In this month’s guide, I’m going to talk you through all the do’s and don’ts of short-term rental management, managing short-term rentals, and the key factors to help you achieve not just successful but positive short let management results. I will also include several tips and tricks here and there that I feel will benefit you and help you thrive in the world of short-term rental management.
What is Short Term Rental Management?
So, let’s start at the beginning. What is short-term rental management? With popularity growing around platforms such as Sykes Cottages, Booking.com, and of course Airbnb, it is no surprise that the demand for short-term rental has skyrocketed over the last few years. Previously, the minimum stay on a property was limited to 7 days and five days in some rare cases. Today, individuals can book a stay for as little as one night, making short-term rental precisely what it says on the tin, rentals for only a short amount of time.
Short-term rentals also offer a different type of property. Gone are the days when property rentals only consisted of hotel rooms or apartments. Today, properties differ from small one-bedroom apartments to whole houses. Some even offer the option of outdoor spaces such as tents and teepees. Properties are now advertised on a “you get what you pay for basis.” Meaning that if you pay £15 per night, you expect to have £15 per night facilities. Making us less surprised when we walk into a property that hasn’t been renovated for the last 15 years and is in need of some TLC and updating; however, nowadays, we completely understand that we get what we pay for.
When opting for short-term rental management, always seek out the advice of a qualified and knowledgeable professional. They will help you weigh up the pros and cons in fine detail while ensuring you understand the benefits and risks. It is best to go into a business venture with as much information about the financial and legal implications as possible. Even if you think you know it all, it never hurts to know just a little bit more!
Always consider your location. Think about when you first bought the property, or if you are buying the property to rent out to short-term guests, be sure to find an area that will be a perfect match for you and your guests. After all, it is your property, don’t forget! Is it close to the town center? Is there a train station or regular bus routes nearby? If opting for a quieter, more peaceful location, is it suitable for those wanting to unwind and relax but maybe partake in some outdoor activities? Once you have found the perfect property in a prime location that can offer exactly what you and your future guests require, be sure to showcase these qualities. Don’t be shy! The more people know about your short-term rental, the better!
Now for the don’ts. You wouldn’t buy a car without first doing some basic research. This is no different. Don’t be tempted to post your listing without first doing the proper research. Choosing a verified and credible website to showcase your property will make the difference between it becoming an ultimate success and its flopping and essentially failing.
Positive guest reviews should not be underestimated. As with most things now, everything can be reviewed and researched through the click of a button. Ensuring your guests have a positive and enjoyable stay with help you to thrive. Happy clients make for happy reviews. Keep everywhere clean, fresh, and tidy, and don’t be afraid to do some research into amenities that most guests look for in a listing. This can vary from easy access to public transport to something as small as having a hairdryer on site. Racking up as many 5 star reviews as possible depends on you providing what the people want. Don’t give anyone a reason to leave a bad review.
Never lie! No one wants to be told they’re staying somewhere with high-speed, super fast broadband to arrive and be greeted by the age-old dial-up technology. If you don’t offer it, don’t list it. Having someone scroll past your property for lack of amenities is better than them posting a bad review because you stretched the truth.
The Advantages of Short-term Rental Management
Short-term rental property management offers a wide range of advantages. Short-term rental allows you to rent out your space to different individuals every day of the week, offering a great deal of flexibility and ensuring a steady and guaranteed income.
Short-term rental gives you the opportunity to rent out your own home or second home without the usual minimum six-month rental contract. Making short-term managing rentals much easier for you to allow yourself some time in the year to visit and stay in your property. Also, if you travel a lot, it can be worrying leaving a property vacant for a number of weeks or even months; however, short let management means someone will be staying at your property, making it less of a target for thieves and vandals. Another positive to short-term rental is the maintenance of the property itself. Rather than the property left for prolonged periods, guests are able to stay and make regular use of the boiler, appliances and keep everything ticking over, making it less likely to deteriorate. This can be especially beneficial in the colder months as regular use of hot water facilities can prevent pipes from freezing and bursting.
Having regular lodges while your property is unoccupied also deters away rodents and pests. Around 82% of homes in Britain have all experienced having at least one unwelcomed mouse within their home, so it is not uncommon. However, if a property is occupied, regularly cleaned, and has plenty of human activity inside, pests and mice are less likely to nest within the property and move on to vacant and empty spaces.
Having a clean and ventilated property is critical when renting out a property, so it is essential to have someone on board who is confident, efficient, and above all else, trustworthy when it comes to managing short-term rentals. Properties have to be cleaned between each client; this is basic 101 of short-let management. The property needs to be inspected for any damage, vandalism and above all else needs to be kept to a high standard of hygiene while staying in line with current health and safety guidelines. Luckily we can take care of all this, ensuring you have one less thing to worry about.
Short-term rental is also a great way to meet new people and discover different walks of life. Although you may never come face to face with each other, there is still a great deal of communication that goes on, and receiving constructive criticism can help you improve what you offer to others in the future. So keep in mind that constructive criticism is not always negative.
The Disadvantages of Short-term Rental Management
Although there are many advantages to short-term rental management, it doesn’t come without its disadvantages, like most things in life. Don’t let this deter you! I am simply just pointing out these few negativities to make you aware of what to keep an eye out for.
Now, although renting out your property short-term will guarantee you an income that will essentially pay for the property and enable you to benefit from a profit, it is worth considering the costs that will still be incurred. Electricity, gas, water rates, wifi, etc, will still all likely be used by your guests in your absence, so it is essential to consider these costs when opting for short-term rental and how some individuals will use more hot water or watch the T.V more than others.
When inviting strangers into your home, you are more at risk of your property becoming damaged, towels going missing, or in rare occasions some disturbance being reported. Ensuring you have iron-clad contracts in place and knowing your rights is half the battle if the worst ever does come to happen. Also, being sure to be up to date with all health and safety regulations, fire regulations, making sure the property is safe, i.e. no loose carpets on the stairs, etc, and keeping it free from leaks, drafts and hazards can be challenging to keep up with, however, for the safety of you and others, it is 100% worth it.
Managing short-term rentals can be challenging at times, but with the right help, advice, and assistance, we can help you achieve, thrive, and even enjoy what the world of short-term rentals has to offer and all of the benefits. Get in touch today on 0114 437 2473.