3 min read

How security can help grow your business

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With short-term rental markets expanding worldwide, now’s the perfect time to grow your business. But as the industry heats up, so does the competition. To stay ahead, while avoiding costly setbacks, you need to establish the right security process.

Implementing the right security

There’s no perfect, one-size-fits-all security process out there for short-term rentals. Each process will depend on things like how many units you manage, where your properties are located, and what your biggest concerns are. 

But whether you’re onboarding your first property or your hundredth property, there are a few staple solutions every property manager needs to be using: guest screening, property monitoring tech and insurance. Guest screening scans every reservation for risks, property monitoring tech catches incidents before they blow out of proportion, and insurance covers your properties in case anything does happen.

How security can help

Without these safety measures in place, your properties will be left vulnerable, tying up your time and resources in the aftermath of any incidents. This makes it extremely difficult to scale your business. 

But by introducing a security process, you can protect your properties while improving productivity. Here’s how an efficient security process can help grow your business:

Fill your calendar

It may sound counterintuitive but having a comprehensive security process will actually open the door to more bookings. Most property managers rely on booking restrictions to filter out risky reservations, such as one-night stays, last-minute bookings and local guests. While these kinds of bookings do have a higher chance of ending in an incident, they aren’t always a risk. 

These kinds of bookings are only a problem when paired with other risky details, such as a failed credit card payment, a fake ID or a local guest. But these additional details are much harder to catch. With proper guest screening, you can rely on your security process to flag any of these additional risks, allowing you to accept bookings you normally wouldn’t.

No booking restrictions also means higher visibility for your listings, leading to more revenue for your business. 

Reduce expenses

Without a security process, your properties are vulnerable to parties, property damage, fraud and other issues. These are expensive incidents to recover from—the consequences often adding up to thousands of dollars. All of the revenue you earn from the reservation will be redirected into the costs of the incident, whether that’s cleaning, chargeback disputes or repairs. By always cleaning up after past reservations, you won’t have the resources or bandwidth to scale your business.

But with a security process, you can catch these incidents before they happen, significantly cutting down on your expenses and saving your team the time spent on repairing relationships, reputation and furniture. Instead, those resources can be invested into other aspects of your business.

Improve your reputation

Succeeding in the short-term rental industry is all about building trust between your brand and your stakeholders. To book guests and acquire more units, you need to present a professional operation, showing that you value the safety of your guests, neighbors, property owners and building staff. Without trust, no guest will stay at your property, no property owner will go into business with you, and your neighbors are much more likely to report you to bylaw for minor infractions.

Establishing a security process is a major step towards building that trust. By showing you put safety first, your reputation alone will bring in more referrals, not to mention return guests and owners who trust you with their properties.  

Enhance the guest experience

By introducing a guest screening process as part of your security, you’ll be able to collect information about the guest that you couldn’t get from the booking. For example, you could ask the guest to share their purpose of stay and a guest list.

This information helps you weed out any guests with bad intentions, but it can also improve your guest experience. For example, if you ask the guest for their purpose of stay and they tell you they’re traveling for their anniversary, you could leave a bottle of champagne for the guest at the property. Extra touches like this show you care about your guest and will result in more referrals and return guests.

Put security first

If you want to succeed in the short-term rental industry, one of the smartest decisions you can make is introducing a security process. It will help you mitigate incidents, open new bookings, improve your brand’s reputation, build meaningful relationships with your guests, and, most importantly, grow your business.

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