Having short-term rental properties and vacation rentals is a business similar to any other. Both require dedicated effort and consistent supervision to be profitable and successful. Some Winston-Salem investors believe that a short-term rental or vacation property will bestow them with a source of passive income. But the truth is that short-term and vacation rentals are generally so much more hands-on than long-term rental homes. With frequent changes in tenants, you have to know exactly how to manage and care for your short-term or vacation rentals properly.
There are fundamental differences between managing or caring for short-term or vacation rental and other long-term rentals. Although rather than being different tasks, managing short-term and vacation rentals simply require more: more marketing (and more often), more tenant screening, and more cleaning and preparing the rental property for the next tenant.
If you plan to keep and manage your short-term rentals or your vacation property yourself, you will need excellent organizational skills and the capacity to respond promptly to tenant inquiries. You may additionally need to employ people to fill a few key roles if your rental property is not near to where you are residing.
Unless you are close by and are both prepared and competent to professionally clean your rental property yourself, consider hiring a house cleaning service. A reliable housekeeper can not only monitor your property for you but can also be able to get back to you with a report after every guest. This person can assist you to identify potential problems early and address them before they become expensive repairs.
In connection with repairs, you are going to need a good handyman too. The best person for this function will have to reside near your property, has an extensive set of skills and abilities, and can speedily take action in response to guest complaints and maintenance issues. If in case your short-term rental or vacation property has a pool or spa, you will need someone to keep it clean and to regulate the chemical levels.
You might be able to hire one person to carry it all out or may possibly have to delegate services from different individuals or companies to make sure the job is executed well. In the end, tenants will leave poor reviews if the property condition does not live up to their preconceived expectations, which can make it harder to rent your property in the future.
Along with caring for the property itself, there are several things you will have to understand concerning finding and communicating with tenants. A successful short-term or vacation rental starts with effective advertising. It is vital to list your property on one or more of the most well-known websites and app platforms. Another major part of getting your rental properties to be easily found is by having a website. Setting up a website for a vacation home, in particular, is inexpensive and very effective. You can include lots of photos and a fact sheet relating to the property to help reply to several of the inquiries that prospective tenants will most probably be wondering and will want to ask you about. You can also allow your guests to view availability, request reservations, and to pay their rent and deposits online. Such comforts and conveniences are crucial to endowing your tenants a positive experience right from the outset.
Still, more importantly, nothing rather compares to good communication. As the property owner, you will have to respond quickly and effectively to inquiries, tenant complaints, and more. If you are unable to be there in-person to solve issues of concern, a good option may be to hire a property management company to handle your tenant relations for you.
The right Winston-Salem property manager can expertly impart a high level of professionalism and customer service, along with freeing up your time and getting your life a lot less complicated. Short-term and vacation rental tenants need space and privacy, but at the same time, they also are looking for a feel-good experience. Whatever you can do to foster and help them feel satisfied with their stay in your rental house can help keep your properties fully leased month after month, year after year.
While doing research on every potential income property is a lot of work, Real Property Management of the Triad can help lighten your load. We offer free rental property analyses for investors, which can help you more easily identify whether the income property you want to buy is a profitable option. Contact us online or call us at 336-355-6677 or 336-777-7444 to learn more!
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