Are you looking for a way to bring in extra cash without having to work a ton of extra hours? Around 20% of people earn passive income to help pay for their expenses or put more money in the bank. Passive income revenue streams can include lots of things, including owning short-term rental properties.
Depending on where you live, operating a short-term rental property is a great way to increase your bank account. Working with a short-term property management company can help ease your load, ensuring you have more time to spend doing the things you love.
This article will discuss the pros and cons of working with a short-term property management company. Maximize your investment while increasing your passive income.
Pros of Short Term Property Management
Hiring a short-term property manager can provide you with different advantages based on your needs. Let's discuss some of the most common ones.
Screening your guests before they book their reservation is one of the key benefits of working with a short term property management company. They can identify red flags in potential tenants who might cause property damage or other issues.
Some of the ways they can screen renters include:
- Credit checks
- Reviews from previous hosts
- Background checks
Attract high-quality tenants who will follow your property's rules with the aid of a rental management company.
Managing your short-term rental properties can take up all your extra time. This is true if you have more than one property.
Your short-term property management company can take on many tasks on your behalf, such as:
- Handling repairs and maintenance requests
- Addressing issues
- Responding to inquiries
Achieve peace of mind knowing your property is in good hands.
Cons of Short Term Property Management
There are a few things you might want to consider before hiring a short-term property management company. Keeping these factors in mind will ensure you make an educated business decision for yourself.
As we mentioned earlier, one of the benefits of hiring a property management company is that it makes you hands-off with your guests. Not all property owners will enjoy not having control of their properties.
Short-term property management companies work closely with their clients. While you might not be entrenched in every item concerning your property, you'll still be able to openly communicate with your property manager.
The cost of working with a property management company might be a drawback for some rental property owners. The cost of these organizations ranges and is based on what services they provide.
You should interview several companies before making your choice. Ask them for a breakdown of their fees beforehand. Weigh the price against the benefits you'll experience when you hire them.
Partner With a Property Management Company in Tyler, Texas
Working with a short-term property management company can take countless to-dos off of your list. Focus on your other tasks and spend time with your loved ones. Let a team of experienced property managers handle the rest.
PMI Tyler offers a wide range of property management services, including short-term rentals. Contact our office to schedule a free consultation.