the efficiency of your business as your portfolio grows. Using reliable software, you can publish all properties in a streamlined manner and expand your online presence by syncing listings across multiple platforms, without worrying about duplicate bookings.
Portfolio growth often results in the need for increased overheads; using a property management system to cut out inefficiencies and automate processes allows you to do more with the same resource.
Your guests are the beating heart of your short-term rental business. Guest satisfaction is a top priority for short-term property managers; yet, a flawless guest experience is difficult to execute at scale. Managing a large number of properties on different spreadsheets and systems can lead to all kinds of gaps in communication with guests, from inaccurate property availability to incorrect booking information - all of which can cause bigger headaches down the line.
Using a property management system to streamline and automate guest messaging ensures guests feel supported at every point in their booking journey. Whether it’s an initial ‘welcome’ email, important security information or general details about their stay, it’s crucial to maintain consistency in guest communication throughout the booking process and beyond.
On the other hand, you want to make sure the guests staying in your property are right for you. Advanced screening and security features ensure all guests are vetted before a stay, and only reliable people make it into your properties.
Another clear indicator that you’re in need of a property management system is that you’re often sitting on empty units. There are many reasons why you may be struggling to generate leads, but one thing’s for sure: you’re losing money by doing so. Whether it’s outdated listings or rigid pricing that is putting guests off, it’s crucial to address this.
A property management system gives you clear visibility of each property you own. When you update a listing, updates sync across all channels - meaning shiny new photos, crucial booking information and property highlights are visible on every platform, increasing your chances of a booking. A multi-calendar cuts out the risks of double bookings and ensures you never miss a guest inquiry again.
If you can relate to any of the above signs, it’s time to elevate your short-term rental business and start exploring property management software solutions.
Ready to take your business to the next level? Uplisting is a short-term rental property and channel management software built specifically for helping managers scale their businesses. Designed with you in mind, our all-in-one system helps you grow your short-term rental revenue and streamline your business, with features such as automated guest messaging, multi-calendars and channel management at the forefront.
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We’ve built an all-in-one property, channel management and automation tool to help property managers scale seamlessly.