Rentals United, the premier channel manager and technology solution for the short-term rental industry, has published The Global Short-Term Rental Tech Report 2020. The findings are based on the largest ever survey of short-term rental technology with 959 professionals in the short-term rental industry responding over a period of 8 months.
As the vacation and short-term rental industry continues to mature and competition heightens, property managers are becoming increasingly driven to improve their use of technology and are adopting more and more software solutions to help them stay ahead of the game. It’s now commonplace for professional property managers to automate certain operations, distribution, marketing, revenue management, guest communication and other tasks.
From the report, we learn that the four core areas in which property managers use additional tech are channel management (57%), payment providers (51%), accounting tools (40%) and keyless entry solutions (33%). Emerging technologies use include 3D tours (17%), chatbots (13%), home automation solutions (12%), noise control devices (9%) and voice concierge services (3%).
It was also found that for larger property managers with more than 100 properties, 74% surveyed use an external channel manager in conjunction with their PMS, which is often built ‘in-house’.
James Burrows, CEO of Rentals United said; "Tech innovation is enabling the short-term rental industry to grow at pace. In the future, we will see more third-party providers - many of them VC-backed - entering the space, targeting enterprise property managers and solving their needs. The most successful business models will work like SaaS platforms and will fuel further investment and development in the industry."