Property Management Company Grows 180% After 6 Months With Hostaway

https://www.youtube.com/watch?v=WijkrNTj0pw

Tell us about your business

Since 2015, Park Place Properties has changed the face of property management with a full-service platform designed with the property owner’s success in mind.

We are a full-service property management and hospitality company that specializes in maximizing returns on short-term rental income.

With over 420 properties across Canada and the US, our team is highly skilled in market analysis of long-term, short-term and executive rentals in cities across North America.

From start to finish, we oversee each and every touchpoint of our client’s properties, including marketing, occupancy, maintenance and security with the goal to serve them in the best way possible.

What was your business like before Hostaway?

Our team consisted of 32 members, and we managed 150 listings before adopting Hostaway.

Our previous property management system was incomplete, and necessitated the use of various, unreliable third-party tools to fill in the gaps.

For example, our old software lacked two-way guest communication, automated invoicing, and the ability to create a direct booking website.

This has all been consolidated by Hostaway’s integrated ecosystem, eliminating the need for third-party statements through QuickBooks and constant follow-up with guests for payment

What inspired you to begin looking for a new PMS?

Due to entering a major growth phase, we recognized that our current Channel Manager lacked the necessary capabilities to support our team and the increasing number of listings.

We needed exposure to multiple Online Travel Agencies (OTAs) and access to a robust API to automate internal processes and reduce workload.

With our inventory expanding, we desired an easy-to-use direct booking engine that seamlessly integrated with our PMS, without requiring external development.

Our requirements included:

• Improved reporting capabilities.

• Stable and reliable channel API connections.

• Integrations with additional channels to expand our listing reach, average daily rates (ADRs), and occupancy rates.

• A modern user interface (UI) and platform specifically designed for OTAs.

• A modern API that enables smooth data transfer to and from the PMS, streamlining and automating business processes.

• Minimal learning curve, allowing our team to quickly adopt the software without requiring specialized knowledge or extensive training.

We looked at 10+ alternatives and ultimately found Hostaway encompassed everything the others had and more, at a more affordable price.

What was your experience like getting set up on Hostaway?

Our onboarding experience with Hostaway was exceptional and personalized.

Andrew, the Hostaway representative, demonstrated extensive knowledge and patience while working with our team. He swiftly identified solutions to accommodate our unique business processes within the Hostaway platform.

In situations where immediate solutions were not readily available, Andrew promptly communicated with the development team and facilitated calls between our developers and Hostaway's team. This collaborative effort ensured effective navigation and ultimately led to finding suitable solutions.

What is your business like now that you’re on Hostaway?

After 6 months on Hostaway:

• Our team has grown to 55 staff members (72% growth) managing 420 properties (180% growth) across multiple platforms.

• We have expanded into 10 new markets.

• We’ve expanded from only using Airbnb & VRBO to 10+ OTA platforms, resulting in higher revenues and more clients onboarding

• Utilizing the API, we have successfully automated numerous common tasks.

• A direct integration with our accounting software allows us to automate the creation of end-of-month statements using precise reservation data.

• We have automated our weekly cleaning reconciliation process to ensure accurate payouts to cleaners.

Overall, we’ve seen improvements in our occupancy rates, ADR, average reviews, and staff morale (confirmed through an internal survey).

What do you find most useful about Hostaway?

The 3 most important aspects of Hostaway for our business are:

• The stability and reliability of the API connections to Online Travel Agencies (OTAs) were of the utmost importance to us.

• Hostaway provides excellent listing views that offer crucial information at a glance, eliminating the need to search through listings or units individually. This feature enables our team to quickly respond to changes across more than 10 channels.

• The user experience (UX) of the software is highly intuitive, making it easy for our team to learn and adapt to the system.

What’s next for Park Place? Any growth plans?

Next up, 1000 properties in 15 markets. From there 5000 in 30 markets.

Any advice to other property management companies that were in your place before?

1. Evaluate your existing tools and systems: Assess the effectiveness of your current tools and systems in meeting your growing needs. Identify any bottlenecks or limitations that hinder your operations.

2. Consider a comprehensive solution: Look for a property management platform like HostAway that offers an integrated ecosystem. Having a single hub that handles multiple functions internally can help streamline operations and reduce glitches associated with using multiple external tools.

3. Prioritize communication and payment processes: Ensure that the platform you choose supports two-way guest communication and offers streamlined payment and invoicing capabilities. This will help save time and effort by eliminating the need for third-party tools and constant follow-up.

4. Explore channel management and listing reach: Consider a platform that provides access to a wide range of Online Travel Agencies (OTAs) and integrates with multiple channels. This can help increase your listing reach, boost Average Daily Rates (ADRs), and maximize occupancy rates.

5. Focus on user experience and ease of use: Look for a platform with a modern user interface (UI) and intuitive design. A software solution that is easy to learn and adapt to will help your team quickly onboard and use the platform efficiently.

6. Seek personalized onboarding and support: Prioritize platforms that offer personalized onboarding experiences and responsive customer support. Having knowledgeable representatives who can understand your unique business processes and provide prompt solutions can greatly facilitate a smooth transition.

7. Utilize automation and integrations: Leverage automation capabilities and integrations offered by the platform to streamline and automate common tasks. This can help reduce manual workload and increase operational efficiency.

8. Plan for scalability and future growth: Consider your company's long-term goals and ensure that the chosen platform can scale with your business. Look for flexibility and extensibility to accommodate your evolving needs and unique processes.