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Booking Your Short Term Rental in 3 Easy Steps

Booking Your Short Term Rental in 3 Easy Steps

You’ve discovered you have a GREAT cash cow – a.k.a. a condo! You’ve decided Short Term Rental is the route for you to take to generate a side income. Now what? How do you rent out your space? Do you advertise? Where do you find guests? Here are 3 easy steps for booking your Short Term Rental.

Step 1 – Consult with a Property Manager

Booking your Short Term Rental is our specialty!

Book your Short Term Rental easily – we can show you how!

Want to be a hands-off owner? A property manager can take over and do all the ‘dirty work’ for you from A-Z, and just send you a check each month. If you are the quintessential ‘do-it-yourselfer’, a property manager can be your personal consultant, giving you support and guidance along the way. They teach you to market, manage and wrap up with each guest. You decide on the property manager’s level of involvement. Whether you want all or none, you WILL want at least a consultation. It’s a big, involved process to get started in, and although it can be very profitable, if done incorrectly Short Term Rental could be a huge expense.

Step 2 – Create a Marketing Management Plan

A Great Marketing Management Plan Includes:

  • Prepare the home
  • Photograph the home
  • Create a Listing
  • Connect your listing to listing websites
  • Monitor, optimize, and improve your listings as necessary
  • Respond to guest inquiries in a timely manner across all marketing platforms
  • Supervise and synchronize listing calendars
  • Continually adjust listing price dependent on seasons and special events
  • Screen potential guests to stay in accommodation
  • Provide off-site guest support as needed
  • Schedule necessary vendors (i.e. cleaning, repairs, etc.)
  • Monthly accounting records (i.e. income, expenses, and profit)

Step 3 – Welcome Your Guest!

Book your Short Term Rental with a pool easily!

A Short Term Rental with a pool is a hot commodity!

Is welcoming your guest really a part of the booking process? YES! If your guest gets a big happy welcome, chances are he will enjoy his stay all the more. A great start promotes a great stay, and a great stay promotes a return guest! Whether you greet your guest personally with pleasant conversation and a home tour, or have a gift basket on the counter and flowers on the table, making sure his first impression is a good one is essential!

Perhaps in ticking off items on our list, you are thinking, ‘just wait one cotton-pickin’ over-worked minute!’. If that’s the case, know that Short Term Rental Manager specializes in taking your property from step 1, to cash in your hand!

Read more abuot why Short Term Rental Manager might be a great shoice in this New York Times article discussing Property Managers.

Easy a pie for us, and no sweat for you! Let’s get started today!

 

 

 

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3 Good Reasons to Buy a Short Term Rental Property

3 Good Reasons to buy a Short Term Rental Property

In the current economy, many are looking for a way to earn a side income with the least amount of ‘side work’. Who can actually work a solid 40 hours plus per week and find the time and energy for a second job? Not many. Real estate investment in a rental property is one way to maximize your income with less than a ‘second job time investment. Here are three good reasons to consider purchasing a property for short term rental.

Increase Your Worth

Condos make a great Short Term Rental choice.

A condo in a great area makes a great choice for a Short Term Rental

Owning a home immediately increases your net worth, even though you haven’t paid for it yet. *The Median Net Worth of a homeowner is $ 174,500.00, as opposed to the non-homeowner – $ 5,100.00. Each month, instead of burning your cash on the rent payment, you are socking away an investment, aka a mortgage payment.

 

A Short Term Rental Business Can Bring in Good Income

Purchasing a home expressly for the purpose of renting is common. What may be uncommon is the decison towards Short Term Rental vs. Long Term Rental. Renting by night, weekend, week, or longer creates more income.  The length of stay dictates the charge (think hotels). A home in a prime location, say near a national sporting venue or a nationally known theme park, can command upwards of $2,000.00 on a given weekend. Compare this to a $3,000.00 per month mortgage for the same home with a long term renter.  This creates more cash flow with less property usage. You are likely to create at least twice as much income with a short term rental.

You are Creating a Second Business, not just a Second Job

A Short Term Rental in a great location can command a great income.

A home in a great area can command at least twice as much income per month as a Short Term Rental

Once you have created your property to be a short term rental property you have essentially created it as its own business. Therefore, it can be sold that way when you are done owning it. In other words, you can sell the property for more value than just ‘a house on a lot’, as you have created additional assets around the property to run it like a business. Rather then the additional hours that a second job would consume, a short term rental property run by a property manager brings in a residual income with minimal effort.

 

There are definitely great reasons to explore ownership of a short term rental! The Motley Fool has some great financial information you’ll want to know regarding buying vs. renting a property.

 

*SOURCE: THE FEDERAL RESERVE BOARD’S SURVEY OF CONSUMER FINANCES FOR 2010.         The Motly Fool – Investment and Real Estate Information – see link above.