One is not a lonely number. It's perhaps the most powerful single digit in a vacation rental industry that is reining in what some have termed a maverick time.
The fast-tracking industry has been like a free range for property owners and managers large and small with exponential growth. The new vacation rental experiences offered at mountaintop chateaus, condominiums, and other unique accommodations have transformed what were once small side businesses into budding companies. And as revenue opportunities have soared, so have challenges in managing the operations ecosystem.
Multiple technology platforms, each specializing in certain aspects of property management, have emerged to provide some sort of order. But their implementation has been patchwork. While many platforms integrate with others, users must manage the nuances of each.
But one single-source vacation rental management platform has been tempering the blazing of new trails in the past year. It's providing verified vacation rental businesses with tools to simply and automatically manage the operational and hospitality-centric challenges facing the short-term rental network, ensuring a smooth ride into new territories.
Realizing the benefit of an all-in-one platform for rental management
Kigo Marketplace was introduced to transform the vacation rental management process, helping property management companies and owners put a stamp on their businesses. The platform has unified all of the aspects of vacation rental management through competitive pricing modules and branding.
"The integrated platform, which can replace numerous point-products currently cobbled together by managers, features multi-currency payment, enhanced fraud and charge-back mitigation, and intuitive guest communication capabilities," said Kigo Senior Vice President Matthew Hoffman said at the time. "Short-term rental property managers now have the tools to build their local brand separate from lead generation channels, increasing the number of profitable repeat guests that book direct."
The industry has realized the benefit of a streamlined platform that can help managers and owners increase profitability, reduce risk and provide scalability as they grow their business. It's been a big topic at recent industry events.
The buzz at RezFest 2018 was about how property managers can maximize technology to grow business without assembling multiple platforms.
"Working with several providers adds a lot of complexity to the way you operate," said Kigo North American Sales Director Ben McGee, who fielded many questions from attendees. "Or, you can look at something that has all of these technologies in one place for one price."
Kigo Marketplace features include:
- Eliminating unnecessary fees, enabling property managers servicing the short-term rental market to increase profitability, reduce risk and expand their business
- Managing numerous lead channels, each with their own set of listing procedures, from one central location
- Driving bookings through digital storefronts (websites) suitable for any vacation rental business and enabling property managers to succeed locally through seamless management of unique, intuitive, brand-driven short-term rental websites
- Incorporating enhanced verification functionality to help reduce charge-backs and detect fraud earlier in the rental process
- Integrating multi-currency payment functionality across all booking channels including SSL (Secure Sockets Layer) encryption, PCS DSS (Payment Card Industry Data Security Standard) compliance, CVV (Card Verification Value), and AVS (Address Verification System) capabilities
- Offering guests best-in-class hospitality experiences with intuitive, lightning-fast online and mobile booking capabilities
- Promoting guest loyalty through enhanced communication platform
- Offering damage waiver and traveler’s insurance policies
- Providing owners with intuitive, real time insights and offering personalized communications
- Setting optimum rates for maximum occupancy through easy to use, integrated revenue management technology
Operating with less risk and ensuring a quality stay
Kigo Marketplace is positioned to lead the vacation rental industry, one that many believe needs some taming, into a new frontier where owners and managers can operate with less risk and guests are assured of a quality stay.
Working with tools that cover property management essentials offers the ability to provide a highly unique vacation experience to consumers with all the comforts and assurances of a hotel stay, a new barometer for the industry.
Travelers desire a high-quality travel experience that includes essentials like quality sheets, air-conditioning and cleanliness - things to be expected when spending the night at a hotel - Hoffman says. A vacation rental property that doesn't provide those necessaries won't get a good rating.
For operators, the platform offers protection. Hoffman recommends that property managers and owners take advantage of screening technology to minimize the risk of fraudulent payments and property damage.
"Whether they come from Airbnb or Booking.com, it's important to do a light criminal background check of every guest that comes through," he said. "We have the technology in place for that."
For one and all.