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10 Features You Must Look for in a Vacation Rental Property Management Software

Features of vacation rentals

Have you ever happened to witness a live orchestra? Isn’t the harmony among the musicians amazing? It is that very harmony that makes the performance tick. A single flaw can mess up the melody, right? 

Managing multiple vacation rentals is somewhat similar. Everything from bookings, cleaning schedules, and guest communication should be in sync for smooth functioning. 

So, you need a system to keep everything organized, efficient, and profitable. This is where vacation rental property management software can help. 

However, it can be confusing to choose software because the options are aplenty. 

Don’t worry, just make sure the following features are present in the software. 

1. Channel Manager

Want more reach for your vacation rental? List on multiple OTA channels/platforms like Airbnb. Expedia, etc. 

And, as per a survey by Hospitalitynet, out of 2017 respondents, 41% said they prefer OTA platforms to book trips probably due to the easiness of booking and the rewards or deals travelers can get. 

However, every time someone books your vacation rental, it can be a bit difficult to update all the OTAs. This is where a channel manager can help. 

A channel manager synchronises availability across all platforms, eliminating the risk of double bookings and ensuring a seamless experience for you and your guests.

So, that makes it a must-have feature for Vacation Rental Management Software (VRMS).

2. Accounting

Keeping track of income, expenses, and taxes can be a nightmare for vacation rental owners.

So, look for software with built-in accounting features, allowing you to generate invoices, track payments, and more. This way you can control your finances and prepare the right financial strategies. 

3. Multi-Calendar

We understand the hassle of scattered spreadsheets and sticky notes. With a multi-calendar, you can leapfrog this issue. 

A centralised calendar provides a clear overview of all your reservations across all properties. This allows you to easily manage bookings, schedule cleanings, and anticipate upcoming guest arrivals. Sounds good, right?

4. Guest Identity Verification

As per a study by the Association of Certified Fraud Examiners (ACFE), organizations lose 5% of revenue each year due to fraudulence.

Hence, verifying the identity of your guests is vital.

With a Guest identity verification feature in the VRMS, you can confirm the legitimacy of potential renters before they book your property. This reduces the risk of fraud and ensures peace of mind for you.

5. Reservations Manager

Processing reservations, sending confirmations, and managing guest communication can be time-consuming. Look for software with a Reservation Manager feature that keeps these updated, freeing you up to focus on other aspects of your business.

6. Reporting and Analytics

Data is king! 

In a study by Deloitte, nearly half of the respondents said that Data Analytics betters their decision-making. 

That’s not all, more than half of the respondents stated that Data Analytics have either fairly improved or significantly improved their competitive positioning. 

So, never overlook the Data Analytics and Reporting feature in a VRMS. 

It should provide comprehensive reporting and analytics that help you understand your business performance, and track metrics like occupancy rates, revenue generated, and guest demographics to gain valuable insights and make informed decisions.

7. Task Management

It might be easy to manage a single vacation rental (for some, even that would be an uphill battle).

But everything can go out of control when you manage multiple vacation rentals. 

On the one hand, you have to manage the bookings. On the other, you have to be involved in guest management and so on. It can get messy. 

A task manager is the solution here. 

With a task management feature in a VRMS, you can keep track of cleaning schedules, maintenance requests, listing distribution and more. You could also assign tasks to your team members, track progress and ensure smooth functioning. 

8. Dynamic Pricing

As a vacation rental manager, you will have to adjust the price of your rental according to the market demands and seasons. But then, manually doing this can be a hassle.

That’s where the Dynamic Pricing feature comes into play. With that, you can automatically adjust your rates based on real-time market data and peak seasons, maximising your revenue and occupancy.

9. White-labeled Property Owner App

Smartphones have become our companions and we guess your case is the same. 

A study by RescueTime shows that we check our phones 58 times a day on overage. 

So, wouldn’t it be great if you had a mobile app to manage your vacation rental? We already pick up our phones very frequently. So, why not put it to a productive use? It would be convenient as well. 

With a mobile app, you can manage bookings, guest communication, and performance metrics – all at your fingertips! Plus, it would be more professional if it could be white-labelled. 

10. Direct Booking Engine

With this feature, you can reduce reliance on third-party booking platforms and offer guests the option to book directly on your website. This lets you capture a larger share of the booking fee and build stronger relationships with your guests.

In a Nutshell

Running multiple vacation rentals can be incredibly rewarding, but managing them all efficiently can feel like a juggling act. And, a VRMS with the features we have listed above can significantly ease your vacation rental management. 

Let us make this easy for you. With mr.alfred, you get a centralized platform with all these features + a lot of other features to manage your vacation rentals like a breeze. Get in touch with us to learn more about our VRMS. 

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