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Pillow is a true one stop shop when it comes to short-term rentals. With one simple platform, property managers can offer the incredibly attractive Short-Term Rental amenity to their renters and monitor & control all short-term rental activity. If that isn’t appealing enough, landlords can also leverage Pillow’s Vacant Unit module to manage and monetize vacant units.
A Long Term Short-Term Solution
A well run and efficient vacant unit program can help drive profits. With Pillow, landlords can rent out their empty units for a few nights at a time to make the most of this valuable asset. Pillow charges an 8 percent fee per completed reservation: the average property manager can make 10-30 percent more than typical market value by offering short-term rentals in addition to traditional leases. Take it from Brittany M. with Cramer Apartments:
“I can find a 20 percent premium to a traditional 12 month lease by utilizing a vacant unit strategy,” she said.
Pillow makes it easy
With Pillow, property managers don’t even have to open Airbnb. Just sign up for the service and Pillow will list your vacant units for you. You can utilize Pillow’s multi-calendar tools to keep track of all existing rentals and block off prime rental periods. Pillow will also send guest guides 24 hours prior to any reservations. With this feature, you can make sure that short-term guests have all the information they need for their stay. The guide will also make sure they are held to the same rules and standards you have in place for your tenants. Are you a non-smoking building? Want to enforce quiet hours? Do you have a policy in place for pets? In addition to what’s in your listing, the guest guide can clear up any confusion ahead of time to keep your renting experience stress free.
Make your calendar work for you
By 2020, Airbnb is set to be worth $31 billion. On any given night, more than 2 million people are staying in Airbnb units. Multifamily buildings are especially popular, as short -term rental clients appreciate the safety and security that comes with a trusted complex. Multifamily buildings also offer attractive amenities and are frequently located in desirable rental locations, like downtown areas. Take advantage of this rapidly expanding short-term market in a way that makes sense for you. With Pillow’s multi-calendar insights, you can choose when to offer rentals to maximize earnings during periods of peak interest. You can choose to put more units up for rent when there’s a big sporting event in town, for example, and tone down rental activity during the holidays or other times when you want a break. You’ll view in-depth reports on unit turnover to ensure that management is done in a way that’s efficient and timely. You can track all your vacant unit rentals in one easy spot. On the platform, you can also view post-checkout inspections, cleaning records and pre-check in inspection reports. Take advantage of this growing market, without taking up all your time.
A One-Stop Shop
In addition to monetizing your vacant units, Pillow can help you gain control and transparency over your tenants’ own short-term rentals. Whether or not you explicitly approve of short-term rentals, your tenants are likely taking advantage of the opportunity. In a recent study from the National Multifamily Housing Council, 43 percent of apartment firm leaders indicated that their residents have already listed their homes on short-term rental sites without their approval. With Pillow, your tenants will also have the opportunity to make some extra cash. You’ll get to enact controls , monitor the whole process and offer an attractive amenity to new tenants – all from the same service you’re already using to fill vacant units. Properties that utilize Pillow in their residential units will also receive a special pricing offer on offering short-term vacant unit rentals, in addition to earning 10 percent of all completed bookings made by residents.
Pillow is solving short-term rentals for multifamily properties, allowing building owners and property managers to have control and transparency over short-term rentals while enabling their residents to rent their units short-term on Airbnb. When someone books a short-term rental reservation with a resident, building owners are earning 10 percent of each booked reservation allowing them to invest back into their communities or help cover management expenses. Additionally, building owners receive daily and weekly short-term rental activity reports with key reservation information including dates, guests’ names and contact information. Landlords can also leverage Pillow’s Vacant Unit module to manage and monetize vacant units. With Pillow, landlords can rent out their empty units for a few nights at a time to make the most of this valuable asset. Pillow charges an 8 percent fee per completed reservation: the average property manager can make 10-30 percent more than typical market value by offering short-term rentals in addition to traditional leases. All in all, Pillow offers a one stop shop for managing short term rentals in multifamily buildings. With one service, you can offer your residents the flexibility to do the same and easily monetize your vacant units.
If you own a multifamily complex or management company and are interested in providing short-term rentals, email email@example.com or visit www.pillow.com.