5 Vital Tips For Short Term Rental Management
A number of people assume that short-term rental management is a hard business to crack, but that isn’t the case at all. In fact, there’s always room for success if you know how to properly manage short-term rental properties. There are a number of unique hurdles that come with short-term rental management, but they can all be overcome. For example, short-term rental brings with it the challenge of securing a number of shorter bookings. Luckily, with the right amount of marketing and care, it’s entirely possible to have multiple shorter bookings spanning the same duration as one longer one. However, do you know how to succeed in short-term rental management?
How to Achieve Short Term Rental Management Success
- Know What’s Happening in the Local Area – It can be difficult to rent out a property on a short-term basis during the low season, as there’s a reduction in the number of people who want to stay. However, that isn’t to say that short-term rental is completely out of the question. Almost all cities and key destinations will have events happening throughout their low season, which always draws in the crowds. By taking the time to find out if there are any events happening, you can market to those who are looking for short-term rentals. For example, some people will book a weekend break in the low season if their favourite sports team or music artist is playing nearby. In these cases, they will need a short-term rental property.
- Carefully Consider Your Minimum Stay 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. When it comes to short-term rental management, you may want to consider imposing a longer minimum stay on guests. Though you may initially assume that this will deter guests who only want to stay for a night or two, it can help you to make more money in the long run. For example, accepting a one-night booking in the middle of a week could prevent you from then accepting a seven-night booking for the same week; the one-night booking will already be confirmed before you get a chance to accept the seven-night booking. However, by setting a minimum stay of three or four nights, you are guaranteeing that each booking will have a high value.
- 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 clean at all times, in case of a last minute booking. A lot of short-term rental bookings will be made only a few days before the date of arrival and it’s vital that you’re prepared. After all, you won’t want to be turning bookings down simply because the property isn’t in order.
- Get to Know Who Your Guests are Likely to Be – There are a lot of different people that will rent a property on a short-term basis, such as someone traveling to a new city for business or a group of friends organising a weekend away. Knowing who your guests are likely to be is one of the top ways to make the property one that they will book time and time again. If the property is in an area that’s popular with families consider adding amenities they will appreciate, such as a highchair or a travel cot. If the property is in an area that’s popular with those traveling for business you could think about providing high-speed internet. This is an important part of short-term rental management, as it can boost business.
- Go Above and Beyond for Your Guests – When you’re renting a property out on a short-term basis, it can be tempting to cut corners and provide a lesser quality service. After all, why should you go to a great deal of effort when guests are only planning to stay for a few days? This isn’t the mentality to have as short-term rentals can turn into long-term rentals, and these can turn into repeat bookings. By going above and beyond for your guests, you will be increasing the chances of them reusing your property. Plus, if you have multiple properties, it will increase the chances of guests booking at another location at a later date.
To run a successful short-term rental, the host needs to stay on top of things constantly. It requires a lot of energy and attention to detail, and can sometimes become difficult to keep up with cleaning, check-ins and managing the listing. That is why there are increasingly more people relying on professional short-term rental services, that completely take the hassle off of renting. At Hostmaker, we’re on hand to help with home rental management.
- To find out more about short-term rental management or for help with managing a property, contact Hostmaker. At Hostmaker, we’re always on hand to help. Get in touch today on +44 2038113872 or sign up online.