Short-term rental management can provide you with extra income from your current properties. It can even become your new full-time career and help you build a portfolio of properties under your ownership.

However, there are some key facts to know that can help you decide if this is the right option for you. This article will explain the essentials and some tips for short-term rental management.

This information lets you make the best decisions for your future and finances.

What is short-term rental management?

Short-term rental management encompasses all operations for properties that will be rented for less than a year. Short-term management duties include the following:

• Marketing the property
• Interviewing potential tenants
• Booking quality tenants
• Handling all communications
• Tracking payments and payroll
• Attending to any repairs
• Resolving or appropriately dealing with disputes with authorities
• Cleaning the property
• Preparing the property for the next tenant
• Upgrading the property as needed

Managing even one short-term rental is like running your own business. Owners can streamline their workload with property management software, saving time and working more properties with less hassle. However, managing a property does require a time commitment you will need to account for, even if you’re just renting out a single property.

How to Get Started With Short-Term Property Management

1. Set Your Objectives

What do you hope to get out of your rental property? Are you looking to add some extra income, or are you trying to start a new career? Do you want to rent a single room in your home, or are you trying to build a portfolio? Set your objectives clearly before you start anything else.

2. Identify Your Thought Market

Determine the length of time you would like to rent out your property to a tenant. Then, identify the types of tenants you wish to target. This information will guide your marketing to reach the tenants you want.

3. Analyze the Competition

Look at the competition and see where your property fits into the market. Look for any gaps in services or experiences you could offer.

4. Advertise Your Property

Decide how you want to advertise your property to tenants. Booking apps like Airbnb, Booking.com, and VRBO are especially suited to short-term rentals.

Pros and Cons of Short Term Rental Management

There are some short-term pros and cons of renting out your property to know before you commit.

Pros

• You could open up a new stream of income with your existing home.
• Well-managed properties can pay for themselves.
• You become a business owner and can work for yourself.
• You have a wider pool of potential tenants.

Cons

• Screening tenants can be time-consuming and costly.
• There is a significant workload for one person.
• You assume liability for tenant damages and potential injuries.
• If you can’t find tenants in time, you may have to pay a mortgage personally.

Key Takeaways of Short Term Rental Management

• There are some short-term pros and cons of renting out your property to know before you commit.
• Property management software is essential to streamline your workload and make managing multiple properties easier.
• Taking time to set your goals and determine which clientele you want to serve is key to success.

If you are interested in starting out as a short-term rental management host, have a look at the professional services we have to offer.