A short-term rental property manager is your boots on the ground person who is responsible for delivering excellent service to guests. They must be a clear communicator and be ready to solve problems when they arise.
Look for a company with extensive experience in your market. Their expertise in offering local recommendations, ensuring regulatory compliance, and devising pricing strategies will be invaluable for your success.
Marketing and Advertising
Professional short-term rental management companies have the expertise to handle marketing, guest communication, reservations, and housekeeping. They are also responsible for paying state and local taxes on behalf of their clients and obtaining business licenses where necessary.
In order to get the most out of their short-term rentals, property managers are able to identify unique selling points and promote them accordingly. This includes taking professional photos of properties, writing descriptions and adjusting nightly rates to reflect market demand.
Another important service that short-term rental management offers is providing guests with copies of house rules and check-in procedures. This is important because it helps to make sure that guests are immediately satisfied upon arrival and more likely to leave positive reviews. It is also a way to avoid accidental overlap between guests. To do this, property managers often screen guests based on government documents and will flag any red flags for the homeowner. If there are any problems, they are responsible for finding solutions quickly.
Screening Guests
Screening guests is an essential part of managing short-term rentals, as it prevents fraudulent activity and damage. It is also a way to ensure that you are renting your properties to responsible guests who respect your property and the neighbors around it.
Without a guest screening process, your rental property can be left vulnerable to criminal activity, parties, noise violations and other issues that can cost you time and money. A well-designed and streamlined guest screening process can eliminate these problems and help you attract more guests.
A good guest screening strategy involves identity verification, reviewing past rental history and running background checks on your guests. Using technology to streamline this process can save you time and money, while reducing your vulnerability to damage, fraud and unwanted guest behavior.
Collecting Fees
Whether it’s a monthly management fee, a guarantee structure or a percentage of rental revenue, it’s important to understand all of the fees your short-term rental property management company charges. This will help you decide if this type of service is worth the additional expense.
Many STRs charge a cleaning fee for each guest, which can add up over time and dig into your profits. These services are crucial in ensuring that guests are satisfied upon arrival and are likely to leave positive reviews.
Some companies also charge a tenant locating fee, which covers the cost of hiring a real estate agent to find a tenant for an empty property. This can range from $100 to $200 and often includes screening the tenant and preparing the lease agreement. Vacancy fees are another common fee that can be flat, one-time fees or ongoing, monthly fees. They are typically equal to the rent you would collect from a guest.
Property Walkthrough
Short-term rentals, or STRs, are residential properties that are offered for rent on a temporary basis, like vacation homes or spare rooms in primary residences. They can be an effective source of income for those looking to generate additional revenue in sought-after areas.
However, STRs are more labor-intensive than long-term rentals because they need to be cleaned between guests and require more frequent maintenance. As such, a STR management company is crucial to ensuring that the property is always in good condition and ready for guests.
A top-performing STR management company should also be able to provide regular reports on financials and performance. This allows owners to stay on track with their financial goals and monitor the success of their investment. In addition, a great STR management company will be aware of changes in laws and regulations that affect their business. They’ll also keep their clients up-to-date on these changes as they happen. This way, they can avoid fines and keep their business running smoothly.
