2020 Hospitality Report
Trends and Software in Short-Term and Vacation Rental Management
We gathered data from 143 industry leading vacation rental managers to learn more about trends and growing challenges in our industry. This report provides unique insights into how hosts and managers grow their businesses, the tech tools they use, and how they respond to guests' growing expectations.
Unique to 2020, we also asked a series of questions on responses to the pandemic. Many changed how they operate, added new technology to their processes, and adjusted growth strategies.
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What's in this paper:
Market overview and challenges in vacation rental management
The short-term and vacation rental industries remained dynamic despite the challenges of 2020. Throughout the pandemic, hosts and managers looked at ways to stay competitive and reinvent their processes. But it wasn't easy. Some changed how their businesses operate, while other looked to marketing for new sources of revenue.
Our data also revealed key trends that make it more likely a host or manager will experience growth. Find out what your competitors are likely to do and the technology software they will use in 2021 to expand their business.
How hosts and managers respond to growing guest expectations
Guest expectations of vacation rentals continue to expand and broaden every year. Hosts and managers can't just rely on a warm welcome and hard copy recommendations. To meet rising expectations, short-term rental professionals are turning to technology to automate and scale up their guest experience processes.
Taking a page from the traditional hotel industry, many hosts and managers are also offering upsells. Not only do they lead to more 5-star reviews, they also create new revenue streams. In a year where 55% of owners and managers report losses in earnings, creating new sources of income is crucial.
Software in short-term rental management
Short-term and vacation rental businesses rely on a series of processes to deliver hospitality services to guests. As companies grow, they rely on increasingly complex software and technology.
Find out which vacation rental software your competitors count on to manage reservations, assign tasks, set nightly rates and automate repetitive processes.
Booking origins and the rise of direct booking sites
Successful vacation rental managers used to diversify their reservation sources by listing on multiple sites. Airbnb used to be the main source of bookings for most. But following the cancelation spike in March and April 2020, industry professionals responded. Some took control over their marketing in an effort to gain listing site independence. How will this affect 2021 and beyond?
Tactics managers used in response to COVID-19
2020 changed how every industry operates. The short-term and vacation rental ones weren't spared. Fortunately, hosts and managers are creative and persistent and faced the challenge of the pandemic head-on.