Introduction
Over the last decade, technology has revolutionized the vacation rental industry. However, adoption of this technology has been limited due to the high costs needed to acquire and properly maintain the systems. While most vacation rental management companies choose to pocket their profits, SoCal Vacay has made an ongoing commitment to invest in the latest technology for the benefit of our owners and guests. While using systems to track finances and manage operations is a core focus of ours, we take it further using Artificial Intelligence (AI) to help drive more revenue. Whenever we invest in technology, we make sure it focuses on helping us achieve one of the four goals discussed below.
Maximizing Your Revenue
We’ve employed two major technologies to set us apart from the competition and ensure money isn’t being left on the table: Artificial Intelligence and Integrated Distribution Channels. Our AI algorithm analyzes over 100,000 points of market data to recommend a competitive price for your rental property based upon local market rental utilization and pricing. Additionally, our AI’s dynamic pricing feature will automatically adjust the price based on supply and demand in real time increasing revenue by charging higher prices during high demand seasons and lowering prices during low demand ones. Once pricing is set or adjusted by AI, it gets sent out to all our listing partners (AirBnb, VRBO, Expedia Group, etc.) through our Integrated Distribution Channels. Which is a fancy way of saying our system automatically communicates with our listing partners to populate your properties information on their website. The more websites your property is listed on means more guests viewing and booking your property.
Protecting Your Property
Aside from requiring an age limit, most people still think there isn’t much you can do to protect a property from a problematic guest. This couldn’t be further from the truth! We use an online process that helps us screen potential renters carefully so your property is only rented to responsible and trustworthy individuals. Specifically, we conduct a number of identity checks to verify guests are who they claim to be. This includes requiring our guests to submit a photo ID and an additional photo of themselves that matches the name on the booking. After verification we require our guests to sign legal agreements that hold them responsible for any damage caused by them during their stay. Lastly but perhaps most importantly, we also insure every guest stay as a final step to protect your property. All of this is done easily after payment is accepted so guests aren’t inconvenienced, and bookings aren’t lost.
Providing You Visibility
Our owners are never left in the dark waiting for a monthly or quarterly update to know what’s going on with their property. When we setup your property in our system, as an owner you get a personalized portal where you can view the properties we manage for you, the bookings they hold, financial statements, and much more. You can even perform functions such as blocking off your property for personal use and submitting maintenance requests. The portal is accessible through a desktop browser or our mobile app for owners so its always just a few clicks away.
Efficiently Managing Operations
Our core system plays a crucial role in the daily operations of managing your vacation rental property. Not only does it support all the items already discussed by acting as the technologies’ backbone, it also streamlines and automates various tasks while improving communication and collaboration amongst our team members. Thanks to these systems, our team can efficiently handle a large portfolio of properties and guests, track and maintain records, and analyze data all geared to help keep fees low and profitably high.
Conclusion
Technology has become an integral tool for us, providing numerous benefits such as maximizing revenue, protecting the property, providing owner visibility, and enabling efficient operation of the business. Thanks to years of investment and continuous improvement efforts here at SoCal Vacay we are able to offer our owners the best service possible while putting more money into their pockets. If you are interested in having your property powered with the latest technology, give us a call at (760) 443-2367 or reach out to us through the form below!
