Suppose you consider yourself to be in this category. In that case, you will need a basic understanding of the market, the estimated rental price, the best way to manage the property, the ground services, and any tax regulations for your area. It’s important to decide how you would like to market your property to potential renters. Quality short-term rentals and great customer service are key factors in keeping your rental property occupied.
From hiring property managers to setting up automated systems, smooth operations will increase your chances of getting glowing five-star ratings from potential travelers. You can flip the virtual vacant light on or off by paying attention to details and being professional. Here are some practical tips to get started in the rental market this year and start a profitable business.
- Be the Property Manager You Want
The most important decision of all is whether or not you want to either hire a property manager or take over management. The best way to save money on managing your property is to do it yourself. You will also learn a lot of valuable information along the way. You can control the process, cut down on fees, personalize the experience and help keep your rental booked all year. But managing your properties yourself requires you to do all of the work. This includes creating an online listing and booking guests.
- Hire a Management Team
Self-management, or rent by owner, may not be the best choice for you. Sometimes you may not have the time or knowledge to manage a rental business. A professional management company is a great way to ease the anxiety of an owner who has just started booking their Key West houses for rent.
While you may lose some of the control you have over your property, as well as paying management fees (sometimes quite high), hiring property managers will take away all the responsibility for managing guests, booking sites, and taxes. If you are new to the short-term rental industry, hiring a manager may be a good idea. However, once you’ve learned more about the process, you might consider doing it yourself. If you decide to hire a manager for your property, ensure they have experience in the market and are professionals.
- Pay Attention to the Finer Things
Travelers have more choices than ever today, with various listings and websites available. Hosts must have a professional website listing that emphasizes the property’s strengths. The website should include a few extras that can be helpful. Your business can be successful if you provide the required amenities, including a fully-stocked kitchen and high-quality linens and towels.
- Follow Licensing and Tax Regulations
Short-term rental properties are often required to register for occupancy taxes. All short-term rentals will be subject to increased scrutiny in all communities. To receive short-term rental bookings, you will have to register, collect, and submit sales and lodging taxes. You’ll need to register first with the local, county, or state agency (or sometimes all three).
- Automate Your Rental Tasks
Technology is making it easier to rent short-term properties. Customers expect smooth experiences, and you need to keep up. There is often a high turnover in short-term rentals with many visitors. Automating bookings streamlines the process and provides a positive experience for visitors. The technology of today allows you to streamline all aspects: bookings online, guest reviews as well as contracts, check-in procedures, keyless entry systems, and housekeeping communication.