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The Key to Managing Short-Term and Vacation Rentals

Family Arriving at their Vacation Rental

Vacation rentals and short-term rentals are legitimate businesses. And just like any other business, profitable rental property ownership requires effort and constant oversight. New investors in Jericho occasionally believe that a short-term rental or vacation home will provide them with a source of passive income. Realistically speaking, however, vacation and short-term rentals frequently require more maintenance than long-term rental properties. Efficacious property management grows even more crucial to your long-term success when you experience frequent tenant turnover. Let’s assess in greater detail what it takes to effectively manage a vacation rental.

Short-Term versus Long-Term Rentals

There are major differences between managing a short-term or vacation rental and managing other long-term rentals. Managing short-term and vacation rentals necessitates increased marketing (and frequency), tenant screening, and cleaning and preparation for the next tenant. If you are even permitted to offer short-term or vacation rentals, there might be additional licensing requirements and taxes to submit depending on your neighborhood.

Tips for Managing Short-Term Rentals Effectively

There are a few things you should be aware of if you intend to manage your short-term rentals or vacation home yourself. If you want to manage your property on your own, you should first assess your suitability for doing so. You must have excellent organizational skills and the capacity to react quickly to tenant inquiries to do this job well. Additionally, if your rental home is far from where you live, you might need to hire people to perform a few crucial roles.

Consider hiring a house cleaning service if you are not nearby, willing, and able to professionally clean your rental property yourself. A dependable housekeeper can not only keep a close watch on your property but should also be able to provide you with a report after each guest. This person can assist you in identifying potential issues and addressing them before they become costly repairs.

Regarding repairs, you will likely require a reliable handyman. The right candidate for this position will be near your property, have a wide range of skills, and be able to resolve maintenance issues and guest complaints quickly. You will need someone to keep it clean and manage the chemical levels if your short-term rental or vacation home has a pool or spa.

To ensure the job is carried out regularly and correctly, you might be able to hire one person to handle it all, or you might need to hire services from several different people or businesses. Tenants will leave negative reviews if the property’s condition does not meet their expectations, making it more difficult to rent the property in the future.

Finding and Screening Tenants

In addition to maintaining the property, you will need to know a few things about locating and communicating with tenants.

Successful vacation or short-term rentals begin with effective advertising. Importantly list your real estate on one or several of the most popular websites and app platforms. Having a website is also vital to facilitate the discovery of your rental properties. Developing a website for a vacation home is both cost-effective and inexpensive. To help address many of the questions that potential tenants are likely to ask, you can add a lot of photos and a fact sheet about the property. In addition, you can enable your guests to view availability, make reservations, and pay their rent and deposits online. Such amenities are essential for providing your tenants with a positive experience from the very beginning.

You also need to know how to interact with tenants in addition to using effective marketing. Nothing can make or break your chances of progress more than good communication when it comes to owning rental properties that generate a profit. You must address questions, complaints from tenants, and other issues as the property owner as soon as possible. Hiring a property management company to take care of your tenant relations could be a good choice if you are unable to handle tenant relations in person.

The Professional Property Management Difference

The proper Jericho property manager can provide professional standards and customer service, free up your time, and make your life significantly easier. Tenants of short-term and vacation rentals require space and privacy but also desire a great feeling. Your rental properties can remain fully leased month after month, year after year if you can do anything that might make your tenants happier during their stay.

To keep your rental properties occupied and your tenants satisfied, Real Property Management Sterling has a team of local property management experts at your disposal. We take care of the tedious work for you, such as handling maintenance and filling openings. We are also familiar with local laws and can help you navigate the process of licensing your rental property, if required, as well as taking care of other taxes where applicable. Pay us a visit online today.

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