Having a well-stocked rental property is vital to meeting guest expectations. However, with the constantly evolving expectations of short-term rental (STR) guests, it can be a complex task for property managers.
It’s not just about having the essentials on hand. Guests want more than the basics like towels, linens and toiletries. They expect the utmost comfort and convenience. Depending on how you market your rental properties, you might even have to provide luxurious linens or eco-friendly or sustainable stocks for them.
How do you balance your inventory and meet guest expectations at the same time?
In this article, you’ll learn how to maintain an STR inventory to meet the changing needs of guests while considering the fluctuating occupancy rates of STRs. You’ll get expert tips on inventory management and how you can streamline operations to ensure smooth turnovers and high guest satisfaction rates.
About Managing Short-term Rental Inventory
As a property manager, part of your job is to ensure all rental properties are equipped with enough supplies to make every guest experience comfortable. Among the items on the list are towels, toiletries, linens, beddings, kitchen essentials, coffee or tea, snacks and cleaning products. This may even include small appliances.
You’re responsible for managing the short-term rental inventory while optimising costs. This presents a couple of challenges.
Meeting different guest expectations
Guests have different preferences based on their travel purposes. For instance, a business traveller would prefer having WiFi, coffee/tea amenities and comfortable workspaces. Vacationers expect a fully equipped kitchen, soft towels and luxurious linens.
Another thing to consider is sustainability. Eco-conscious travellers are more vocal about using sustainable amenities. This adds another layer of complexity to the whole process.
Identifying the right amenities to offer guests can be challenging and it requires expertise and a deep knowledge of the target market.
Inconsistent occupancy rates and demand
Short-term rentals have fluctuating occupancy rates and demands. It’s hard to predict the stock level required for rental properties.
Consider the seasons when determining the stocks you’ll keep in your inventory. Overstocking during off-peak seasons might tie up resources and space. Understocking during peak seasons might negatively affect guest expectations and lower satisfaction ratings. Make sure you have contingencies in place and buffers during peak seasons.
Limited storage and turnover period
Space can be an issue for rental properties in urban areas like London. Keeping stocks in rental units isn’t always feasible. If you are managing several units, you might consider getting storage units to keep your inventory. However, this will be an extra cost and logistical layer to the whole property operations. It might also cause issues during tight turnovers.
Implementing efficient stocking is vital to ensure quick turnovers have enough amenities for incoming guests.
Quality control and damages
Stock and inventory management is crucial to ensure all amenities are maintained properly. Finding the right storage area for linens, towels, bedding, cleaning supplies, toiletries and perishable stocks like coffee and tea ensures their premium quality won’t be compromised. Giving damaged or poor-quality amenities will reflect negatively on your rental properties. Make sure you have a system in place for dealing with damages and missing items.
Expert Tips for Efficient Inventory Management
Efficient inventory management of STR stocks will streamline your property operations and protect the guest experience. It ensures the essentials are stocked and ready for the next batch of guests.
Here are tips you can use to implement efficiency and improve inventory management.
Create a standard list of essential items
Identify the essential items you should always have in stock. Have a list of what every property needs and another list where you can set the minimum quantity for each item (per guest, per stay). Among the items on the list are towels, kitchenware, toiletries, linens, cleaning supplies and basic kitchen staples. Set a system to ensure you never go below the minimum.
Take into consideration special amenities that might be requested by pet lovers, families with young children, business travellers, etc. Identify possible suppliers in case guests have special requests. These can be charged separately and you might be surprised by the positive impact this will have on guest satisfaction.
Use technology for inventory tracking
Technology makes property management easier. Find an inventory management system that can be integrated with your booking calendar and automatically calculate how many stocks are needed in the coming months. Choose the ones that can track supplies and alert you when it’s time to reorder. This will give you ample time to put in orders and arrange items so you have enough to restock rental properties.
Automating this will keep you from running low on essential items and allow you to focus on keeping properties ready for guests.
Build relationships with reliable suppliers and vendors
Work only with reliable suppliers who can be trusted to deliver your orders on time. Build a healthy relationship with the ones who can produce quality items, meet bulk orders without delay and offer competitive prices. Choosing the right partner will help streamline your operations and smoothen the inventory management process. They can help you out of tight spots - like when you need immediate stocks.
Plan for seasonal amenities
Take into consideration seasonal needs like fans during the summer or heavier covers during the winter. Check your inventory and ensure these stocks are in good condition before the season comes. Replace damaged items way before they are needed.
Being proactive with seasonal needs will keep you from scrambling for supplies and ensuring the guests check in to a comfortable rental unit.
Outsource inventory management
Managing several rental properties can be challenging so outsourcing inventory management to a reputable third-party company may be worth considering. A professional service provider already has systems in place and storage space for all the supplies you need. Companies like Opago use state-of-the-art technology to monitor stocks and manage inventories.
When choosing a partner for inventory management, go for those who offer a comprehensive service that includes timely deliveries, quality assurance and commitment to sustainability. You want to ensure they have the same eye for detail and quality care as you would.
How the Right Inventory Improves Guest Expectations
Having the right inventory and being efficient with restocking supplies meets guest expectations - thereby improving the overall experience of their stay.
There are a couple of things you can do to impress guests further.
One example is personalising amenities. Invest in printing the name of your property management company on toiletries and having them embroidered on towels and linens. This adds a level of luxury and gives your supplies a premium quality to it.
You should also prioritise high-impact amenities. For instance, provide high-quality linens and soft bath towels. Make sure the kitchen essentials are complete. This will influence the guest’s impression of your management services and make their stay more enjoyable.
Sourcing locally-made amenities will also elevate your reputation as a sustainable property manager. Showing your support to local businesses and offering organic toiletries and eco-friendly household items aligns with the preferences of eco-friendly travellers.
Finally, make sure you focus on convenience. Guests choose short-term rentals over hotels because they want to feel at home. Provide small conveniences like a complete set of toiletries, a stocked kitchen, coffee and tea options and many more. Even the little things leave a huge impact on the guest experience.
Simplify Inventory Management to Improve Satisfaction
Balancing guest expectations with efficient inventory management optimises costs and maximises rental yields. Organise your item list and use technology to automate monitoring and tracking of supplies. Build relationships with suppliers so they can support you in restocking rental properties. By carefully planning your inventory, you can successfully meet expectations and improve guest satisfaction.
As a multi-property manager, these strategies will lead to better guest experiences, cost savings and higher return on investment. Use inventory management tools and consider outsourcing services to streamline the process further. Ensure all your rental properties are fully stocked and ready to receive and impress the next guest.
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