Optimize and earn more from your corporate housing software!
2020-21 has been a difficult test for the property management industry, especially temporary housing. The unprecedented COVID pandemic has thrown the short-term housing market on the brink. But it also forced property managers and owners to rethink and find new ways on how they can handle their business efficiently. To boost revenue, property managers started relying on corporate housing software to optimize their property to the maximum and earn more from existing income streams.
With vaccination drive in full swing, temporary housing is likely to run on its maximum in the coming months. No wonder, growth, increased earnings, and staying ahead of the curve are on the top priority of management and owners.
Acquiring new properties seems to be the easiest way to grow your business. But it’s a daunting task.
What if you can optimize your existing revenue streams and expand your portfolio? Leveraging and monetizing your partner’s portfolio, cutting down operational cost with automation, eliminating OTA commission, selling lucrative perks all while simplifying process for increased guest satisfaction.
It may sound like a lot of work and tech expertise.
That’s not true!
On the flip side, it is easier and less risky.
6 ways managers and owners can add revenue streams to temporary housing:
Boost revenue with Live Inventory listing and Reservation:
While rental managers should focus on boosting additional revenue streams, it is equally important to plug in any income leakage. That’s the reason, there is a growing need for setting a live reservation solution on your website.
It can save thousands when compared to third-party booking platforms which drain a major share of your profits with commission money. Furthermore, your guest can enjoy the same services and amenities but at a lower rate; which will likely turn them into repeat guests.
It also shortens your sales process. Everything can be completed online through the widget. Your guests can select the exact rental by location, price, unit type and choose from optional services like parking or housekeeping and so. Moving forward, guests can sign the agreement online, and make a secure payment with just a few clicks. It’s that simple!
Zenya, reservation management software, makes it super fast. Corporate housing providers need not have to dedicate an IT staff for setting up. With a single line of code, the reservation widget can be up and running within minutes allowing guests to complete the reservation process directly from the website. You can continue enjoying your existing software as Zenya booking widget integrates with most reservation systems.
Create Your Ecosystem And Monetize Your Inventory
If you’re looking for an easy way to increase your temporary housing revenue, a straightforward tactic is expanding your inventory list by leveraging your partner’s property units. An expanded portfolio gives more choices to the guest to reach the exact rental unit. It leads to better conversion by fulfilling any guest needs on your platform resulting in long-term customer loyalty and increase revenue.
Furthermore, it may leave you thinking will it involve a lot of work in setting up, right? But it’s a matter of few minutes and few configurable codes.
Corporate housing software like Zenya allows a rental business to expand the inventory list by showcasing their and partner’s inventory without any tech expertise. With few configurable codes, you can have this functionality on your website. It tracks, manages your and partner’s property unit and prices in real-time to avoid double booking and cancellations.
Leverage Upsell opportunity
With no sales effort, if you can build a new revenue stream, does it sound like a piece of cake?
Zenya’s revenue management solutions allows unique cross-sell opportunities to its customers. Leveraging its ecosystem, you can now directly sell to other Zenya customers, creating an additional revenue stream. For this, you do not require any configuration or tech expertise.
Automates Almost Everything That Is Required To Manage Your Property
Does your workday To-Do list consist of juggling applications, websites, and spreadsheets? Are you able to efficiently manage multiple inventories, increasing guest satisfaction, & invoicing and payment process? Manual processes are often inefficient processes; impossible to track on a larger scale; neither scalable nor repeatable and can expose your business to unnecessary risks.
What if you can put your work on autopilot mode and remotely manage everything from one place?
Zenya automation helps our customers lower their operation costs, eliminate errors, and scale their business by automating multiple workflows for sales, operations, and finance teams by deploying a catalog of pre-defined 100+ automation rules with a single click. Most day-to-day operations like rent collection, invoicing, task delegation, and service requests can be on autopilot mode.
Research On Desirable Amenities And Additional Services Guests Are Willing To Pay:
Another easy way to increase your temporary housing earnings is to provide amenities guests are willing to pay more. But the real challenge lies in understanding which amenities and services are worth spending your time and money on. You need to ensure you don’t spend on extra amenities and services which your guests don’t want.
By doing competitive research you get to know which amenities do your competitors offer that you don’t. It gives you an edge over your competitors and helps you justify a higher rate to potential guests. Adding quality furniture and furnishings, televisions with entertainment packages, high-speed internet connections, modern kitchens with coffee machines, and other amenities can make their stay extraordinary.
To make your property stand out from the rest, you can go one step further to delight your future guests by offering additional services like contactless check-in. It will ensure a memorable stay and a possible repeat stay. Corporate housing software like Zenya simplifies the pre-arrival process and reduces check-in time by 50%.
Contactless check-in simplifies the check-in experience for busy corporate travelers. Guests can check-in from anywhere, empowering guests with control, convenience, and a modern check-in experience. Your guests have to fill in their details using a link on text message or using an app, scan their ID, e-sign the registration form, and just collect keys on arrival. It’s that simple. Not only it improves guest satisfaction but also lowers staff workload so that they have more time for guest engagement.
Add Flexibility, Sell Perks Like Late Check-Out And Other Upgrades
Selling perks is yet another smart way to generate an additional revenue stream for your temporary housing all while providing flexibility to your guests. Like Hotels, you can sell perks like early check-in, late check-out, or mid-stay cleanings and ask for a nominal fee. You can not only earn more but also provides flexibility that boosts the guest experience.