Many landlords assume that short term rental management is hard work and time consuming, but that doesn’t always have to be the case. In fact, there’s always room for success if you know how to properly manage short term rental properties. Short term property management could mean that you are renting your property out to students or locals for short periods of time; this can be anything from 3-12 months at a time. There are a few hurdles to overcome with short term management, but you can easily overcome these hurdles with the help of local estate agents.
Short term rentals bring a challenge of security. Frequently renting your property out to different tenants means short turn around periods for maintenance and security checks. Local estate agent’s landlord services are available to handle your tenancies for you, making your life as a landlord a smoother ride.
Affitto estate agents offer partial, as well as full landlord services, reducing the stress of being a landlord and ensuring you achieve return on investment. As a local estate agent, we wanted to share our knowledge of successful short-term rentals.
Estate Agents Tips on How to Achieve Successful Short-Term Rentals
Carefully Consider Your Minimum Requirements
Setting a minimum stay is an important part of renting out a property, but it’s even more important when you’re renting out a property on a short-term basis. You need to consider the value of each tenant and how much it costs to secure a new tenant. This will give you a better idea on the minimum stay requirement in order to gain a return on investment.
2. Know What’s Happening in the Local Area
If you are renting your property out for short term rentals, you should stay up to date with local calendars and seasonal changes.
For example, if you are targeting students, you will understand that most students are on the property search during July and August and that low season is September to December.
Therefore its vital that your property is advertised in the right places and gets seen by the right people. Affitto estate agents advertise your property across a range of online property platforms to gain the maximum exposure.
3. Ensure the Property is Well Maintained
If you’re managing a number of short-term rental properties, it can be easy to fall behind on maintenance. However, this could prevent you from achieving short term rental management success. Take the time to ensure the property is well maintained and adheres to local property regulations.
For example, your property should have an up to date gas certificate, working fire alarms and much more. Carrying out regular property inspections makes this process a more efficient job. Also, staying on top of the maintenance issues makes it easier to manage financially.
4. Understand Your Tenants
There are a lot of different people that will rent a property on a short term basis, such as someone travelling to a new city for business or a new growing family. Knowing who your tenants are likely to be is one of the top ways to make the property more appealing to that group. You should highlight the properties particular selling points that are relevant to your ideal tenants.
For example, if you are targeting families, you should consider adding amenities they will consider selling points. This could be a parking area, shed, quiet neighborhood, local schools etc. This is an important part of short term rental management, as it can boost business and secure more tenants.
5. Get The Photo That Sells Your Propert
How your property looks in pictures is crucial to finding the right tenants for your property, whether you are looking for short term or long-term rentals. Your photo creates your tenants first impressions of your property, it can be the difference between securing a viewing or not. The photos of your property should both showcase its main features, as well as fairly representing its space and surroundings.
Photos of your property should be honest. You will only waste time with disappointed tenants if your photos don’t fairly showcase your property. You should list photos that show the best lighting and spacing for each room. It is your chance to sell your space, so make it look amazing. You want your tenants to be able to visualize themselves in your property, therefore it is important to understand the type of tenant you want to secure. For example, if you are targeting budgeted students, make sure you have a picture of the space they can work in. Alternatively, if you are targeting up-market couples, show how the dining space can be used for two.
6. Comply With Rental Regulations
As a landlord renting out a short-term property, it may be tempting to try and cut corner to save on costs. However, this can lead to legislation issues and can actually be more costly and dangerous. You should always fully comply with rental legislations and laws. Local estate agents are available to support landlords with this process and to update them of any legislative changes they should be aware of.
Affitto estate agents are experts in property management and rental listings. Our landlord services include everything from professional photography, tenant screening, viewings to rent collection and property advertisement. Enquire today and see how we can support your property portfolio and find the right tenants for your short-term rental.