Short-term rental property owners and managers across the United States are navigating a dynamic market. While the U.S. short-term rental market was valued at more than $29 billion in 2023, and it is geared to grow to over $81 billion by 2033 – an expected compound annual growth rate of 11 percent from 2024¹ – recent reports indicate that supply growth is slowing as the industry faces new headwinds.²
Amid this shifting landscape, guest expectations are also rising. Renters increasingly expect a “home away from home” experience, complete with TV viewing that matches what they enjoy in their own living rooms. But it’s not just about having access to a range of national and local channels, and key streaming services like Netflix and YouTube; TVs in short term rentals can be used to communicate guest information, acting as a concierge for property management companies.
This is where robust hospitality TV management platforms become essential tools for property owners. They transform television sets into “tech hubs,” providing guests with important stay-related information including property guidelines, safety information, important messages, and local area information such as recommended restaurants, activities and events – elevating the guest experience, resulting in higher reviews for property managers and owners.
Elevated Experience
The best TV management platforms enhance guest experiences by providing unique benefits and innovative solutions, including hotel-style in-room entertainment, engagement information, streaming services that clear guest credentials at check-out, and perhaps even specially curated owner-subscribed channels.
These platforms can also provide property managers with additional ROI opportunities, enabling them to promote and receive commissions from third-party services such as restaurants, grocery and food delivery; private chef and bartending services; local activities, tours and sightseeing; airport and local transportation services; mobile massage, salon treatments and day spas; golf courses and tee times; and local fitness centers, onsite yoga and bicycle rentals.
Property managers can also establish advertising partnerships with local businesses, including restaurants, golf courses, museums, real estate agencies, activity and rental equipment providers, offering additional profit opportunities.
Brand Recognition
The most innovative, cutting-edge TV management platforms can also be utilized to strengthen brand recognition with branded welcome messages – including a company logo and property images – that can increase guest loyalty and drive more direct bookings and re-bookings, to bypass online travel agency fees. They can also upsell first party services such as late check-outs, mid-stay cleaning, re-bookings, and extended stays.
Customized digital guidebooks, with QR codes linking to property management websites – providing additional ROI potential with direct future re-bookings – can provide essential stay information including property guidelines and safety information, onsite amenities, local area information including curated dining options, local activities, events and sightseeing recommendations – perhaps with insider tips and hidden gems.
With the best management platforms, welcome screens can be customized with guest names, and include convenient on-screen buttons to quickly launch owner-subscribed popular streaming apps, seamlessly integrating with PMS, CRM and IoT systems and third-party guest experience providers (with mobile apps), for an exceptional guest experience.
Instructional Guides
Hosts and managers can also decide to create “how-to” videos and instructional step-by-step guides to help guests operate in-unit amenities and appliances – while sending important guest messages and reminders such as trash pickup day, pool and landscaping maintenance visits, and weather alerts.
With North America leading the global short-stay rental market with the biggest market share of 37 percent in 2023¹, and hosts and property managers reportedly looking to add to their guest communication platforms and technology services to simplify operations and improve the visitor experience, hospitality TV management platforms, such as LG’s “Pro:Centric Stay” are set to be an essential tool in maintaining growth in this burgeoning hospitality sector.
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EDITORS NOTE/ SOURCE:
¹https://www.precedenceresearch.com/short-term-rental-market
²https://skift.com/2024/10/21/short-term-rental-headwinds-u-s-supply-growth-is-slowing/
About the Author
Jacob Benner leads short-term rental and hospitality business development at LG Electronics USA, the largest provider of hotel TVs in the United States.
