Landlords earn around $14,000 a year by renting out their properties on a short-term basis, which shows how lucrative it is.
Property owners must complete many tasks to maximize profits, from creating a killer listing to scheduling regular maintenance. But if you've never dealt with management before, figuring out what to do can feel overwhelming.
If you're currently in this position, you've come to the right place. Here are seven tasks to complete for short term rental management.
1. Create a Budget
Aside from deciding on short-term rental pricing, outlining an ironclad budget is a must. You should know how much you'll get each month and what you can funnel back into your investment, such as going toward maintenance costs. A good idea is to update a monthly spreadsheet or use a budgeting app to guide you.
2. Post a Great Listing
A crucial part of short-term rental marketing is creating a compelling listing. Add personality to your copy to attract tenants and don't forget to include top amenities, such as a fitness center or in-unit laundry facilities.
You should also upload professional photos to capture your property in the best light. This will give tenants a good idea of what to expect so they can decide whether it's a good fit.
3. Hire a Property Management Company
Regardless of whether you have one or multiple investments, hiring a property manager is crucial. These professionals will seek credible tenants, collect rent, and notify you of any issues. A good rule of thumb is interviewing multiple property management companies until you find the right fit.
4. Advertise Your Listing on Multiple Sites
The best way to generate a buzz is by advertising your property on several sites. Start with the property manager's site and their social media platforms because they have a bigger platform. You should also spread the word by contacting your network so that your rental is never vacant.
5. Maintain the Property
Schedule short-term rental maintenance regularly. Not only does it protect your investment, but it shows tenants you value their business. If you're not in the local area, contact your property manager, and they'll handle it.
6. Use the Right Software
Because managing your investments can be overwhelming, use property management software to streamline the process. This means you can monitor your outgoings and salary each month. You can also find software that lets you communicate with tenants easily.
7. Understand the Legal Jargon
Like with every business venture, familiarize yourself with short-term rental legalities. To avoid any issues, hire an attorney to learn about permitting rentals in your area and whether you follow particular standards. If you haven't already, check out the landlord's tax requirements.
Embrace Short Term Rental Management
Now that you're an expert in short term rental management, it's time to find your first occupant.
At PMI Tyler, we're passionate about making our clients and tenants happy with quality short-term rental properties. We work hard to perfect and market listings so that your property is always in good hands.
Ready to start? Contact us today, and we'll help you.