The business of short-term rentals has been booming, with no indication of slowing down anytime soon. As a result, forward-thinking property management companies will need to flex their creative muscles to attract customers, and adopt new technologies to ensure they can handle the rise in short-term rental guests.
Consider these three trends currently having a big impact on the industry.
Technology is front and center
Property managers are focusing on new technologies, including smart technology, drones, robots and augmented reality. Others are investing in data analytics solutions to improve everything from how they market to how they screen applicants online.
That was the case with Frontdesk, a Milwaukee-based developer and manager of short-term rental suites. This growing business adopted TransUnion’s ResidentScreening to offer customers a seamless online application experience, and boost efficiency and productivity on the backend.
“TransUnion’s powerful platform provides resident screening services to long-term residents in the apartment communities in which we operate,” says Frontdesk’s Chief Executive Officer Kyle Weatherly. “We’re thrilled to be using the same data source for guests who stay for shorter terms.”
Customers expect more from their short-term rentals
Quality will be a top priority for property managers providing stays for customers who increasingly expect luxury and unique experiences. That’s due in part to business travelers and vacationers — who are accustomed to hotel stays — now leaning toward short-term rentals.
Customers also expect a frictionless online experience through every step of the process, from finding a short-term rental to filling out and having an application accepted to making payments. Using technology to offer that seamless experience will be critical.
Bringing new, short-term renters into already established neighborhoods, apartment buildings and businesses puts an extra emphasis on the need for safety. Extensive screening that can be done quickly will be highly desirable.
In this case, Frontdesk again uses TransUnion’s ResidentScreening solutions to conduct proper vetting and make faster, more confident decisions about who is accepted as short-term renters.
Key offerings, such as comprehensive background checks and cutting-edge identity verifications, deliver a more complete picture of applicants and help Frontdesk keep its promise to provide guests a safe stay.
“Our partnership with Frontdesk provides a win-win solution,” says Maitri Johnson, Vice President of TransUnion’s Rental Screening Business. “Visitors enjoy a smooth process, while property managers can trust the right checks and balances are in place for screened guests calling their communities home, if only for a short while.”
For property management companies, the upside is tremendous — if they adopt innovative ways to meet growing demand for short-term rentals and customers’ high expectations. Learn how TransUnion’s ResidentScreening suite of solutions can support both.