US: Vacation rental technology provider TravelNet Solutions has announced that it has significantly increased the product and engineering resources committed to its core property management system Track – by three times.
The move is part of an overall restructuring plan that started in April 2024. The increased investment signals a major shift to accelerate innovation and empower TravelNet’s clients to improve overall business performance in the face of sluggish – albeit recovering – vacation rental market demand.
TravelNet Solutions CEO Ryan Bailey said: “I couldn’t be more excited to share the news of the expanded engineering investment for in Track. This investment will allow us to unlock entirely new capabilities that will help our clients grow revenue and propel the vacation rental market forward.”
According to recent information from KeyData, revenue per available room [RevPAR] is down around 25 per cent since its high in summer last year. As a result, many vacation rental property managers saw their financial results suffer.
The significant increase in Track’s product and engineering capacity is intended to drive innovation specifically targeted at increasing revenue and reducing cost for TravelNet clients, while improving their guest and owner experiences. The improvements and new capabilities will give Track’s clients a further advantage as they navigate the market recovery.
Arvind Sharma, chief technology officer at TravelNet Solutions, said: “We have been preparing to make this investment since late 2023 and I’m thrilled to see that plan come together. This move will allow us to take a fundamentally different approach to innovation that will yield a set of unmatched capabilities for the enterprise vacation rental market.”
The investment was the central driver behind TravelNet’s restructuring efforts that started in April 2024. As part of that plan, some resources were shifted from other business units and reallocated to Track to drive new feature development.
In parallel, the TravelNet team made significant adjustments to its client services organisation designed to increase the speed and quality of service, deliver a unified customer experience across all product lines, and improve overall client outcomes. The results of the client services changes will begin to be felt in the second half of 2024.
Bailey continued: “With the market challenges that our operators are facing, we see it as our responsibility to bring transformational new capabilities as well as a new level of service to the market, both of which we believe will help our clients extend their competitive advantage through the market recovery.
“We’re looking forward to unveiling some of our recent and planned innovations in July, and throughout the coming months. There’s lots of exciting news ahead, and we’re just getting started,” he added.
