Since Charleston SC claimed the title of “#1 City in the World” by Travel + Leisure, the vacation rental industry here has grown exponentially. Whether you’re a vacationer, homeowner or investor, it seems like everyone wants a piece of the pie. Taking care of a property is a full-time job, so if you’re a vacation rental homeowner and don’t want the burden that comes with the oversight and coordination of cleaning, maintenance, bookings, tax collection etc., then a vacation rental management company is your solution. When choosing a property manager, there are several factors to consider prior to selection, but more often than not, occupancy levels, revenue generation and consistent, reliable property care are crucial areas a property management company must deliver on.
The Importance of Technology
With today’s advanced technology solutions that exist for every sector within property management, it’s important for companies and property managers to evolve with changing trends and advances, or otherwise risk becoming obsolete. The management team at Luxury Simplified Retreats continuously evaluates and reviews software solutions that will enhance the booking experience, create and monitor maintenance tickets, or provide real-time data to owners on monthly occupancy and revenue. Understanding the key role that a robust, high performing, booking software can play for successful property management our team went through a technological change in the spring of 2018 with the implementation of Streamline, a comprehensive vacation rental management and booking software.
What it Means for the Owner-Management Relationship
“How does this impact me as a vacation rental homeowner?” you may ask. In short, Streamline is an integrated booking and management software, allowing property management firms that are focused on revenue management to market properties through various platforms, such as Air BnB, Homeaway, and VRBO as well as 50 other worldwide booking partners. This allows Luxury Simplified Retreats portfolio of vacation rentals to be showcased, optimized, and aggregated throughout booking channels, tapping into a larger market than ever before. Calendars are synced in “real time” and the booking process is significantly simplified for guests through automated rental quotes, as well as an “instant booking” feature. Proven industry research has found that the least amount of steps a guest has to take, the more likely they are to complete the transaction and commit to the rental terms.
How is Streamline different?
Instead of manually entering each reservation that is made through different booking channels, Streamline compiles all reservations in one place, and automatically updates the property information, rates, and availability. Streamlining the day-to-day operations of booking and confirmations allows our certified Revenue Managers and management team to focus on the care and upkeep of your property, while Streamline drives higher occupancy levels. Additionally, this powerful booking management system allows our revenue management team to closely monitor prevailing forces in the market, adjust nightly minimums as needed and quickly flex pricing based on market demand to maximize occupancy and ultimately deliver greater profitability.
Data Driven Decision Making
An efficient business is a good business, so when making the important choice of a vacation rental manager, understanding how they will achieve consistent occupancy levels and maximize income is crucial in the decision making process. Today, property management firms have a host of technology solutions at their disposal, from booking softwares, maintenance management softwares, noise monitoring, reliable internet & WIFI solutions, etc. All of these tools deliver powerful data that is critical to making sound, data-based decisions. Monitoring occupancy, Average Daily Rate (ADR), market pricing trends, traveler behavior and industry booking windows, are just some of the key data points that drive pricing strategy. Partnering with a property management team that is forward thinking and revenue focused will undoubtedly go a long way toward realizing your revenue goals.
Find out more about what Luxury Simplified Retreats can do for you and help to maximize your investment asset. View the FREE booklet that highlights some of the ways that we can deliver value and profitability to the management of your vacation rental property in the Charleston SC area.