How to measure the ROI of your short-term rental property tech: Savings, efficiency & optimization

Minut’s latest webinar reveals how leading STR industry professionals measure ROI beyond profit margins.
Tech & Security
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May 17, 2024
min read
How to measure the ROI of your short-term rental property tech: Savings, efficiency & optimization

As the short-term industry continues to evolve,  property managers and owners are turning to technology to streamline operations, enhance guest experiences, and protect their investments

Deciding to invest in a new piece of tech shouldn’t happen overnight, and when you do it, it’s vital to understand your return on investment (ROI) to help assess whether the device or platform is right for you and your needs. 

In our recent webinar, the Minut team sat down with Shaun Balin of Beckon Homes, and Tyler Herndon of Stellar Dwellar, who have successfully integrated multiple tech solutions into their property management strategies.

Their experiences highlight the significant impact that technology can have on cost savings, efficiency, and overall optimization. Our discussion highlights how, while ROI in the short-term rental industry doesn’t always come in the traditional form of monetary value, it doesn’t mean the tech is any less effective. 

Read on to learn more about ROI in the short-term rental industry, discover how and why you need to be tracking it, and hear first-hand how two industry leaders measure the ROI of their property technology. 

Why is ROI so important?

ROI is used universally to measure the efficiency and profitability of an investment. It tells business owners how much return they are getting relative to the cost of the investment. For STR property managers, the stakes are high. Each investment in technology, whether it's a smart lock system, a noise monitoring device, or a comprehensive property management software, carries an initial cost. 

ROI helps property managers assess whether these investments yield significant benefits in cost savings, enhanced efficiency, improved guest satisfaction, or something else.

With a strong understanding of ROI, property managers can make more informed decisions about which technologies to implement and continue using. This is particularly important in an industry where operational efficiency and guest experience directly impact profitability. 

Meet Minut

Minut monitors noise, occupancy, humidity and indoor climates, as well as detecting cigarette smoke, all from a single device. 

Trusted by over 50,000 property managers and STR owners around the world, Minut sends real-time alerts straight to your app, so you can keep track of your property no matter what. 

In our recent webinar, property managers Shaun and Tyler shared their experience in the STR  industry, shedding light on how they effectively measure the ROI of their property technology, including Minut.

Both professionals have been managing properties for years, with Shaun starting in 2013 and Tyler in 2016. Their insights showed that ROI in property management isn't just about numerical and tangible returns but also includes intangible benefits that significantly impact their operations.

Measuring ROI in the short-term rental property tech effectively

Discover how Shaun and Tyler monitor the ROI of their property technology, and find out how Minut has benefitted their businesses with real-life examples:

Damage control

Many STR platforms provide real-time alerts and monitoring, allowing property managers to address issues promptly and prevent further damage. Timely intervention not only saves on repair and maintenance costs but also enhances property safety and guest satisfaction.

Preventing and mitigating property damage is a big concern for STR managers. Shaun described how Minut has helped the company identify potential mold risk due to high humidity levels, allowing the team to address the issue before it escalates. While both Tyler and Shaun shared how Minut’s noise and occupancy monitor has enabled them to get on top of parties to ensure they don’t cause further damage, or disturb neighbors. 

💡 Want to find out exactly how much Minut could save you? Use our calculator to find out for yourself why 50,000 property managers use Minut.

Streamlined, efficient property management

Operational efficiency is essential for maximizing returns in STR management. Property technology solutions streamline workflows, reducing manual interventions and increasing overall productivity. Integration of various tech tools enables seamless coordination among team members, ensuring efficient property management processes.

In our webinar, Shaun explained how integrating Minut with his property management software (PMS) has automated menial, routine tasks, freeing up his team to handle the more complex and high-impact issues.

Tyler discussed how using APIs for connectivity has accelerated their processes, making their operations more efficient and responsive. Integrating Minut with task management solution, Breezeway, has improved coordination among his team members. These improvements have helped both businesses save time and enhance the overall guest experience with a more cohesive, 360-degree approach to property management. 

Community relationships

Maintaining good relationships with the community is essential for STR managers, especially when local regulations often stimulate minimal disturbance. Property technology solutions like Minut send real-time alerts to property managers, ensuring noise levels and parties are kept under control. By fostering better relations with local residents and authorities, STR managers can create a positive impact on the community and enhance their property's reputation.

Shaun explained that he’s had multiple first-hand experiences with Minut's noise monitor preventing potential conflicts with neighbors. Tyler also agreed, highlighting how Minut's proactive alerts have allowed him to address noise issues before they escalate.

Guest reviews

Enhancing guest satisfaction is key to driving positive reviews and ensuring repeat bookings, which directly impacts your profits. Property technology tools remove any guesswork at times of incident, protecting your guests from being wrongly accused of something they didn’t do.  Real-time alerts, incident analytics, and automated responses make guests feel protected while in the property, resulting in higher satisfaction and positive feedback.

Shaun shared how Minut has helped him maintain a peaceful environment in his properties, which guests appreciate and often mention in their reviews. Tyler noted that these features have also made his guests feel more secure and cared for, driving positive reviews.

💡Prefer to watch rather than read? Our full webinar is available on Youtube, right now. 

To measure ROI effectively, you need to go beyond savings 

Understanding and effectively measuring ROI is not just about financial returns, it’s about optimizing operations, improving guest experiences, and fostering positive community relations.

To achieve stronger ROI and operational efficiency, follow industry leaders like Shaun and Tyler in leveraging cutting-edge technology to streamline operations, enhance guest satisfaction, and ultimately drive greater returns on their investments.

Ready to join 50,000 property managers in protecting their rentals with Minut? Find out exactly how much you could be savings with Minut's vacation rental savings calculator, or simply Book a demo today, we’d love to discuss how we can help you.