Unless you are in the rental property management industry, you may assume that rentals are rentals. However, the way that short-term rentals versus vacation and other types of rentals operate differs greatly from one to the next. That is why finding a short-term rental property management company is critical to ensure that your property is managed well. These are just some of the ways that short-term rental properties need to be handled differently.
What is a Short-Term Rental?
A short-term rental is usually property that is either used for vacationing or for things like business trips or executive rental needs. Often, people stay in short-term rentals for anything from just a night or two to weeks or more. They are also usually residential properties and can have a variety of different types of rental times and arrangements. A short-term rental can be a multi-family, single-family, or an individual room, so the various options are endless.
High Reviews and Ratings are a Must!
If you want to make sure that your property has the minimum vacancies with the maximum profit, then your reviews and ratings are going to be your number-one concern. Most people use online services like Airbnb and VRBO, so if you have just one poor rating on the internet, it could steer people away from renting your home instead of competitors in the same area. A short-term property management group has to pay attention to the minor details that are often more difficult when your rental has a high turnover rate.
Maintenance is the Key
Like most rentals, short-term rentals can take a lot of abuse due to high traffic. The key to a property management group dealing with short-term rentals is that they keep up on the maintenance, which takes a lot of coordination. When you have a lot of people in and out, scheduling for maintenance and repairs has to be done swiftly to avoid disruptions for your renters. Maintenance is always going to be cheaper than a repair after the fact, but that requires that someone is watching out for your rental with as much concern as you would yourself.
Seasonal Price Adjustments
There is a fine line to walk with short-term rentals. You want to reduce vacancies, but not by sacrificing quality. During peak and off-times, you should be adjusting your rental price to maintain competitiveness while reducing wear and tear. By setting the price, you might lose some rentals, but it’s likely that not paying for cleaning and wear and tear can sometimes put you ahead of the game. However, only an experienced short-term rental property management company will know the winning formula!
Another way to ensure that you have very low vacancy rates is by making booking as simple as possible. A short-term property management company should invest in the most tech-savvy solutions to ensure that everything from check-in to check-out goes as smoothly as possible. With so many ways to make renting easy, your booking should be as easy as the click of a button!
Short-term rentals are harder on rental properties than other types of rental arrangements, which is why having a property management company in Charleston that deals with short-term rentals is the key to your overall profits. Contact us today to get started for a great 2023!