By The Hospitable Team
Our new Hospitable Hosts episode is a treasure chest of insights for any vacation rental host, and especially for our Asia-Pacific (APAC) friends. Deepanshu Nihalani, the APAC Solution Consultant at PriceLabs and a seasoned pro in the short-term rental industry, joined us to reveal the secrets behind boosting vacation rental growth.
Lo and behold! Here is your ultimate guide to understanding and leveraging software solutions and smart pricing strategies to scale new heights in this dynamic market. Deepanshu talked about the role of automation for vacation rental operations in 2024, listed the main drivers of industry growth, and hinted at the new software in the pipeline.
Press play now and note down the indispensable tools for vacation rental hosts in 2024!
Would you prefer to read the highlights? We’ve got a summary of the key takeaways below.
Vacation Rental Software + Growth = Inseparable in 2024
Deepanshu cuts to the chase: “If you’re not executing on automation, you’re not only losing money, but you’re losing a lot of time and effort.” This statement couldn’t be more accurate in the context of the evolution of vacation rentals in the post-COVID industry boom.
The motto for 2024 is clear: optimizing productivity is key. As Deepanshu puts it, “As a human, you only have so many hours and so much time that you can actually execute on the business.” The implication? Automation is no longer a luxury; it’s a necessity. Without it, hosts are missing out on maximizing their returns and delivering the best service… or simply burn out.
And for those who fear losing control through automation, Deepanshu reassures, “It’s not that you’re losing control. It’s just that you need to learn to gain control in a different format.”
Automate Your Vacation Rental Operations to Save Time & Earn More
True to his niche, Deepanshu takes pricing as an example. Without automation, you’re likely to spend hours every day manually updating prices for various events and holidays. “Why don’t we automate that entirely for you?” He hints at the automation of minimum stay settings and optimal pricing.
Another game-changer example is orphan gap pricing — the price adjusts depending on the gap between two reservations, maximizing your earnings. Manually updating these can be a hassle, especially when it comes to competitive pricing and minimum stays. Features that automate this process help you fill these gaps more efficiently and profitably.
“Whatever the size of portfolio you’re managing, it is a task of maintaining all that or changing it on a repeated basis…All of this can be automated!”
Listen to the full episode for a deep dive into the life-saving automation tools for vacation rental hosts — play now!
Optimize your vacation rental with Hospitable’s powerful tools.
Vacation Rental Growth Mistakes to Avoid
How can vacation rental hosts in the Asia-Pacific (APAC) region grow their business without making costly mistakes? Deepanshu highlights three key aspects… and says they fit all:
- “Not adapting fast enough” is a key mistake in the rapidly evolving vacation rental industry. So, act quickly to stay ahead.
- “It’s important that the gut feeling exists, but it is also important that it is data-driven,” he advises. The balance of intuition and data is essential and can significantly influence your strategy.
- At the heart of any successful vacation rental business is the experience offered to guests: “If customer centricity is not at the core of who you are and how you are planning to grow, then there are things that are going to suffer,” Deepanshu warns.
Smart tools work best with smart strategies — steer clear of common pitfalls and aim for sustained growth for your vacation rental success.
2024 Brings More Tools for Airbnb Hosts
What is ahead of us in 2024, you ask? For Deepanshu, the question is twofold: “A) What exactly lies ahead of us in terms of developments? and B) What should hosts be on the lookout for?”
He then comments on the industry dynamics for both software developers and hosts: “Even with Price Labs, the product today versus what it was four years ago… it is massively different.” And the company continues to evolve “from the core” with the new features coming up soon… What are these features? 👇
Tune in to the full Hospitable Hosts episode and get ready for the new tools rolling out in 2024!
Are you looking to scale up without a property manager? Do it with Hospitable.com!
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Last year, we released 16 episodes of Hospitable Hosts Podcast. We’re excited to give you a sneak peek into the world of vacation rental property protection, guest screening, cleaning management, and smart tech!
Matthew Krueger—an STR property investor, Airbnb mentor, and Cash Flow coachis here to share his secrets on how to self-manage multiple properties while working just a few hours a week.