Tips for Stress-Free Short-Term Rental Success
Category Advice
Are you considering listing your property as a short-term rental? More and more homeowners are looking into the risks and rewards associated with offering up their properties for rent on a short-term basis. Like any property venture, success lies in doing your homework, asking for advice, and trusting your instincts.
In this blog we list the pros and cons of running a short-term rental, as well as our top tips to make sure your venture is consistently successful.
Why Do People Need Short-Term Rentals?
There are a number of reasons why people have the need for short-term rental properties:
- People who are immigrating may require a short-term rental once they've sold their property but need to remain in the country until their travel documentation is finalised
- A short-term rental may be better suited to holidaying families who need more space and flexibility than a hotel can provide
- Short-term rentals are ideal for people who travel for work to other provinces for extended periods
- Tourists may want to have a more authentic living experience when visiting another country (Eg: AirBnB)
- Homeowners who undertake extensive renovations may need to vacate their property for a few weeks or months
- Short-term rentals are often comfortably furnished, which helps tenants save money on furniture and other costs
- Overall, short-term rentals are better suited to people who don't want to be locked into long term leases
Pros and Cons of Running a Short-Term Rental
Pros
- You can make more money since you can charge above average rates per night / week
- You have the flexibility to decide when you want to rent out your property
- You may be entitled to certain tax benefits
Cons
- Short-term rentals tend to have higher vacancy rates, particularly in off-peak periods
- Running costs are higher than a regular rental
- Overall, running short-term rentals takes more time and effort
How to Ensure Short-Term Rental Success
1. Ask for Reviews
Ask each of your occupants to consider leaving a review of your rental property when they leave. Each positive review goes a long way to establishing your reputation and helping you find good tenants consistently.
2. Respond Promptly to Requests
As the property owner, be sure to tend to the concerns of your tenants the way you would if they were on a longer lease. Treat your tenants like clients, and make the effort to address all valid concerns punctually.
3. Maintain the Property Regularly
A short-term rental will require more attention and upkeep than a regular lease, as more occupants will be passing through the property more often. Be sure to arrange post-occupation cleaning, and monitor the state of things like fixtures, plumbing, door hinges, cracks in walls or tiles, appliances, carpets, mould and mildew, etc.
4. Hire Professional Help
Even though your property is a short-term rental, it often entails more time, effort, and paperwork. A professional property manager will see to all the admin, communications, third party dealings, and day-to-day management on your behalf.
Want to manage your short-term rental but don't have the time?
Short-term letting happens to be our speciality! Our experienced property management team would love to partner with you to help you manage your first short-term rental property. Contact us today to set up an introductory meeting.
Author: SAProperty.com
