Why Short-term Rental Property Managers Are Important

The last few years have been full of uncertainty, but one thing has remained consistent: short-term rentals (STRs) are on the rise. Effectively managing a short-term rental can come with responsibility and stress that not all owners want to experience. That’s why it’s important to partner with a professional property manager specialized in short-term rentals. Read on to learn what rental property managers do and how they serve homeowners and investors.

Learn Why It’s Important to Use Professional Rental Property Managers

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Short-term Rental Property Managers Increase Revenue

Owners and investors who partner with a property manager have a solid plan for increasing listing exposure and bookings. Homes with higher occupancy rates tend to make more money on average, which means a better revenue stream. Plus, many property managers use rate management tools based on data that adjusts rates daily, so each home maximizes its revenue potential.

Insight into the Home

A professional management company should also provide high-quality photography and videos and help with updating and staging the rental, so it appeals to more potential guests. To contribute to the local economy and help homeowners save money, managers may also suggest the best companies for cleaning, maintenance and concierge services.

Owners Enjoy a Hands-off Approach for Passive Income

With vacation rentals come vacation rental guests. Sometimes this leads to special needs and requests, and homeowners are not always available. A local property manager will assist with these requests, provide a detailed rental agreement, and take care of everything on the owner’s behalf.

They also screen potential guests to ensure they are ideal for the property and neighborhood. Once the guest leaves, the manager then gathers reviews and documents the experience. These five-star reviews may lead to referrals and more exposure, which can lead to additional revenue.

In addition to catering to guests, property managers work with local companies to address important amenities such as HVAC units, appliances, pests, pool maintenance, landscaping and deep cleanings. Owners can live, work and travel knowing their home is in good hands.

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Navigating Short-term Rental Regulations

Increased STR industry growth has created new restrictions and regulations by local governments. These can result in legislation that can hinder the growth of vacation rentals and their investment options. Instead of stressing about staying ahead of regulations and trends, hire a rental property manager who stays current on regulations. Some even advocate on behalf of short-term property owners to change unfair laws.

Additionally, a property manager should oversee any licensing and taxes based on city and state requirements. This ensures the rental remains in ordinance with local laws and does not get penalized. An effective manager also keeps up with all bookkeeping tasks.

Why Rental Property Managers Are Worth It

These are just a few reasons why hiring a short-term rental property manager is important. When considering the management fee and specific needs of the home, make sure the company offers a full-service program with boutique-level care. The program should include listing assistance, marketing, booking software, online visibility, and overseeing cleaning, maintenance and guest reviews.

What’s Next?

According to Airdna, demand for vacation rentals and short-term rentals has led to these travel trends. Not only do short-term rentals offer a prosperous investment opportunity, but they provide travelers more space, comfort and privacy than traditional hotel accommodations. Partner with a professional STR manager and prepare for an exciting investment option.