Vacation rental property management software: 2024 shopping checklist

Before you start your software-shopping journey, it's essential to understand your basic requirements and objectives. Begin by addressing these key questions:

• What are my business needs? Consider the number of properties, locations, and types of properties in your portfolio.
• What's my total budget? Factor in all costs, including software fees, listing fees, and additional technology or integration expenses.
• What current challenges do I need to address? Identify any shortcomings of your current software and potential areas for improvement.
• What are my business goals? Define your objectives, whether it's retention, growth, owner acquisition, occupancy, and so forth.
• What features are most important to my business operations? Your business likely needs more than just a vacation rental calendar software; review the list of key features below to consider what areas are a priority for your business.

Once you have a clear understanding of your needs and goals, you can evaluate software options that align with these criteria. Then, review key features that are crucial to running a successful vacation rental property management business. 

Here are the top features and attributes to consider when shopping for the best vacation rental software for your business.

   1. Experience, reliability, and continued investment

Choosing a vacation rental property management software is a big decision. With many new software provider options popping up and a lot of consolidation in the industry, it's important to select a provider with a proven track record. Look for a software partner with deep experience in the vacation rental market, continuous investment, and robust backing to ensure they will be around for the long haul. Experienced and reliable software with excellent uptime and secure data management is essential to keep operations running smoothly. 

   2. Fully featured

Your property management software should not just cover all the functionality your business requires—it should excel in each one. Avoid solutions that offer features merely as checkboxes on a list. Instead, look for comprehensive tools that enhance your operations and improve efficiency across the board.

   3. Trust accounting

To ensure precise handling of guest payments and owner payouts, trust accounting software is the most important component of a property management software system. Given the complexity of property management accounting and stringent industry regulations, it’s imperative to have a proven and trusted system you can rely on. The right PMS accounting system helps simplify month- and year-end processes for greater operational efficiency and ensures compliance with industry regulations, saving time and reducing the risk of errors.

   4. Channel management and distribution

Extensive channel manager capabilities are vital for maximizing visibility and bookings. Ensure the software connects seamlessly with top booking sites, expands your reach to smaller niche audiences, and synchronizes information across all to reduce manual entry. And it’s important that fees and costs associated with each channel are clear and transparent. Be sure to pick a software that can add percentage fees per channel to cover your costs to distribute!

   5. Rates and pricing capabilities

Pricing is a top consideration for travelers when booking a property, which means dynamic vacation rental pricing is essential for maximizing revenue. Choose a software that allows you to set future rates accurately and strategically in minutes. Look for a flexible system that allows you to set pricing conditions based on factors such as days of the week, holidays, and vacancy gaps, and the ability to incorporate coupons. Additionally, prioritize efficiency with features that enable quick rate adjustments through bulk update capabilities and access to market data. 

   6. Centralized communications

Effective communication is crucial for guest satisfaction and operational efficiency. Choose software that centralizes both external and internal communications, supports multiple guest communication platforms (including email, text, and call forwarding), and offers templates to simplify, brand, and personalize interactions within a single unified inbox.

   7. Automation capabilities

Automation is key to modernizing operations and improving efficiency. Look for software that offers automated booking management, task scheduling, and templated communications. These features reduce manual workload, minimize errors, and ensure consistent quality.

   8. Field team management

Seamlessly managing teams in the field such as housekeeping and maintenance are key to ensuring guests arrive to perfection. Look for software that facilitates on-the-go management, allowing your team to stay connected and efficient, no matter where they are.

   9. Reporting

Comprehensive and easily accessible reporting is crucial for staying informed about your business performance. Look for software that offers customizable reports tailored to your needs and easy-to-access dashboards, saving you time, and providing valuable insights to guide business decisions. And don’t forget about owner reporting! A self-service owner dashboard can simplify reporting and help owners feel involved in the day-to-day without requiring more work from your team.

   10. Guest hospitality

Enhancing the guest experience is essential for repeat business and positive reviews. Ensure your software provides guests with easy access to reservation details and custom content before check-in, during their stay, and after checkout.

   11. Expandable features

As your business grows, your technology needs will change. Choose a platform with partner integrations that can help expand your business with more robust functionality such as advanced reporting, CRM, marketing tools, home automation, insurance, payments, and more. Seamless connections and strong relationships across top technology providers gives your business more flexibility while ensuring a cohesive, efficient system.

   12. Scalability

Your software should support your business needs as you expand without issue or concern. Look for scalable pricing options that accommodate businesses of all sizes, robust infrastructure that handles an increasing number of vacation rental properties and users and ensures smooth operations even for the largest companies.

   13. Customer support and training

Exceptional customer support and comprehensive training are vital, though often overlooked during the buying process. Opt for software that offers extended support hours and knowledgeable local support agents. Ensure there are multiple contact options, including phone and email, because sometimes you just need to talk to someone. This accessibility ensures you get the help you need when you need it.

   14. Onboarding assistance

Smooth onboarding is crucial for a successful transition to new software. Choose a provider that offers dedicated onboarding support, guiding you through the setup process for quick and efficient implementation.

   15. Performance

Not all software systems are created equal—some perform better than others on booking sites and direct channels due to the quality of their connection and functionality. Evaluate how current property managers using the software are performing. Consider the size and growth of their operations and their success on top booking channels. This insight can help you gauge the potential impact on your business and if the software is powerful enough to help you reach your business goals.

With so many property management systems available on the market, it’s essential to carefully review each feature on this checklist to find the best PMS for your short-term rental business. To help you decide, here’s a chart that shows how Escapia meets each of these key criteria. 

Escapia is best suited for vacation rental property management companies who:

• Manage 50+ short-term rental properties
• Operate in the US, Canada, Mexico, Caribbean, Australia, or New Zealand

Discover how Escapia fuels customer growth in this new case study from Vrbo Partners. Vacation Rental Collective (VRC) grew from 20 to 750 properties across 18 locations since partnering with Escapia in 2011. VRC credits Escapia’s trust accounting, Performance Dashboard, and Rates Manager solutions for their success. Read the full case study here.

"We manage more properties than most vacation rental property management companies, and Escapia's flexibility allowed us to tailor solutions to our portfolio..."

- Mary Beth Miles, Vacation Rental Collective