Round-Up: HomeToGo Smashes 2023 Financial Goals, Hospitable Launches Connect, Abode Worldwide Releases Tech Tools Directory

Uvika Wahi

Round-Up: HomeToGo Smashes 2023 Financial Goals, Hospitable Launches Connect, Abode Worldwide Releases Tech Tools Directory

HomeToGo Outperforms 2023 Projections, Sets New Booking Revenue Record

Key Takeaways for Vacation Rental Managers:

  • HomeToGo, a marketplace for vacation rentals, has surpassed its financial goal for 2023 (also known as Adjusted EBITDA), marking a shift from a loss of €20.7M in the previous year to a break-even status. 
  • The company’s revenues, based on the International Financial Reporting Standards (IFRS), have seen an impressive 10% year-on-year increase, reaching €162M. This is at the upper end of their projected revenue growth, indicating robust financial performance and promising prospects for future profitability.
  • The Subscriptions & Service division of HomeToGo has performed notably well. This sector provides essential tools and software for short-term rental operators, including Smoobu, e-domizil, and Casamundo, contributing to approximately 22% of the total IFRS revenues for the group. 
  • In 2024, this business segment will be rebranded as HomeToGo_PRO, a new B2B brand that will concentrate on providing SaaS (Software as a Service) solutions specifically for the vacation rental industry.
  • In terms of booking revenues, HomeToGo set a new record in 2023 with a total of €190.1M. Furthermore, the company has already secured €37.5M worth of bookings for 2024. This suggests increasing demand for HomeToGo’s services, signaling potential for even greater revenues in the upcoming year.
  • Finally, the CPA (Cost Per Acquisition) Take Rate, which represents the amount HomeToGo earns from each booking, reached a new annual high of 10.9% in 2023. This improvement is credited by the company to enhanced partnerships and conditions, demonstrating that HomeToGo is maximizing its advertising expenditure and becoming more efficient in its operations.

About HomeToGo:

  • HomeToGo is a vacation rental marketplace that offers millions of accommodations from thousands of partners worldwide. 
  • Founded in 2014, the company operates as a search engine that aggregates vacation rentals from various sites, allowing users to browse and book their ideal holiday accommodation from a vast selection of inventory.
  • The company runs 23 local apps & websites across Europe and North America.
  • HomeToGo_PRO, its B2B business segment, provides innovative Software & Service Solutions, including subscriptions, with a focus on SaaS for vacation rental supply.

Uvika’s View:

  • HomeToGo’s strategic steps in 2023 demonstrated its adaptability and forward-thinking approach, both undoubtedly key factors in this positive financial performance.
  • A key driver of HomeToGo’s revenue is its onsite booking model, which appeals to vacation rental managers by offering them greater control over their bookings. To connect their listings to HomeToGo and reap the benefits of this model, managers must use a Property Management System (PMS). HomeToGo’s software and subscription products, such as Smoobu, serve this purpose, creating a positive revenue cycle for the company.
  • The company’s introduction of AI Mode aligns with the increasing demand for personalized, seamless booking experiences, demonstrating a keen understanding of evolving customer expectations.
  • Its partnership with GetYourGuide further expands its service offering, integrating multiple aspects of travel planning into one platform, creating a harmonious, convenient user experience. Travelers can now discover top attractions, tours, and activities at their chosen destination within their HomeToGo booking details and post-booking email. 
  • HomeToGo’s acquisitions in 2023, specifically the majority stake in KMW Reisen GmbH and Super Urlaub GmbH, demonstrate its focus on catering to emerging travel preferences such as urban travel (city breaks) and wellness tourism.
  • Additionally, HomeToGo’s partnership with SQUAKE addresses the growing discernment among travelers for sustainable choices. By integrating carbon offsetting options into its platform, HomeToGo enables vacation rental managers to offer environmentally conscious solutions to their customers, aligning with the increasing demand for sustainable travel experiences.

Hospitable Launches Connect: Opening Direct Path for Tech Providers to Airbnb

Key Takeaways for Vacation Rental Managers:

  • Hospitable Connect, a feature introduced by vacation rental software provider Hospitable, allows third-party tech platforms to access online travel agents (OTAs) such as Airbnb without needing an integration.
  • Industry tech vendors can now use Hospital Connect, which builds on the company’s API, is a free tool that lets hosts and managers connect their Airbnb listing(s) to the vendor’s app quickly.
  • Before, many advanced tech tools were out of reach for hosts and managers unless they had a Property Management Software (PMS) subscription. These tools needed a connection with a PMS to access listing data from platforms like Airbnb.
  • Larger property management companies, with the resources to justify a PMS subscription, had exclusive access to these tools. They could use them to streamline operations, optimize pricing, manage bookings, and more, giving them an advantage over smaller competitors
  • However, Hospitable Connect allows tech tools to connect directly with Airbnb, bypassing the need for a PMS. As a result, even short-term rental managers without a PMS subscription can now access these advanced tools. 
  • This opens up opportunities for them to customize their tech stack according to their specific needs, helping them to resolve issues more efficiently and enhance their operations.
  • Tech vendors for short-term rentals can now access crucial host data in real-time, such as listings, reservations, and historical channel data. This helps them grasp customer needs, refine services, and broaden offerings. Consequently, rental managers enjoy more tailored and efficient solutions from these tech vendors.

About Hospitable:

  • Hospitable is a Property Management Software (PMS) designed to boost efficiency and productivity in the short-term rental market. 
  • Leveraging AI technology, Hospitable enables hosts to automate up to 90% of guest communication, ensuring prompt and efficient responses. It also provides automated notifications for team members, eliminating the risk of overlooked cleaning schedules.
  • Hospitable’s synchronized calendar works across multiple booking channels, ensuring seamless operations and maximum occupancy.
  • The tool also allows hosts the ability to create their own direct booking websites. 

Uvika’s View: 

Here’s why tech vendors might be interested in this free offer:

  1. Access to Valuable Data: Hospitable Connect provides tech vendors with access to valuable host data, including real-time listings, reservations, calendars, and historical channel data. This data can help vendors better understand customer needs, refine their services, and expand their offerings.
  2. Cost-Effective Solution: Hospitable Connect offers this access for free, eliminating the need for vendors to invest in costly integrations or partnerships.
  3. Increased Exposure: By connecting with Airbnb through Hospitable Connect, tech vendors can potentially reach a larger audience and increase their visibility in the market.

Short-term rental managers can also benefit from this arrangement between Hospitable Connect and tech vendors:

  1. Greater Tech Accessibility: With this integration, rental managers can access a wider range of tech tools that were previously only available to larger property management companies. This can help them solve specific problems and improve their operations.
  2. Customized Tech Stack: The ability to access more tech tools means rental managers can build a customized tech stack that suits their specific needs and budget. This can make their businesses more efficient and competitive.
  3. Improved Services: As tech vendors gain access to valuable host data, they can enhance their services to better meet the needs of short-term rental managers. This could lead to more effective solutions and improved customer satisfaction.

Abode Worldwide Unveils Handy Directory of Tech Tools for Short-Term Rental Managers

Key Takeaways for Vacation Rental Managers:

  • Abode Worldwide, a prominent PR firm in the hospitality sector, has released its first-ever Short-Term Rental (STR) Tech Index, a free-to-download guide outlining various technological tools revolutionizing STR management.
  • The Index serves as a directory highlighting the spectrum of technologies designed to optimize every facet of STR operations – from property management and marketing to enhancing guest experience and ensuring robust security systems.
  • The Index aims to aid property managers in managing multiple tasks seamlessly by showcasing a broad range of technology solutions categorized under specific operational areas.
  • The report identifies a multitude of tech solutions that boost operational efficiency and scalability, including all-encompassing property management software and platforms dedicated to enriching guest experiences.

About Abode Worldwide:

  • Abode Worldwide specializes in public relations and content for technology innovators in lodging, aiming to boost the authority of tech companies transforming the way people live, work, and relax.
  • Founded in 2017, initially focusing on innovative technology brands in short-term rentals, they now work across various lodging sectors.

Uvika’s View:

  • Abode Worldwide’s Short-Term Rental (STR) Tech Index is a tool designed to provide an overview of the technology landscape within the STR industry. This index does not offer an in-depth comparison of each tech tool but rather serves as a great general reference point for short-term rental managers seeking technological support for their operations.
  • VRTech used to be the go-to resource to learn about industry tech launches and winners, and had even created an exhaustive directory of their own. However, the project has been defunct since late 2021, and there was a notable void in the market. Abode Worldwide has stepped in to fill this gap to a degree, providing an updated and comprehensive guide that the industry was sorely lacking.
  • Industry insiders may already be familiar with many of the brands listed in the index. However, for short-term rental operators who are not as deeply ingrained in the industry, this index can serve as a valuable introduction to the technology providers in the space.
  • An important aspect that could enhance the utility of this index is the inclusion of a section detailing the methodology employed by Abode Worldwide in selecting these brands. Understanding the criteria used for selection can help reinforce trust in the index and provide additional context about why these particular brands were chosen.
  • Just a few days ago, boutique advisory and consulting firm AJL Atelier also released their Short-Term Rental Industry Landscape, claimed to be the “largest ever published and most definitive short-term rental industry landscape.”
  • This study maps out more than 450 of what AJL Atelier considers to be the “most important companies” operating in the short-term rental industry.
  • In addition to the STR Tech Index, Abode Worldwide also offers The Hospitality Conference Guide 2024, another resource that lists key industry events scheduled for 2024. This guide can be a helpful tool for professionals in the industry looking to stay updated, network, and learn about upcoming trends. 

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