While short term rental properties have many advantages over long term rentals, a big drawback is the time required to make them work well. The management requirement and the communication are key and if you can’t be available for your guests when they need you they will go someplace else. Short term rentals require a professional manager even more than a long term rental does for these main reasons:
1. Faster guest responses = More guests, more bookings, more income
Probably the biggest impact one can make to improve bookings and income is the reliability and speed at answering guest inquires and requests. When guests are looking for a place to stay while in your town they usually need something soon. The faster they hear from you, the higher probability they will stay with you. Short Term Rental Managers are quick to the draw giving your guests what they want and need.
2. You live out of town, out of state, out of country
If you don’t live near your property how are you going to take care of issues that may come up with your guests. A lot of problems may not require a visit to the property but some may and if you live out of town or travel frequently you won’t be available for your guests and your properties needs. We are.
3. You don’t want to fix anything
It is inevitable with an income property that things will have to get fixed from time to time. While short term rentals may require less large maintenance and repair items there are still maintenance items that pop up. If you don’t feel comfortable doing this kind of work or just don’t have the time a short term rental manager can take care of it. Smaller items can just be completed in-house while more specialized fixes will be scheduled and completed by competent professionals for the desired service.
4. Your time is better spent working on something else
You can definitely try and save the money and do all the rental management yourself. But what will the costs to hire someone be if you also factor in the lost money from not spending your time on your profession, business, life? To make it really work, your property needs to be treated like a business. We do that.
5. Constant upkeep of the reservation schedule
Guests come and go in your little hotel. To keep it all straight you have to maintain an accurate schedule of reservations and when guests are flying at your from many different sources you have to be able to manage it all. Schedule management is necessary or you start losing guests because they think you are booked or worse, you double book guests. Unless you have another place for them to go, aka, another property that can get really awkward.
6. Market pricing updates and special guest offers to attract new guests
Just as in long term rentals, short term rental pricing is always fluctuating depending on the market. Another factor to throw in with short term rentals is that there are seasonal differences depending on your location. Short Term Rental Managers make sure that your property is priced competitively to make you the most money.
7. Property financial statements
Accurate financial records are even more necessary with short term rentals as the income, expenses, and therefore profit are changing all the time. We keep you in the know on how your property is performing.
8. Marketing and promoting your property continuously
Because guests are always coming and going into your property the need for constant marketing for your property and its benefits is continuously required. We manage your property across many marketing channels to make sure it gets the maximum exposure it needs to receive guest bookings.
9. Booking guests and taking care of them while they stay
Just as a hotel provides it’s guests with comfort and amenities so will we for your guests.
10. Attracting guest reviews while reviewing guests to promote community
Receiving reviews from guests is critical for increasing property awareness and future guest bookings. We attract guest reviews to build your properties online asset. Also, we also review guests so that other property owners in other parts of the world can benefit from our experience with them. It’s a community and we all help each other.
11. Our fees are tax deductible
Fees paid to a short term rental manager are considered professional third party services, a property expense, and therefore entirely tax deductible.