A recent study shows that the US vacation rental market is expected to reach $82.63 billion in 2022.
Thanks to platform aggregators like Airbnb and VRBO, people who own vacation homes and cottages can easily rent out their properties. However, short-term rentals are more than just finding people who would be willing to rent your house for the weekend.
Managing short-term vacation rentals comes with challenges:
- Establishing vacation rental price
- Creating, optimizing, and listing your vacation rental
- Improve guest communication
- Setting the rules of your rental property
- Property cleaning and maintenance
This is where opting for a Property Management Company can be helpful. That’s because they enable you to have a hassle-free way to generate profit from your vacation home. Other than that, here are five additional benefits of opting a Property Management Company for your short-term vacation rentals.
Access to a Marketing Team
Working with a property manager relieves the burden of promoting your short-term vacation rentals. That’s because property managers either have a team of marketing experts or work with a marketing agency.
Thus, they can help you identify your target market and how you can attract them. For instance, you have vacation rental homes in Lafayette and surrounding areas. A marketing team can build a marketing strategy, including promoting tourist destinations and activities in Lafayette. That way, you can attract tourists and encourage them to book one of your properties.
Attracting Quality Tenants
One of the many advantages of having a property manager is that they can help screen your tenants.
Why is it essential to pre-quality guests who will occupy your vacation rental homes? Because it allows you to mitigate putting your rental income, property, and neighborhood at risk. Moreover, working with a property management company can help you overcome the following challenges:
Late Rent Payments
A TransUnion study revealed that 8 out of 10 landlords cite payment problems are their primary concern.
Property managers may require guests to submit a recent credit statement depending on the length of stay. Doing so can help them determine whether a potential tenant can pay their rent on time.
In the case of short-term rental, property managers can use a booking platform that will require guests to leave their credit card information. Hence, they can automatically charge guests for rent.
Renting Out to People with Dubious Background
Checking if your guests have criminal records is your way of protecting your property and neighborhood. However, not all criminal records are deal breakers. Some tenants may have minor traffic violations or two, and you can choose to overlook them.
Nonetheless, working with a property manager who checks your guests’ backgrounds can put your mind at ease. That’s because you know you are not endangering your property and neighbors.
Setting Property Rental Rules
Working with a property management company means someone can help you establish clear house rules that guests should follow. Aside from ensuring that guests will not wreck your vacation house, having property rental rules can help you filter troublesome guests.
You can inform your property manager about the maximum number of guests you can accommodate and whether you allow pets. You may also require guests to have negative RT-PCR tests to ensure they are COVID-free upon check-in.
Hassle-free Maintenance and Repair
Aside from a marketing team, property managers also have housekeepers or work with a group of professional home cleaners. Doing so ensures that your vacation rental property is clean and has fresh sets of linen and toiletries for the new guests.
Suppose you have vacation houses in Acadiana and its surrounding areas. Still, you reside an hour or so away from your rental properties. Working with a property manager means you do not have to drive to your vacant properties to clean them. Instead, they will be the ones to deploy the nearest housekeepers to ensure that your rental property is spick and span.
In addition, your property managers can visit your vacation homes regularly to check for any repair needs.
Consistent Rent Collection
Collecting rent is not as easy as you think. However, having the proper infrastructure and system will make it easy for your guests to pay their rent. When it is convenient for them to pay their rent, it will be easy for you to have consistent rent collection. A reliable property manager can help you set up such infrastructure and system.
At Holy Toledo Properties, we provide a 100% hassle-free way to generate profits from your vacation home. We have developed gold standard procedures that constantly generate desired results, such as collecting rent with ease. Additionally, we use a dashboard that helps monitor your bookings from various sources in one place. This enables us to generate a consolidated report for property owners regularly.
Easily Navigate Through Legal Issues
Here’s the thing: Every state and city has legal regulations for short-term rental. Some towns prohibit entirely short-term rentals, while some limits the number of short-term rentals in any given zone. Some laws restrict the number of days that you can rent out your property per guest.
These restrictions prevent residents’ disruption and prop up their hotel and tourism industry.
In addition, you may need to secure licenses and permit before renting out your properties. Other legal issues you must navigate include zoning rules and taxes for short-term rentals. Too much information to process and hoops to jump through can be overwhelming. Working with property management means you have a team of experts who can ensure that you meet these legal obligations.
Choose Property Management and Embark on a Zero-Risk Partnership
As a property owner, you must make it profitable by renting it out. However, managing a short-term vacation home can be cumbersome.
For one, you need to promote your properties to attract tenants. Second, you must screen your guests to ensure that you are not endangering your property and neighbors. Add to that collecting rent and ensuring that your vacation house is in tip-top shape.
Consider property management to keep yourself from going through the hassle of managing your short-term vacation rental property. Doing so allows you to enjoy the following benefits:
- Access to a marketing team
- Attracting quality tenants
- Hassle-free maintenance and repair
- Consistent rent collection
- Easily navigate through legal issues
That said, Holy Toledo Properties provide vacation rental management services to those who have properties in Lafayette or Acadiana and its surrounding areas. Generate passive income from a steady flow of bookings and enjoy hands-free guest relations, housekeeping, and property protection and maintenance.
Discover how you can have a hassle-free way to generate profits from your vacation home when you book a pre-qualifying call today!