8 Top Takeaways from Operate
Operto’s first-ever Operate event was a resounding success! With a bold vision and ambitious goals, we aimed to create an event that would bring together property operators, key partners, and industry leaders to share specialized content to enhance operational efficiency and excellence.
Throughout the one-day event, we held nine dynamic sessions, featuring 14 expert speakers who shared their invaluable knowledge and experiences. These sessions attracted hundreds of attendees from across the globe, all eager to learn, network, and grow.
With a core focus on content to maximize revenue, build operational efficiency, and scale short term rental businesses, these sessions covered everything from insightful market data and strategic marketing tactics to leveraging technology, growing revenue through upsells, streamlining housekeeping and maintenance operations, and much more.
If you weren’t able to attend live, don’t worry! We’ve summarized some top takeaways from Operate below, and you can watch the full session recordings to learn more.
Access the full session recordings to hear all of the takeaways from Operate.
1. Rising occupancy rates indicate strong recovery in the U.S. hospitality market
Jamie Lane, VP of Analytics at AirDNA provided key insights into navigating the U.S. hospitality market in 2024, emphasizing the industry’s recovery amid economic fluctuations. As interest rates rise to curb inflation, short term rental (STR) businesses face increased borrowing costs. However, robust consumer spending and a resilient travel market support industry growth. Occupancy rates are nearing pre-pandemic levels, with an increase in new STR openings in major cities, reflecting confidence in the market’s potential.
Lane stressed the importance of flexibility and adaptability for property managers. As occupancy rates, average daily rates (ADR), and revenue per available room (RevPAR) improve, property managers must remain vigilant against economic uncertainties and external factors. Leveraging technology and data analytics, and focusing on sustainability and innovation, will be vital for optimizing operations and enhancing guest experiences in this dynamic environment.
2. Personalization and transparency are key to boosting guest engagement
Jenn Boyles, CEO and Founder of Direct Booking Success, and Arthur Colker, CEO of StayFi, shared innovative marketing strategies for the hospitality industry. They discussed the value of creativity within regulatory boundaries, highlighting how storytelling and visual elements can improve marketing campaigns while complying with data protection laws. Personalization is valuable, as using guest data to tailor experiences, offers, and rewards can significantly boost guest satisfaction and loyalty.
Lead magnets attract potential guests by offering valuable content in exchange for their contact information. Examples include guides, itineraries, or checklists. When visitors sign up, they receive the content and join your email list, allowing for targeted marketing. This builds trust and engagement, positioning your brand as a helpful resource. This strategy attracts new guests and encourages repeat bookings. StayFi’s Wi-Fi product captures guest data, while Direct Booking Success suggests using tailored content. Implementing these strategies converts visitors into loyal customers, driving more direct bookings and reducing reliance on OTAs.
3. Understand the full potential of your property management system for maximum efficiency
Maximizing efficiency with your property management system (PMS) is an important factor for success. Kyle Holmes of Streamline highlighted six considerations to help property managers achieve this. Understanding all features of your PMS is essential to uncover tools that streamline operations, while effective communication through a PMS adds value to the guest experience and keeps internal teams and owners updated in real time.
Holmes also discussed the positive impact of simplifying property care and accounting processes with automation and integrations. Balancing additional tools with your PMS can further boost efficiency. Continuous improvement through regular training and staying updated with industry trends ensures sustained operational excellence.
4. Effective upselling tailored to guest preferences can significantly increase revenue and ensure memorable guest experiences.
Upselling isn’t just about boosting sales; it’s about enriching the guest experience. Madison Rifkin, Founder and CEO of Mount, and Axel Persson, Director of Solutions Engineering at Operto, spoke about the benefit of understanding guest preferences for personalized upsells. High-value offers include early check-ins and late checkouts. Tailoring these offers based on guest profiles, bundling services, and presenting them strategically during booking or pre-arrival enhances satisfaction and revenue.
Engage guests early on, and integrate upsells into booking systems. Platforms like Operto and Mount can incorporate upsell offers into communication channels, making them easily accessible. Monitoring revenue metrics, guest satisfaction, and conversion rates help measure the success of upselling efforts. These strategies create memorable experiences, encourage repeat visits, and boost revenue and loyalty. A full list of suggested lead magnet examples to build your CRM is presented in the session recording.
5. Integrating smart locks into your operations is a modern solution to security and convenience.
Smart locks are revolutionizing vacation rental management by providing convenience and security. Integrating smart locks offers numerous benefits, such as remote access control, enhanced security with unique guest codes, and efficiency for managing staff entries. Jeff Iloulian, CEO of HostGPO, and Natalie Nicholls, Senior Account Executive of Operto, discussed how these features can streamline operations and impress guests with a smooth and convenient check-in process.
When selecting a smart lock system, consider the hardware options, 24/7 support, and the provider’s expertise in the short term rental industry. Ensuring your property has a reliable Wifi network, and using extenders if necessary, is crucial for seamless connectivity of your smart locks.
6. Adopting a visionary mindset and leveraging technology can lead to significant operational improvements and increased revenue.
Evan Kovach, General Manager of Mountain Creek Resort, shared valuable insights on maximizing improvements by challenging current constraints and envisioning ideal solutions. He explained how layering improvements onto existing processes may yield a 10-15% improvement; but by discarding limitations and brainstorming freely before addressing realities, a 30-40% improvement is possible. His team applied this approach to modernizing their lodging process, finding many innovative ideas already met by Operto’s comprehensive solutions, especially in housekeeping and guest experience.
Evan emphasized technology’s role in boosting efficiency and guest satisfaction. Leveraging Operto’s software, Mountain Creek Resort eliminated their front desk, simplified check-in, and reallocated staff to more personalized roles. This shift saved them over $110,000 annually on labor and overhead costs, improved service quality, and helped increase their average daily rate (ADR) by 22% year over year.
7. Implementing in-house training and performance-based incentives can significantly boost employee motivation and retention.
During “The Art of the Turnover”, Beth and Duncan Haldane of Your Key Rental Management, joined by Operto’s Corrine Harris, discussed staff retention and efficient new hire training. Initially outsourcing, they moved to in-house staff for better control and vision alignment. New hires, referred to as Guest Readiness Associates, receive on-site training in a dedicated facility before stepping into client homes, ensuring they understand best practices and the company’s vision. This approach fosters a deeper connection to the company’s standards and goals.
Beth and Duncan shared that the title “Guest Readiness Associates” was chosen to reflect the broader scope of responsibilities beyond cleaning, such as checking Wifi and ensuring property readiness. This role includes a career path, and motivating staff through various levels of responsibility. Implementing incentive programs during peak times, like the Calgary Stampede, has proven effective in maintaining high performance and attendance. These strategies help retain staff by recognizing and rewarding their contributions, creating a motivated and efficient workforce.
8. Develop a clear business plan, delegate effectively, maintain consistent branding, and leverage technology for efficient management.
Million Dollar Host, Julie George, shared valuable tips on structuring a successful short term rental business for freedom and growth. Her session was packed with actionable insights, showcasing how she managed 130 properties by maintaining efficiency within a 10-hour work week.
Develop a clear business plan, including a self-assessment to understand your strengths and weaknesses, setting specific goals, and detailing your business structure. Write out standard operating procedures for consistency and efficiency.
Focus on delegation. Work on your business, not in it. Incentivize your team’s performance with clear KPIs and rewards to ensure high standards. Maintain consistent branding and establish yourself as a local expert. Use social media, press releases, and a professional website to build a strong presence. For more insights into Julie’s success story, access Operate’s on-demand content and receive a free copy of her eBook!
Conclusion
Operto’s innovative technology, combined with the expert insights shared at our inaugural Operate event, provides a powerful toolkit for growth and revenue maximization. Operto’s smart solutions streamline operations, enhance guest experiences, and boost efficiency, allowing operators to stay ahead in a competitive market.
As the hospitality industry continues to evolve, Operto stands committed to being your growth partner, helping short term rental operators navigate challenges and seize opportunities for success.
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Access the full session recordings to hear all of the takeaways from Operate, and book a meeting with us to learn how to put them into practice.