Every new idea sounds good until you consider the costs. The biggest tech brands are famously burning billions in pursuit of the next big thing, but not many leaders have those resources.
Normally, with new revenue streams come new overheads. But in our latest report we explain how institutional landlords are expanding into short term rentals and realising new growth without the worries.
At Staykeepers, our mission is to make the switch to flexible accommodation as easy as possible - the only thing that should increase for our clients is their revenue.
Here are three ways in which technology is making that transition easier without the costs.
As most employers will tell you, headcount is the largest operating expense any business will face. And that’s not to mention the time-consuming recruitment process.
With that in mind, it’s understandable why some landlords might be hesitant to take on the challenge of a much higher turnover of guests. It’s also why Staykeepers has included our dedicated guest experience team as standard.
We pool our expertise and experience centrally, with experts managing all guest communications before, during, and after every stay. They’re on hand 24/7 and respond to all queries within two and half minutes.
Removing this barrier for prospective short term landlords, together with ourdynamic pricing technology, has helped to drive record growth across the 15 countries in which we operate. This includes a110% increasefor three-bed apartments in London when compared to traditional long term rents.
Seamless guest verification
Another advantage of this always-on customer service is our ability to vet every potential guest quickly and securely.
This includes managing and cross referencing any proof of identity, stored on our secure GDPR-encrypted software. Any discrepancies with existing records, such as mobile numbers, are quickly detected and alerted to our teams.
We then analyse previous guest experiences and reviews, both on our own records and on whichever of the 450+ channels they found us on.
Together with a verified profile picture these data points create a security score which determines whether we will accept immediately, request more information or in the worst case reject an application.
This entire process takes place without any need for client resources. And with our revenue sharing payment model it’s as much in our interest to fill any and all vacant units withthe best guests.
Simplified apartment management
After location, the quality of the guest experience is everything. That’s why we’re on hand to help with furnishing and cleaning where needed.
As well as this, we have a few tried and tested tactics to protect the guest and our client.
One is to ensure that short term rentals are located separately from long term tenants, such as on a separate floor. This helps to maintain a safe, aligned community for all parties.
We also set a minimum stay duration of three nights, to attract guests from different demographics who are traditionally less likely to be the source of antisocial behaviour. This timeframe helps to manage the volume of apartment cleans required, too.
Minimal overheads, maximum growth.
It sounds simple, and it’s designed to be. Overcoming these barriers as part of our service has helped a growing number of institutional landlords to expand their portfolios to include short term rentals and enjoy the upside this brings.
And with onboarding taking as little as 21 days, supported by our intelligent pricing tool from day one, it looks set to be a year of more long term growth through short term rentals.