What to Look for in a Short Term Rental Company

Investment properties that provide short term rental services can be highly rewarding; however, buyers should understand all associated risks before making such a purchase.

Local governments consider short-term rental properties (STRs) businesses, so owners must comply with certain workplace regulations and pay transient occupancy taxes as with hotels. They must also invest time and resources into keeping their properties in top shape.

1. Customer Service

Customer service can make or break an experience for guests or tenants of any business. Satisfied guests are more likely to return or refer the property, so any staff that interact with customers must receive training in providing outstanding support and customer care.

Short term rentals require fast and friendly responses to guest questions and help in case any issues arise; as well as being updated on calendar changes so guests can book with confidence.

Guest expectations also demand properties to be modern and fully-equipped, which companies such as Blueground, Nice Stay and Sonder have in-house designers for to create an appealing aesthetic; others partner with outside designers specializing in specific styles like Churchill Living’s industrial lofts; AKA Anyplace June Homes offer modern Scandi apartments – each of which demonstrate that these short term rental companies truly care about providing guests with excellent rentals that enrich their stay experience.

2. Experience

People renting short-term properties tend to pay top dollar and expect an excellent experience; after all, they’re on holiday!

Selecting an outstanding short term rental company is crucial to its success. Look for one with a strong track record and extensive market knowledge; an effective partner can provide guests with local recommendations while adhering to regulations, laws, and taxes as well as creating pricing strategies tailored specifically for your market.

Your client should carefully consider what else the area can offer visitors in its offseason months to ensure the STR continues generating income.

Additionally, some short-term rental (STRs) provide high-end furniture that appeals to guests and creates stunning photos and higher ratings. Others take it a step further by offering unique amenities such as USB-C wall outlets with charging cables or taking advantage of Southern California’s wellness culture by providing infrared saunas or cold plunges as part of an exceptional guest experience. All this adds up to create an exceptional guest experience and will surely boost your rating and reputation as an STR.

3. Pricing

When researching short term rental companies, it’s essential to fully comprehend pricing. Compared with long term rentals, short term rentals involve additional expenses like utilities, cleaning services, maintenance fees and any commission charges from listing platforms.

Jon notes that onboarding a property for short-term rentals (STR) can be a lengthy and time-consuming process, including procuring all required permits, installing cameras and wi-fi thermostats as well as noise monitors and carbon monoxide detectors, paying for services like laundry and linen rental and procuring necessary permits from local authorities.

Once the property is ready for guests, owners must pay business taxes and comply with workplace regulations, plus pay transient occupancy taxes that hotels are mandated to remit. This all contributes to higher operating expenses than with traditional residential rentals.

4. Availability

Whether you’re waiting on your custom-built home to be finished or require temporary housing while working abroad, furnished short term rentals have never been more plentiful. From aggregate sites like Leasebreak, Apt212 and June Homes offering various rentals; to extended stay companies like Sonder and AKA which operate using hospitality models without being bound by NYC’s 30-day minimum stay rules; as well as luxury corporate housing firms such as Churchill Living, Furnished Quarters and Premier Furnished Solutions that now provide temporary digs to everyone from students to families alike – there is something out there for everyone looking for quick accommodations!

But not all STRs are created equal. Owners may require hours of hard work in order to keep their property up to guest standards and in compliance with local zoning laws. Those looking to maximize passive income might consider outsourcing management of distribution, revenue management and guest communications to an outside management firm that will take on these responsibilities on their behalf.

5. Security

Investment in robust security measures for short term rentals helps ensure guests enjoy a pleasant stay while protecting the owner’s property and making it easier to attract more guests. In this situation property management Austin and Luxe Life played an important role.

Smart lock systems enable owners to remotely manage access and change codes after each guest, thus reducing security risks. Security cameras also serve as effective deterrents against criminals; however, these must comply with local regulations and be clearly explained to guests to avoid privacy concerns.

Rental companies should treat short-term vacation rentals (STRs) as businesses and apply the appropriate tax rules. In many cities, STRs require registration, collection and remittance of sales and occupancy taxes – thus necessitating consultation with a property lawyer on how best to form their STR business and obtain required business licenses.

Finally, it is vital that an STR company conduct background checks on potential guests according to local and platform policies in order to reduce risks and ensure guest safety. Fostering communication between hosts and guests will bring to light any safety issues that might otherwise remain hidden from view.