Did you know that short term rentals can make upwards of $50,000 of profit in a single year? The rise of the sharing economy has transformed how people travel and locate lodging.
More people are looking to rentals rather than hotels to book their travel plans. This has created an opportunity for property owners to generate cash by renting out their properties. Managing these properties can be a time-consuming and complex operation. Short-term rental management services can help with this.
Keep reading if you are interested in starting a short term rental. Together, we will learn what to consider when picking a short term rental management company.
Experience and Expertise
If you own a short term rental, you need to be an expert in property management. If you don't want to run the operation yourself, you can enlist a management company. Review potential firms' industry experience and competence.
A well established company is more likely to use savvy tactics. They will know how to help you grow your profit and use rentals as a way to grow your wealth. Look for organizations that have a track record of exceeding their clients' expectations.
Rental management businesses provide varied levels of service. Some may only offer basic booking and check-in services. While others may offer a full suite of services.
More extensive rental management companies will offer services such as:
- property management
- routine cleaning
- property repairs
- guest communication
As a property owner, evaluate your needs and expectations. You want to find a management company that will fulfill all of your needs.
Marketing and Distribution
Effective marketing is critical for increasing your property's occupancy rate and rental income. Management businesses need an effective marketing strategy to showcase properties to potential guests.
Technology and Automation
Technology is critical to the success of short-term rental management. Ask management companies how they leverage technology to streamline operations.
Technology can be used to complete bookings, guest communication, and cleaning and maintenance activities. This increases not only efficiency but also the whole guest experience.
An effective pricing strategy is critical for attracting guests and achieving profitability. Management companies conduct research to set competitive pricing in any given area.
Guest satisfaction is critical in the short-term rental industry. A excellent visitor experience requires prompt and informative communication. Management companies should streamline the check-in procedure and find resolutions to any concerns.
Reviews and References
Go online and browse the company's online reviews. Sift through their ratings and reviews to give you a better idea of their work ethic and success rate.
This might provide useful information about the company's strengths and limitations. Doing your research will help you make an informed decision.
Use a Short Term Rental Management Company
Choosing the right short term rental management company can make or break your operation. If you want to grow your properties and build a short term rental business, you need to bring in outside experts.
Enlist the help of a property management company so you can enjoy the benefits of passive income. Our team is eager to help fulfill your short term rental management needs. Contact our team today at PMI Orlando!