.svg "Horizontal Logo (1)")
The vacation rental industry has changed tremendously over the past few years. In order to get the current pulse on the industry, we surveyed 700 short-term rental managers and more than 5,000 travelers and compiled the findings into our 2022 Property Operations Report. This is our third annual survey and property operations report, which gives us incredible insight into what has changed and what has remained constant in the vacation rental industry from both a management and traveler perspective. Here are our top 6 takeaways from our 2022 Property Operations Report.
1) Guest Behavior and Expectations
Over 50% of travelers and property managers agree that property cleanliness and safety is the number one factor contributing to a five-star vacation rental experience.
According to last year’s survey, 93% of managers believed heightened guest expectations around cleaning and safety would last as a result of the pandemic. Fast forward to 2022, these expectations have remained true for the modern traveler. This coupled with two of the busiest years in vacation rental history in 2020 and 2021, creates a demand that operators must keep up with. Many are seeking new strategies through effective communication to ensure a professional, predictable, and safe stay culminating in that five-star experience.
2) Staffing & Team Communication
47% of managers agree that retaining staff has become more challenging over the past two years, and 25% feel that filling staff shortages is the biggest risk to their business.
The popularity of the vacation rental sector and related booking spike has placed increased pressure on the behind-the-scenes workers who keep our industry running, leaving many managers feeling overworked and understaffed. Motivating, empowering, retaining, and recruiting employees will be vital for successful property management companies this year. Incentivizing staff with options like sign-on bonuses, referral bonuses, competitive wages, and flexible schedules can set the bar higher for your team and showcase your commitment to their happiness in this competitive market.
3) Property Preparation & Readiness
68% of managers think that curating premium supplies and amenities create consistent and reliable experiences and 46% think these guest essentials directly contribute to guest reviews.
As mid-length stay requests continue to soar, so does the need for staple necessities and luxury amenities. In the last 2 years alone, hospitality providers have experienced that curating premium supplies and amenities can lead to a better guest experience and in turn positive reviews. Executing on this however, is often easier said than done. Managers now can lean on modern technology to play a key role when it comes to sourcing, kitting, storing supplies, replenishing items, and tracking counts that are associated with costs for owner billing to streamline inventory management.
4) Guest Communication & Service
The number of managers who are proactively (and frequently) communicating with their guests has now jumped from 40% last year to now 75% in 2022.
The leading way to boost productivity is with effective communication through an operations messaging platform. Although communication can be the biggest pain point for operators, it can be an additional force when it comes to service revenue. Purposeful communications through email and text to facilitate concierge services, offer local activity recommendations, late check-outs, and mid-stay cleans eliminates hours of manual work while paving the way for teams to be optimize tasks.
5) Technological Advantages & Strategies
In 2022, 29% of managers are using smart lock signals to trigger cleaning assignments, and 20% are using noise monitoring systems to send guest alerts.
An emerging trend for 2022 is the increase in managers who want to leverage technology to trigger operational workflows like noise monitoring systems and smart locks. The power of optimizing your tech stack continues to be an ongoing topic of discussion as industry professionals increase their bottom line. Although it may be overwhelming, sourcing the right tech stack and integrations for your business can help operators be well positioned to make guests feel like a V.I.P, scale their efficiency, and boost their profitability.
6) Industry Headwinds & Tailwinds
51% of managers think regulation will impact their market in 2022 by increasing the focus and attention placed on safety procedures.
With short term rentals being the preferred accommodation type for modern travelers, it is imperative to adhere to proper safety standards as it plays a key role in providing the ultimate guest experience. While safety regulations may not be the most glorious sector within the industry, hospitality providers are utilizing Breezeways Safety Program to show regulators their commitment to guest and property safety.
Download the insights from our full 2022 Property Operations Report!