In a recent episode of The Alex and Annie: The Real Women of Vacation Rentals, we had the pleasure of speaking with Shahar Goldboim, the CEO and Founder of Boom, who has just launched the world’s first AI-powered Property Management System (AiPMS). This revolutionary technology is poised to change the vacation rental industry by automating key tasks, improving guest experiences, and increasing operational efficiency. Let’s dive into the key insights shared during this game-changing episode.
The Birth of Boom: From Real Estate to AiPMS
Shahar’s journey into the vacation rental space started unexpectedly. A former real estate investor and broker, he transitioned into property management almost by accident, managing properties for friends and family. After identifying inefficiencies in the industry, Shahar and his brothers set out to build a tech-driven management solution. This eventually led to the creation of Boom, which initially managed over $150 million worth of properties.
Recognizing the scalability potential of their technology, Shahar pivoted the company towards a SaaS (Software as a Service) model, which gave birth to Boom’s AI-powered PMS.
What Makes Boom’s AiPMS Unique?
Unlike traditional Property Management Systems (PMS), Boom’s AiPMS uses artificial intelligence to automate tasks that would typically require significant manual effort. What sets Boom apart is its all-in-one approach, which integrates AI into every aspect of property management, including:
- Guest Communication: Boom’s AI automates guest interactions like early check-in requests, upselling opportunities, and resolving common guest issues by seamlessly accessing data across multiple systems.
- Task Management: The AiPMS automatically schedules and tracks maintenance requests, cleaning tasks, and repairs, ensuring efficiency and reducing human error.
- Review Management: AI analyzes guest reviews to identify trends, flagging properties or services that may need improvement. It also automates review responses to keep operations running smoothly.
By consolidating all these features into one platform, Boom allows property managers to handle more properties with fewer staff, creating a highly scalable business model.
Transparency and Trust: The Owner Portal
Another powerful aspect of Boom’s AiPMS is the Owner Portal, which Shahar highlights as a critical tool in building trust between property managers and property owners.
Through the Owner Portal, owners can see:
- Real-time financial data: View income, expenses, and maintenance costs, complete with images and videos tied to specific tasks.
- Full transparency: Owners no longer need to worry about vague charges or unapproved expenses, as the system provides clear documentation and context for all financial and operational activities.
This level of transparency fosters stronger relationships between property managers and owners, leading to better alignment and long-term partnerships.
Enhancing the Guest Experience with AI
Boom’s AiPMS doesn’t just make life easier for property managers—it also improves the guest experience. Shahar explained how the AI can anticipate guest needs and offer services like early check-ins or personalized upsell opportunities based on real-time data.
For example, if a guest’s flight is arriving early and the property is ready, the AI will automatically offer the guest an early check-in option for an additional fee. This proactive approach not only enhances the guest’s stay but also opens up new revenue streams for property managers
Scalability and Profitability
As Shahar mentioned, vacation rental companies typically operate with thin margins. Boom’s AiPMS helps by reducing operational costs and increasing scalability. By automating labor-intensive processes, property managers can handle more units without increasing headcount, allowing for higher profitability.
For smaller property managers or those with limited staff, Boom’s AiPMS is a game-changer. By reducing the need for manual work and improving efficiency, even small businesses can scale their operations significantly without taking on additional costs.
The Future of Property Management: AI-Powered Growth
Shahar envisions Boom’s AiPMS as the next big step in vacation rental technology. By combining AI with the foundational elements of property management, Boom offers an all-encompassing solution that is highly scalable and adaptable to the needs of both small and large property management companies.
Shahar’s vision for the future of the property management industry is clear: create a win-win-win ecosystem where guests, property managers, and property owners all benefit from AI-powered efficiency, transparency, and a better overall experience.
Conclusion: A Revolution in Property Management
As the vacation rental industry continues to evolve, technology like Boom’s AiPMS will play a crucial role in shaping the future of property management. Whether you're a seasoned property manager or just getting started, integrating AI into your business can provide the edge you need to stay competitive, save time, and improve profitability.
Watch the full episode here:
