The Role of PropTech in Enhancing Short-Term Rentals

PropTech Outlook | Thursday, May 25, 2023

As remote working has further encouraged staycations, travellers are now heading into towns and cities as the necessities for space and privacy are only expanding. 

FREMONT, CA: The travel and hospitality industry has experienced multiple challenges in the past year and has come out the other side with one of the best breakthroughs.

Staycations, especially in rural zones have become popular holiday destinations for short-term stays, as they provide the clean and green freedom that people crave after staying in the city for an extended period. With the pandemic in the rearview mirror, travellers are heading into cities and towns as the requirements for privacy and space are here to stay. Work-from-home culture and flexible scheduling are enabling the working population to travel while also staying connected. These factors have only spiked the popularity of remote short-term staycations supported by companies that handle travelling.

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The Role of PropTech in Supporting Short-Term Rentals

As society is now digitised, it expects a lot more from sellers, agents, and suppliers. The proptech industry is only expanding and the short-term letting platforms and other services present in the industry have progressed to requirements of not just the travellers, but also the managers and owners, which further makes it easier for travellers to find better-suited bargains and for operators to book individuals for higher-rated stays.

The airline industry has contributed travel tech tools to hotels and short-term stay management. It has also influenced profit maximisation through revenue management and operational technology, fine-tuning systems with data-driven, intelligent decision-making for venue demands and renters' behaviour. The rise in the usage of industry tech has improved operational efficiencies, which has caused more investors to take a chance on purely build-to-let short-term rentals.

For the Traveller

Travellers can now use AI at every step of the booking experience, including finding the ideal property, checking in, and checking out, and it can be turned into a contactless experience. They can make use of property and price comparisons, frictionless check-ins with digital keys, and online bookings as well as digital tools that are used in homes. Individuals who stay short-term expect many amenities which include high-speed internet, access to smart TV, voice assistants, and connected lighting and heating.

For Industry Operators

The continuous evolution of technology, and making use of that for implementation, can be a challenge. However, there are large amounts of benefits for organisations that are ready to take up this challenge. Automation of the entirety of the shirt-let rental process can decrease physical efforts for managers and owners alike, saving money and time. The automation of digital keys, bookings, contactless check-ins, and check-outs helps the onboarding of guests with minimum human interaction. The introduction of lighting, heating, detection of damage and leaks, and other features that involve sensors can save around 28 per cent in resources, while also protecting investments in the process.

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