It’s no secret that short-term rentals are all the rage these days. From Airbnb to VRBO, more and more people are renting out their homes or apartments for a few days at a time. While this can be a great way to make some extra money, it can also be challenging to manage. Here are a few things to keep in mind if you’re thinking of getting into the short-term rental business.
Short-term rentals require more work than other types of real estate investments.
Someone needs to be on call to deal with any issues that come up, from maintenance to guest complaints. There’s also a lot more turnover, which means more cleaning and prep work. From cleaning, to restocking the essentials, to answering guest questions; there’s a lot to keep track of. Having a good system in place will make things run more smoothly and help you avoid any potential disasters.
Maintaining the property can be more difficult.
All properties need to be maintained, but with a constant flow of guests planning is key for routine maintenance of a short-term rental. which can be tough if something needs to be repaired or replaced. Keeping records and a schedule for maintenance, along with responding quickly to problems that arise, keeps your property clean, functional, and profitable over the long term.
Managing your guest’s experience
The guest experience is crucial when it comes to short-term rentals. Providing a great guest experience is essential to success in the short-term rental business. Remember, your guests are paying to stay in your rental, so you need to make sure they have a positive experience. This means being responsive to their needs and concerns, providing amenities that will make their stay more enjoyable, and generally going above and beyond to make sure they’re happy.
So, what is the key to making a short term rental work for you?
You HAVE to have a great team and systems in place.
Unless you plan to do all the work yourself, a great team is essential to running a successful short-term rental. Whether that means a property manager to handle all the details for you or online systems to ease the demands establishing and following your plan will help make this investment something you enjoy forever.