Winter is the perfect time for short-term rental property managers to evaluate their tech stacks. The quieter period of the off-season gives you time to both assess your budget and install solutions with little impact on guest stays. Not to mention that a big trend in the industry is curating and refining tech stacks now that innovations have matured and are beginning to consolidate.
So, maybe you’re looking to refine your tech stack after learning what solutions work for your business, or maybe you’re new to the short-term rental tech scene and are ready to start adopting solutions. Either way, we’ve created a checklist of smart home technology must-haves that can help you elevate your short-term rental properties in the year ahead.
Keyless access technology is a tried and tested solution that guests continue to seek in short-term rentals. Our Property Management Insights report found that 78% of short-term rental guests are interested in smart lock technology. The convenience of a seamless check-in experience is unparalleled compared to the previous process of meeting on-site employees to hand over keys or checking in at a reception desk. Guests have grown accustomed to the flexibility that smart locks offer, as they’re no longer limited to strict check-in times and can instead arrive on their own time.
So, how does this smart home tech work? Smart locks don’t require physical keys and instead use passcodes. Upon booking your short-term rental, guests will receive a temporary access code that only works during their stay. The tech is connected via IoT, meaning you’ll have increased control and visibility over who’s accessing your properties through a property management app for maximum security. With this increased awareness of guest check-out time, you’ll also be able to optimize the turnover process, as your teams will be alerted when a property is ready for them.
If you’re looking for ways to reduce your monthly property operating costs and improve your bottom line, consider installing a smart thermostat. Research shows that this intelligent technology has the potential to save property managers up to 23% on heating and cooling bills – an appealing factor for many looking to combat increases in energy costs (which are around 8% higher than last year in the US).
The home automation technology works by monitoring your short-term rental’s temperature. Using collected data, the smart thermostat will be able to differentiate between normal heating/cooling usage and any abnormalities – such as a drop in temperature from a door being left open in the winter. When the device recognizes a sudden change, it automatically adjusts to conserve energy. What’s more, you’ll be able to set temperature limits to prevent guests from using the thermostat irresponsibly, as well as save on costs when the property is vacant.
According to our research, almost 4 in 5 short-term rental guests have expressed interest in smart thermostats.
Another cost-saving measure you could put in place to reduce your property expenses this winter is water management technology. According to research, between 5% and 10% of US properties unknowingly have a water leak. These small leaks can waste over 90 gallons of water a day. That averages to over 2,500 gallons even during the shortest month of the year.
Property managers can avoid such issues by installing monitoring technology, such as a water management system that combines sensors and IoT to alert you of abnormalities. Being aware of small leaks means you’ll be able to deploy your maintenance team to fix the issue before it escalates and costs you property damages. The technology also uses smart water valves, which can cut off your water supply in the case of an emergency, such as a frozen pipe, to limit any damages.
The short-term rental industry is now facing increasing regulatory pressures, especially when it comes to noise. In some states, property managers are being fined for instances where guests have invited visitors over and disturbed the neighbors with high noise levels. Fines are the last thing property managers need when trying to combat economic headwinds to make a profit. This is where noise monitoring solutions can help.
Proactive noise monitoring technology measures decibel levels in short-term rental properties and will alert property managers when a preset threshold has been crossed and maintained for a set period of time. Property managers can then contact and quickly resolve the issue with the guest before it leads to complaints.
The plug-and-play solution is quick and easy to install and is completely privacy-safe. Some property managers may be wary of guest reactions to noise monitoring technology, but our research shows that 73% of short-term rentals guests are interested in noise monitoring technology.
- A well-curated tech stack can help property managers to combat rising operational costs.
- There’s high demand for short-term rental technology from guests.
- Home automation tech enables property managers to have increased control and visibility over their properties, maximizing security and team functionality.
The off-season is the perfect time to curate your tech stack and prep your rentals for the busy period ahead. Choosing the right tech tools can support your goals by optimizing spending and increasing your appeal to potential guests. What technology are you planning to add to your tech toolkit next?
Looking to increase bookings? You can go one step further in maximizing your guest appeal by providing a five-star experience.