Managing a rental property can be a lucrative business venture. It is even more so when it’s a short-term rental and you consider the rising popularity of Airbnbs these days, in competition with the traditional hotel accommodations.
If you’re thinking of opening up your property to the public, it’s imperative to get into the mindset of an entrepreneur. To help you with your new business, here are a few tips that can help you successfully manage a short-term rental property.
Tip #1: Check Every Amenity
Properties that are in perfect condition usually get the best reviews on every STR platform. This is why, before starting your journey, you should check out every part of the property to make sure that things are in working order.
For example, properties meant for wintertime vacations should have fully functional heating systems and, if possible, a fireplace for added warmth. If your property is open any time of the year, it’s best to get your amenities checked out before every season, especially the fixtures needed for particular periods of the year. Doing so will give you an idea if any needs repair, which can be accomplished quickly. For example, you can have a gas fireplace repair in Salt Lake City or other nearby locations if wintertime is nearing.
Tip #2: Keep Things Impersonal
Short-term rental properties are popular among landlords because they can close them up for brief periods to personally use the properties. Are you thinking of doing the same? Keep in mind that the property may be one of your homes, but your future guests expect accommodations that are on part with hotels. So, it’s best to keep things homey and comfortable but not too personal.
This means keeping away any family photos or portraits as well as locking up personal belongings in cupboards if they can’t be moved somewhere else. Aesthetic-wise, it’s a smart idea to keep things chic if not sleek. Too many colors can be too daunting, while a minimalistic feel may be lacking.
Tip #3: Clean the Premises
Unlike long-term rentals, the care and maintenance of your STR lie in your hands. In between bookings, you’ll have the opportunity to clean up the property and prepare all amenities for your next guests.
But before anything else, perform a deep cleaning before your first booking. Doing this will leave your property in an impeccable state. When you’ve reached a point where you go from one booking to the next, consider hiring a reputable cleaning company to clean every single room before the next guests arrive.
It may be an added expenditure, but this will ensure that everything is spic and span for every guest that you have.
Tip #4: Remember: Photography Is Key
In the age of the Internet, guests rely not only on previous reviews but also on the pictures of your property that you choose to post online. Hence, there is a need for these photos to be of high quality. Not only that, but every picture should showcase the property genuinely.
There should be no surprises on listings, either. These may be good money grabs, but guests tend to get upset with “aha!” moments and may leave bad ratings, which will severely impact your business.
Again, operating a short-term rental business can be a good investment, provided you dedicate yourself to the tasks of a landlord, do adequate research, and make smart choices.