Renting out your properties on a short-term lease can be very lucrative. If you handle the marketing right, then you can potentially bring in more money as opposed to a standard leasing agreement. The trick is keeping new guests coming in constantly. Below you will find some tips for managing your.
1. Be prepared for emergency maintenance
The most reliable way to fill your calendar with renters is by maintaining a good reputation. You want every guest to become a return guest. That means you’ve got to be prepared to handle emergency repairs as quickly as possible. Scope out the area for the best repair services, and make sure you can count on them in a pinch.
2. Keep it local if you can
You never know what’s going to happen as a property owner, and that’s your biggest concern. It’s always best to stay within at least a few hours of your rental properties. It’s very important to make sure everything is running smoothly, and it’s even more crucial to make sure your property is up to your standards. Don’t just take anyone’s word for it. Go check on your rentals every once in a while, and see for yourself.
3. Hire a property manager
There are tons of services you can hire to handle most of the daily tasks for you. It’s possible to get a rental property company to take care of everything. You can also directly hire property managers. Being a landlord is a taxing job, and you’re going to need all the help you can get. The big benefit is that a property manager can help you qualify a renter, too. You’ll have a better grasp on the character of potential renters, and that could save you a ton in the long run. It’s not bad to have someone else on call to handle all the little details for you.
4. Outsource as much as possible
The last thing you want to do is spend two hours cleaning your rentals when you can pay a local contractor to do it for you. It will save you a ton of headaches, and a professional services company will often do a better job. Kick the habit of micro-managing. Always outsource regular maintenance services. You won’t regret it.
5. Treat it like any other business
Being a landlord is the same as being an entrepreneur. It’s no different than running any other business. You’ll need to stay on top of trends, and you’ll need to keep track of everything. Find a talented accountant, and take advantage of as many tax breaks as possible. Get an attorney to draft your leasing contracts, and keep everything legal. Protect your business from liabilities, and protect your personal assets.
6. Focus on marketing
Referrals are nice, but the only way you’ll keep your calendar full is through consistent advertising. Take a small percentage of profit from each lease, and put it in a separate marketing budget account. You’ll be able to easily promote your rentals on premium listings in the future without hurting your wallet. Your budget will eventually snowball as you purchase more properties. Be creative, and get to know the type of interests your renters share. If your vacation rental attracts a lot of guests that are interested in surfing, then try listing your properties where surfers will most likely see it. You can do the same thing for any hobby or interest. Find out where your ideal renters hang out online, and you’ll keep growing your advertising budget.
Build your short-term rentals empire
You’ll have everything under control as long as you surround yourself with the right people. Look for great property managing services, and find reliable maintenance service providers. Treat your properties just like you would any other business. Just be sure to invest some profits back into advertising to keep your calendar full.