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Essential Tools and Industry Updates for Hosts

Essential Tools and Industry Updates for Hosts

Streamline Your Operations, Stay Competitive, and Prepare for a Strong Year Ahead

Tony Murphy
November 01, 2024

While the colder months often bring a slowdown for many hosts, they also present the perfect chance to fine-tune your operations and gear up for a successful year ahead. This week, I’m highlighting key tools and resources to streamline your workflow and make hosting more efficient during this quieter period.

Note: This isn’t a sponsored post—just sharing what I know works.

This Week in The Rental Digest:

Tools to Streamline Your Operations
Resources for Market Research and Pricing
Quick Wins to Stay Organized
Stranger Things’ vs Missile Silo Airbnbs, Buffalo’s Airbnb Tensions,and the Revy + Hostaway Partnership

Let’s get into it…

A Message from NoiseAware

If you’re looking to keep your property secure without getting invasive, I recommend checking out NoiseAware. It’s got you covered with tools for monitoring noise and occupancy so you can keep things in check, inside and out, without compromising guest privacy.

Plus, it has automated alerts, which means less stress about late-night issues.

I’ve set up a discount code exclusive for readers—feel free to try it out and see if it’s a fit.

Tools to Streamline Your Operations

Property Management Software (PMS):

Hostaway: A robust solution for automating guest communication, syncing calendars, and avoiding double bookings.
Guesty: Ideal for hosts with multiple properties, offering advanced automation for messages, task management, and more.

Dynamic Pricing:

PriceLabs: Adjusts your rates based on real-time market data, keeping you competitive without the constant manual updates.
Wheelhouse: Offers detailed analytics and customization for those who want deeper insight into their pricing strategy.
Beyond Pricing: A reliable, user-friendly tool that dynamically adjusts prices based on demand, helping you maximize revenue with minimal effort.

Automated Messaging:

Hospitable (formerly Smartbnb): Handles guest inquiries automatically, freeing you from those late-night responses. It’s like having an assistant who never sleeps.

Resources for Market Research and Pricing

Data and Analytics:

AirDNA: The standard for comprehensive market insights, including occupancy rates, average nightly rates, and revenue forecasts.
AllTheRooms Analytics: Gives you an edge by breaking down competitor data and helping you adapt to market trends.

Review Management:

ReviewTrackers: Centralizes feedback from various platforms so you can respond efficiently and maintain a strong reputation.
Reputation Studio: A more advanced option for managing reviews and showcasing your commitment to guest experiences.

Quick Wins to Stay Organized

Cleaning and Maintenance:

Turno (formerly TurnoverBnB): Simplifies cleaner scheduling so you’re not constantly following up.
Properly: Visual checklists for cleaners ensure each turnover meets your standards.

Bonus Tools:

Touch Stay: Digital guidebooks that help reduce guest questions and streamline their stay.
NoiseAware: Monitors noise levels discreetly to prevent potential issues while respecting guest privacy.

My Take: As we ramp up into the slower season, it’s the perfect time to refine your processes and incorporate tools that make hosting more efficient. Try out a few from this list and see how your workflow improves.

Across the Web

Stranger Things’ vs Missile Silo Airbnbs: Fans of unique Airbnb stays now have two standout options: the Byers’ family home from Stranger Things in Fayetteville, Georgia, complete with 1980s décor and an interactive Christmas light wall, and a converted Titan II missile silo in Faulkner County, Arkansas. The Byers’ home, owned by Arrived, blends nostalgia with modern amenities and offers investment shares starting at $100. Meanwhile, GT Hill’s missile silo Airbnb, renovated with over $750,000 and rich in Cold War history, attracts adventure seekers and history enthusiasts.

Buffalo’s Airbnb Tensions: The rise of short-term rentals in Buffalo has sparked significant tension among residents, with non-owner-occupied Airbnbs facing criticism for disrupting neighborhood cohesion and community stability. Local lawmakers, pressured by concerns over “hotel-ization” of residential areas, unregistered operations, and housing shortages, are considering a six-month moratorium on new permits to reassess regulations, while existing licensed rental owners support stricter enforcement to maintain fairness and compliance.

Revy + Hostaway Partnership: Revy, a revenue management service specializing in short-term rental optimization, has partnered with Hostaway, a prominent property management platform. This collaboration aims to enhance revenue management for rental operators by integrating Revy’s tailored services, which blend advanced pricing software with human expertise, ensuring clients see significant revenue boosts.

Hope this helps!

Until next week,

Tony

P.S. If you have any ideas for topics or ways to improve this newsletter, please reply to this email—I’m always open to suggestions. And if you can, the one-click survey is a quick way to let me know what’s working!