Is short-term rental tech becoming a pay-to-play market? - PhocusWire
Summary
This article discusses the trend of short-term rental technology becoming a 'pay-to-play' market, suggesting increased costs for hosts. Hosts should be aware of potential expenses associated with various tech solutions and carefully evaluate their value proposition to maximize profitability.
Key Insights
- •The article suggests that the short-term rental tech landscape is evolving into a 'pay-to-play' model, where access to essential tools and services comes at a higher cost.
Action Items
- ✓Hosts should carefully evaluate the costs and benefits of different tech solutions, considering their impact on overall profitability.Effort: mediumImpact: medium
Tools & Resources
- →Various STR Tech Platforms: The article likely discusses various technology platforms used by STR hosts. (Implied)
Watch Out For
- ⚠Hosts risk decreased profitability if they overspend on technology without seeing a return on investment.
Related News
User Profile: Mountainside Treasures
This article shares the experiences of an STR host who has grown their business from a single condo to nearly 30 properties, highlighting the importance of guest service and the use of OwnerRez. The host emphasizes that delivering a good guest experience is a key factor for success, and struggles with the power of OTAs and challenging guests. Consider OwnerRez as a key tool for managing your properties.
Owner Statements 2.0: Faster, Clearer and Built for Growing Portfolios
Lodgify has released Owner Statements 2.0, promising faster and clearer reporting for property managers. This update aims to cut down manual work and improve the quality of reports shared with owners.
Financial firms face rising cyber risks, data challenges
This article discusses rising cyber risks and data challenges in the financial services industry, including fraud prevention using AI. While not directly about STRs, it highlights the importance of data quality, which directly impacts the effective use of AI for risk management and decision-making for STRs.
Booking.com Refunds Policy: Process and Ts & Cs Explained
This article from iGMS explains Booking.com's refund policies and cancellation options for hosts. It highlights the importance of choosing a cancellation policy that balances flexibility to attract bookings with financial considerations, and encourages hosts to experiment with different policies and rates to find the ideal balance.