Property management is often a stressful industry. This is especially true for landlords who offer short-term rentals through sites such as Rentbelly. The fact is, when you offer these types of rentals, you are going to find two things that are in short supply – money and time.
To better manage your short-term rentals, you have to know the challenges that go along with this industry and find ways to offer superior service without sacrificing the quality of your guest’s experiences.
The good news is, there are a few tips you can use to manage your short-term rental properties and make the entire process more rewarding and less stressful. Use the tips here to help streamline the management of these rentals, track your budget and more.
1. Take the Management of Your Short-Term Rentals Online
An extremely valuable tool for short-term rentals is online, all-in-one property management software. Finding a service that provides you with end-to-end solutions will allow you to screen potential renters, answer questions, set your prices and even manage your rental income. All this is provided in an easy-to-use platform.
If you use a certain site for listing your short-term rentals, it’s a good idea to find software that integrates easily. This will ensure you get the most from the investment you make.
2. Understand the Ins and Outs of Your Budget
If you want to save money, you have to fully understand what you are spending on a month to month basis with your short-term rentals. The good news is, you don’t need an array of confusing apps to figure this out. You can use an online budgeting calculator and make short work of the calculations.
You can take the management of your budget a step further by using a financial tracking app to see where overspending may occur. With this information, you will be able to create a budget that’s not only realistic but also effective for your short-term rental business.
When you have a handle on your finances, you will not feel as stressed, but will still be able to ensure your guests are comfortable and happy.
3. Re-Evaluate the Professionals You are Working With
When there’s an electrical or plumbing problem, who do you call? Don’t fall into the trap of using the same contractor just because you have worked with them in the past. A better strategy is to save some money by acquiring quotes from at least three different contractors or vendors.
While this may be time-consuming to do for each project you take on, evaluate who you are using every six months to a year. You may be surprised about how much you can save on repairs and service for your short-term rentals just by doing a bit of additional research.
4. Regularly Maintain Your Property
While this may seem obvious, it’s easy to allow small maintenance issues to fall to the wayside if you are busy trying to manage several short-term rentals. Additionally, approximately 60 percent of all short-term rental owners view this as the main cause of stress. To minimize this stress, consider using the property management software mentioned earlier.
Add dates to each of your short-term rental calendars, so you never miss a bi-annual check. Also, prioritize this regular maintenance each fall and spring to remain on top of any issues.
When it comes to your short-term rental, there are ways you have to reduce the amount of money and time you spend managing these properties. By using the tips and information here, you can successfully do both.