How Short-Term Rentals’ Needs Differ from Other Rental Management

January 24th, 2023 Josh Hatter

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!

Tech-Savvy Options

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!

Josh Hatter

By: Josh Hatter

Josh Hatter moved to Charleston from the Washington, DC area in 1999 to complete a Business Administration degree at the College of Charleston. He graduated from the Moore School of Business at the University of South Carolina with an MBA in 2010.

After spending nearly 20 years of his professional career growing businesses primarily supporting the US Navy, he decided to rent a single bedroom out of his home in 2016. Since that single bedroom nearly 6 years ago, he has grown his portfolio into several businesses owning investment short-term rentals both alone and with partners, as well as managing a portfolio of nearly 100 bedrooms for clients to help them meet their long-term investment property goals.

He loves supporting his clients, growing their investments and hosting thousands of guests as they visit Charleston through his property management company, Coastal Vacation Properties.