As a landlord, you will likely already have a plan of action in mind for making passive income from your property. You may be considering long term lets and rentals, or you may instead be focusing on short term hire. Short term lets can be very lucrative, especially with the holidaymaker market, meaning it could be a viable opportunity for you. However – is managing short term rentals really as simple as it seems?
Short term rental management is, as mentioned, a great way to drum up some extra income. However, if you are new to developing and letting property, what you may not realise is that there is actually a fair amount of work that goes into even the shortest or smallest of rental setups. With that in mind – why should you consider approaching the experts for guidance and support?
Short Term Rental Management Takes Genuine Effort
Yes, over time, it’s possible that you will be able to run a holiday property on let without much intervention or oversight. That, of course, is the goal for all kinds of passive income opportunities! However, with short term management, you’re likely to need to keep a close eye on things.
It’s arguable that while long term rental management may not always be as lucrative as short term lets, it is likely to require less intervention from you, at least initially. Short term lets mean you are going to need to communicate with more tenants, more often, and it also means you need to effectively reset your property for each new client.
As you may imagine, if you need to undertake a deep clean, it’s going to take you genuine time and effort to set things back up again. While it may seem as though you can run let after let one after the other, if you’re handling it all yourself, you’re going to need to put some serious time aside to keep things running.
Short term let management services can take over this demand for you. They can effectively keep your lets running from one to the other, communicating with clients and making sure that there are minimal gaps between new rental periods.
Making the Most of Your Revenue
If it’s your first time running any kind of let, it may not be too obvious right away how you can expect to make maximum revenue. Are you letting your property at too high or too low a rate? Are you spending too much money simply preparing and managing your property? You may be taking time away from your day job to manage your let, too, which of course means you are losing money on that front, too.
With a short let management team, you can be sure that your property or properties are making you as much money as possible. Expert let management operators understand how to market and promote lets to the right people, as well as how to price them up effectively.
Experts in let management will also show you how you can minimise expenditure legally and effectively. It is never a good idea to look for shortcuts when you owe a duty of care to people who rent from you. Therefore – instead of potentially risking your reputation and the comfort of your tenants, make sure you are in touch with seasoned management experts.
More Time For You
Crucially, taking into account all of the above, working with a team to help you in managing short term rentals means you will have more time and availability for other projects, lines of income and more besides. Effectively, it could mean the difference between you having to give up work to manage your properties and being able to balance everything in tandem. That means you’re going to boost revenue and relieve stress.
Cavendish Peaks’ seasoned short let managers have years of experience in helping to run, manage and maintain holiday and quick rental properties of all shapes and sizes. We understand what the general market is looking for in terms of short lets and quick stays. What’s more, we know the main pressure points for landlords – and how to effectively help you ease off for your own sanity and revenue increase!
Therefore, if you are interested in managing a short term let portfolio, or if you are struggling to keep track of your existing setup, do reach out to Cavendish Peaks for a free consultation. It’s time to start focusing on really making that income passive – and for help with managing short term rentals, we’re the team to trust.