Short-Term Rental Property Management involves renting furnished apartments, homes, or rooms for short stays. Whether for vacations or business trips, this subset of the housing market is becoming increasingly popular among travelers and digital nomads.
Look for a short term rental management company that has experience in your area and understands local laws, regulations, and taxes. They should also be clear communicators and ready to tackle any problems that arise.
Marketing and Advertising
A professional short-term rental management company can help owners market their properties and attract guests to maximize profits. This includes providing high-quality real estate photos and property websites as well as distributing on booking platforms like Airbnb and VRBO and metasearch sites.
Screening guests is also crucial for STRs, as they want to let their properties to people who will respect their property and follow rules like paying on time. Having an effective screening process allows for more bookings while mitigating risk.
Short-term rental managers must be able to communicate with guests at all hours and address any issues that arise. Having an effective team to deal with guest needs will make it easier for a property manager to focus on other tasks. They might also provide extra surprises or goodies for their guests, such as chocolates on the pillow or a handwritten note, to make the experience enjoyable.
Screening Guests
In the short-term rental industry, property managers rely on guest screening to prevent damage, theft and other costly consequences from unreliable guests. While full background checks are not feasible for the transient nature of short-term rentals, there are several guest screening solutions created specifically for the industry.
These systems use a combination of identity verification, vacation rental history and other factors to ensure that guests are who they say they are. Combined with tried-and-true best practices, such as requiring a guest profile and asking for reviews, these technologies can help to deter bad guests from booking your properties.
These systems also allow you to proactively screen guests before they arrive, saving time and money in the long run. The key is to make sure your guest screening process is fair and complies with privacy laws.
Check-In and Check-Out
Property managers need to provide guests with a clear and easy check-in and check-out process, and thoughtful amenities like welcome gifts or chocolates on the pillows. This helps attract repeat guests and improve reviews.
Often, short-term rentals are apartment units or whole houses with multiple bedrooms. This allows families or large groups to stay together and save money compared to paying for several hotel rooms.
Short-term rental properties require regular cleaning and maintenance to maintain their value. This can be a time-consuming task, but it’s essential for guest satisfaction and attracting positive reviews. Property management companies perform routine inspections and address any issues quickly before they become larger problems. They also ensure the property meets local regulations regarding occupancy limits, zoning laws and safety requirements.
Collecting Fees
Effective short-term rental property managers give guests copies of house rules, check-in procedures and other important information ahead of their stay. They may also collect extra fees for services like cleaning, gas charges and damage-related payments.
STRs provide lucrative returns, but require more hands-on management than a traditional lease and tenant relationship. Look for a company that has experience with STRs, offers marketing and management support that align with your goals and has systems in place to communicate with owners and guests.
Many companies charge a fixed fee each month, while others operate on a commission or percentage model. The latter is a popular choice because it links your manager’s cost directly to your monthly earnings. It also makes sense during busy seasons. Whether you choose a fixed or percentage model, read the fine print to ensure your property manager is doing the work they’re charging for.
Maintenance
Short-term rental property management is a growing subsector of the real estate industry. STRs are properties that are rented out for a few nights to weeks at a time by travelers looking for temporary accommodations.
Managing a short-term rental property requires frequent cleaning and maintenance. Guests expect the property to be clean and fully functional. For example, if an appliance, like a washer or dryer, breaks, the property manager must quickly resolve the issue before the next guest arrives.
Property managers also perform a thorough property walkthrough after every guest leaves. This helps them detect any damage and determine what needs to be repaired or replaced. It also gives them a chance to restock items, such as kitchen supplies and linens, before the next guests arrive.
