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5 Tips for Managing Your Short-Term Rental
When it comes to short-term rentals, details matter more than ever. In this industry, owners have a small window to make a great impression, foster repeat business and garner the all-important positive reviews. So, to help get you started with the basics, check out the tips below.
- Protect Yourself
- Create Tenant Standards
- Set Competitive Rates
- Take Great Photos
- Make Maintenance a Priority
Even though renters will only occupy the home for a limited time, protecting yourself is critical. Therefore, consider setting up an LLC to shield personal assets from liability claims. Furthermore, make sure you have the right insurance coverage and enough of it.
Create Tenant Standards
While landlords cannot perform the same verification checks as long-term rentals, setting tenant standards is still important. Surprisingly, just a few small rules can prevent potential damage, noise complaints, and excess stress. So, when writing the rental terms, consider some of the suggestions below:
- Invest in an outdoor security system or video doorbell to monitor how many guests come and go.
- Restrict the age of primary renters to 25 or older.
- Require a minimum stay, especially during peak times.
- Typically, owners choose a 2 or 3-night minimum.
- Add a cleaning fee and adjust as needed depending on the number of occupants renting the home.
- Forbid the tenants from holding any parties or events on the premises.
Set Competitive Rates
Many factors go into setting a competitive rental rate. The biggest factor when determining price is local competition. Also, consider things like square footage, occupancy potential (how many persons can the unit sleep), proximity to amenities and time of year when deciding the best rental rate. Furthermore, regularly evaluate the rates as short-term rentals are more susceptible to demand and seasonal trends.
Take Great Photos
A photo is worth a thousand words, and your listing will need professional quality photos to keep up with the competition. In fact, over 90% of renters choose a property based on the photos provided.
Make Maintenance a Priority
Short-term rentals are prone to excessive wear and tear, and guests expect the property to be in tip-top shape. That said, things like regular cleaning between tenants, touch-up paint, and keeping the furnishing looking their best are critical. So, budget accordingly so regular upkeep is covered as well as saving for unexpected emergencies. Remember, even the smallest of overlooked details could lead to a detrimental bad review.
Bonus Tip – Hire Professionals
Whether you are investing in long-term rentals or considering the leap to a short-term property, professional management can help. Regardless of the type of rental investors choose, they must prepare to commit considerable time and effort to the endeavor. When an owner cannot or does not want to handle the day-to-day operations, relying on an experienced management firm is the best option.
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