The short-term rental market has been booming in recent years. Vacation rental websites like Airbnb have seen a surge in popularity and are bringing in more revenue than ever.
Taking advantage of this trend is a great way to make extra money as a property owner, but you must do it correctly. Use the five short-term property management tips below to run successful rentals.
1. Understand What Guests Want
Guests stay in your short-term rental temporarily, so they do not do as much due diligence as they would looking for something long-term. However, without so much competition, that doesn't mean they can't be picky when making their choices.
Make sure you understand what guests want if you want to maximize rental income. Look at the competition in the area and what people do in your location to determine what people are looking for. Add as much to your property as possible to appeal to those people.
2. Market Your Property
One of the short lease management tips you must follow is to get good at advertising online for your properties. Although there is a lot of demand for vacation rentals, you'll still need to advertise to attract visitors' attention.
Start by taking high-quality photos of your rental to show what it's like. You can then use your property management tools to post those photos online and create descriptions that talk about what your rental offers.
3. Price Appropriately
You can't just price your rental at the maximum available and expect it to rent. Depending on your location, travelers and short-term renters have expectations as to the amount they want to pay.
Look at the average cost of rentals in your area and use that as a reference for pricing. Efficient property oversight will help you keep track of the prices over time and tell you if you can raise rent without losing guests.
4. Don't Forget Maintenance
Your short-term property can suffer a lot of wear and tear when being used. Depending on your guests, that may result in unexpected damage that inconveniences future guests.
Set a schedule for regular maintenance to ensure everything is running correctly. It also pays to work with a reliable cleaning crew to get the place looking good again before your next guests arrive.
5. Work With an Experienced Team
You only have so much time in the day to get work done on your properties. And if you have multiple units, you have even more time constraints.
A vacation rental management company can help take on some of the work. They can handle as much of the work as you want, so you can free up your time to gain more free time or handle more important work.
Invest in Short-Term Property Management
A short-term property is a great way to make extra money on a property investment, but it only works when you manage things correctly. You'll need to understand how to advertise, maintain the property, and please your guests. Use the short-term property management advice above to optimize your rental operation.
Of course, having the right partner can unlock new possibilities for your short-term rentals that you may struggle to handle things. At PMI Central Oregaon, our short-term rental services allow you to streamline your operation and get more done. Contact us to learn about our services.
