Will Blockchain Revolutionize the STR Industry? (Ep540)

By Jasper Ribbers

January 23, 2023

Blockchain was introduced in 2008 as part of the model for Bitcoin.

And while several STR projects have come and gone in the years since, we have yet to see any concrete implementation of blockchain technology in the short-term rental space.

Then again, the first web application launched in 1981, but the internet didn’t gain traction until the mid-1990’s.

So, is blockchain technology likely to revolutionize the STR industry?

Technology Expert Igor Kostin serves as Cofounder and CTO of iGMS, a vacation rental management platform dedicated to helping hosts grow their hospitality business faster.

On this episode of Get Paid for Your Pad, Igor joins me to discuss the evolution of iGMS, describing how it started as a marketplace for cleaners and grew into a full PMS that serves 500,000 STR listings.

Igor offers advice on testing user experience to decide what property management system is right for you and explains why there will be fewer PMSs to choose from in the next five years.

Listen in for Igor’s insight on the role of technology in the future of short-term rentals and learn how you might leverage robotics, AI and blockchain to benefit your Airbnb business!

Topics Covered

Igor’s background in custom technology and software development
How iGMS started as a general marketplace for cleaners before focusing on Airbnbs
How managing STRs himself inspired Igor to build tech to streamline operations
Why Igor and his business partner Ivan tackled automated messaging first
Why Igor and Ivan turned their messaging system into a software product for other hosts
How iGMS evolved into a full PMS system that serves 500,000 STR listings
Igor’s advice on testing UX to decide what PMS system is best for you
Why Igor predicts fewer PMSs in the STR market in the next 5 years
How the trend to remote work might influence the STR industry moving forward
Igor’s take on how blockchain technology might benefit STRs in the next 5 to 7 years
How hosts can use AI like Chat GPT for content creation or graphic design