The vacation rental industry has witnessed significant evolution in technology over the past half a decade. With every property management system that goes to the wayside, even more arise in its place, all promising to be the all-in-one answer to all the industry's problems. There is no doubt that the current state that we are in can be overwhelming with APIs, integration, plug-ins, apps etc; that connect all aspects of running your vacation rental business.
Technology is definitely a challenge, specifically the lack of financial visibility in the business. Data collectibility, reporting etc; are all crucial components of understanding a business's position. Technology solutions for vacation rentals will become smarter and smarter over the next few years. Today's technology creates value for customers, whether through marketing, operations, accounting, or revenue management. But there is so much more value that can be delivered in the space. The market is demanding deeper customization with various levers to unlock automation across business functions. With more efficiency and the ability to take on more work, this opens up new revenue opportunities for vacation rental hosts/managers to monetize the guest and owner experience.