After suffering a huge blow over the course of the reaction to the COVID-19 virus, the short-term rental market is making a comeback. By 2026, the projected valuation sits at $8.9 million.
Many short-term rental hosts credit their investment property for helping them meet their overall financial needs. Learning this may tempt you to jump on the bandwagon, but there are many things you should know about managing a short-term rental property.
We lay out the main tasks you'll need to complete here. Keep reading our guide to learn more about short-term rental management to help you decide if you want to get into the short-term rental business.
The first order of business is marketing the property. How will you attract renters to your short-term rental? How will you ensure that your property is being seen by the most people possible?
If you don't use one of the short-term rental platforms where they do it all, it is your job to list your property to get maximum visibility.
What is involved in the listing process? A clear description of the property is a top priority. Highlight the vacation rental amenities and upgrades. Next, spell out the rules and anything unique to the property.
Keep the listing up-to-date and come up with a strategy that caters to attracting guests in the off-season.
Managing Bookings and Reservations
This process can be tricky and is one of the main reasons owners outsource to a management company. To prevent double bookings, use a booking calendar that you sync across every listing site you use.
You can use a tool to automate your booking calendar to prevent errors. The last thing you want is frustrated potential guests.
Check-In and Check-Out
Even if you live in close proximity to the rental property, you may want to consider automating the check-in and check-out process, unless you like to be hands-on.
Smart door locks give you the option for a contactless process. No need to deal with early or late guests. They can get right in even if they're delayed because of traffic or an unplanned pit stop.
Cleaning and Maintenance
When people are coming for a short-term vacation stay, they expect the property to be perfect. With guests coming in and out on a weekly or monthly basis, the wear and tear on the property will be more than you might expect.
It is important to make sure the property is spotless and well-maintained or the online reviews will be ruthless. Negative reviews will put a real damper on your rental income.
Short-Term Rental Management
Now that you know all the tasks involved in short-term rental management, does it sound a bit overwhelming? It involves marketing, customer service, accounting, and more.
Are you looking for short-term property management to help you streamline the process? We at Property Management Inc. can help. We are the number one property management franchise in the U.S. and know how to satisfy your guests so they become repeat visitors.
Contact us to set up a consultation today.