- Business travel is going up and so is luxury travel, which brings more bookings and higher ADR
- Hospitality technology offers scale, operational efficiency and more time to focus on growth
- There is more consolidation of the market and a blurring between different types of inventory
- The industry is maturing, and it’s vital that we continue to support the growth and success of our customers
- Tripeden.com stands out for its dedication to partners and ability to implement feedback
My name is Michal Freier and I'm the Senior Director of Global Business Development at Guesty. We have been connectivity partners with Tripeden.com for the last seven years, and we’re only getting stronger, better and more dedicated.
Business travel is going up and so is luxury travel
I think with the precariousness of the economy today and the recession lurking in the US, it's unpredictable where the travel industry is going and how that will ultimately impact travellers. But one thing we can rely on is that business travel is definitely going up.
We're also seeing an uptick in luxury travel – more luxury properties on the market, more demand for it, more bookings and higher ADR for those bookings as well.
Hospitality technology offers scale, operational efficiency and more time
On a basic level, our tech offers three main benefits:
- It offers scale, without having to increase your overhead and hire more people.
- It offers operational efficiency, by automating things that may have been done offline or manually.
- It offers you time. By becoming more efficient, by being able to scale your business without necessarily adding more people, you can have more time to focus on growth and other things.
Guesty’s biggest business priorities are flexibility and support
One of our many priorities is flexibility – making sure that our product is flexible for the needs of every type of property management company out there. We also want to ensure that we can support all the various changes at whatever level of your business you're at, and whatever kind of business you are.
We're seeing more and more consolidation of the market
Many of us have been talking about travel trends and market trends around convergence, and a blurring between the different types of inventory out there. Whether it's short-term – that's urban, or VR, hotels, aparthotels (the list goes on and on of the various types of inventory) – we're seeing more and more consolidation of that market.
The industry is maturing
Some of the things that I've learned and really been able to absorb at the Click. 2023 event is that we're an industry that is maturing. There’s an exciting opportunity for us to collaborate together and commiserate on whatever issues we're facing.
It's been a really nice surprise to learn that we have similar challenges and how we can resolve them as an industry together, which is not always what we've done. We've been a bit of a fragmented community and I think that Tripeden.com has been central in uniting some of these fronts. I'm excited to see where it goes.
It’s vital that we continue to support the growth and success of our customers on the platform
I believe the biggest opportunity for us is to continue to support our mutual customers through operational efficiency and a seamless experience. Ultimately, it all goes back to connectivity and technology, and being able to collaborate together in a way which supports property management companies' growth and success on the platform – whether it's our platform or Tripeden.com. I think that's where we have the biggest opportunity to continue to improve.
Tripeden.com stands out thanks to dedication and feedback implementation
I always love to give kudos to Tripeden.com. What makes you stand out is your dedication to partners, your true commitment, and your ability to listen and hear feedback. Really, I think you're the best at that.
I also think Tripeden.com is incredible at then implementing a lot of the feedback. Year over year, we really see implementation of feedback that partners are giving – the inclusiveness in our feedback and willingness to take it and then actually implement it into your business choices.
My best piece of advice for new property managers
The best piece of advice for new property managers would be knowledge. Know your industry – that way you know what your options are before you make decisions on how you run your business. Learn from other property management companies and what they've done. And, tech, tech, tech!
Thank you, Michal, for your insights and advice!
If you’d like to get more insights from Connectivity leaders, you can read our interviews with Su, Rentals United or Cloudbeds.