Israel / US: Property management platform Guesty, which automates and streamlines all complex operational needs accompanying short-term rental management, has announced that it has acquired another leading property management software in MyVR.
According to Guesty, the deal “effectively makes the company the largest short-term rental property management platform worldwide”.
Guesty’s investment showcases the promise of 2021 as the short-term rental ecosystem – and travel as a whole – recovers from an unprecedented year of hurdles and adjusts to new consumer behavioural patterns, trends and expectations that are a direct result of the pandemic.
That includes the surge in upcoming bookings the company has witnessed due to overall pent-up demand to travel and a more robust user base of consumers now opting for private rentals over traditional hotel stays to avoid crowded common areas and benefit from the new reality that is blending how we work and live. This was cited by COO Vered Raviv Schwarz when she appeared as an expert panellist in ShortTermRentalz’ 2021 trends webinar in December.
Amiad Soto, co-founder and CEO of Guesty, said: “Our decision to acquire MyVR was a no-brainer. Like Guesty, MyVR is a Y Combinator alumnus.
“Their innovative team has developed a cutting-edge product that will help power our growth and bring more standardisation to the space.
“The future looks bright; there is no question that travel is recovering. Our growing team will be there every step of the way continuing to power the diverse businesses of professional hosts and property management companies pioneering the next generation of alternative accommodation across the globe,” he added.
Both the Guesty and MyVR platforms will continue to operate independently and customers of both companies will experience no changes to the product and services from which they are currently benefiting.
Over time, they will have access to a “more robust technical offering” and a larger team composed of the “brightest minds” working on the next generation of products and services to power their growth. The combined assets, proprietary technology and in-depth expertise of the two companies will strengthen their offerings with the goal of continuing to optimise smart property management across various market segments worldwide.
The acquisition will mean that Guesty is better positioned to cater to a broader customer base, quickly deliver more advanced features, drive increased standardisation, and develop deeper business partnerships within the dynamic short-term rental ecosystem – all while continuing to provide its users with the flexible tools they need to run their businesses from one centralised platform.
Guesty will also benefit from MyVR’s strong presence in one of its core markets – North America.
As part of the deal, Guesty will welcome the MyVR team to the Guesty family, all of whom will have a hand in continuing expansion efforts while complementing Guesty’s 90-person in-house Product and R&D team.
The company says that will be beneficial to users as recent Guesty data highlights that consumer confidence in travel is returning, with summer rental reservations in the United States outperforming that of 2019 pre-Covid booking volume by six per cent, and 2020 booking volume by 110 per cent.
This, coupled with the rise of digital nomadism, has resulted in work-from-home evolving into work-from-any-home, and means the short-term rental space is poised to recover quickly.
Jonathan Murray, co-founder and CEO of MyVR, said: “With vacation rentals and low-touch, independent boutique hotels being the preferred accommodation choice in a post-Covid world, there is no doubt that professional hosts and property management companies will increasingly seek proven, modern, innovative tech partners to help deliver on the demands of travellers within our rapidly expanding industry.
“We are excited to join the Guesty family and together become the choice market leader for property management, offering all the tech solutions users need, under one roof,” he added.
