How are you spending on 3rd party software?
Have you ever stopped to consider how much of your annual budget goes towards third-party software and apps? This includes pricing software, listing platforms outside of major ones like Vrbo and Airbnb, digital guestbooks, integration software, direct booking sites, camera subscriptions, and other types of subscriptions.
It's an interesting question that many people overlook when deciding between self-management and using a property manager. Let's take a closer look at how some individuals are allocating their resources:
User Stats
One user mentioned managing three properties and investing in various subscriptions such as Hospitable, PriceLabs, Intellihost for click rates and pricing optimization, Canva, OpenAI, and Houfy for direct websites.
Another user highlighted spending about $10,000 monthly on different services including PMS, pricing tools, automations like locks, web hosting, AirDNA pro, Docusign, EZCare, a Channel Manager, LSI Tools, and Slack. The user emphasized the value of these tools in streamlining operations and avoiding the need for additional employees.
User Stats
For a user managing multiple properties, the breakdown of monthly costs includes various essential subscriptions:
- Guesty for Hosts: $21/mo
- Ring Cameras: $20/mo
- Price Labs: $35/mo
- Hostfully Guidebooks: $20/mo
- REIHub: $23/mo
- Zapier: $20/mo
- SignNow: $16/mo
Considering the benefits these services provide in terms of efficiency and revenue generation, the total monthly cost of $155 is viewed as a worthwhile investment by the user.
User Stats
Reflecting on past experiences, a user mentioned managing around 14 short-term rentals and spending approximately $20,000 annually on software and apps. However, they eventually decided to exit the rental business.
It's evident that many individuals are investing significantly in third-party software to streamline their operations, enhance guest experiences, and drive additional revenue.
