Challenges of Managing a Short Term Rental

While managing a short-term rental is a great way to make additional income and to share your home with travellers around the world, it has its own share of challenges. This article will highlight some of the challenges people face as far as short-term rental management is concerned.

Dealing with guests

A common challenge of running a short-term rental is dealing with guests. Most people assume that managing a short-term rental is easy and requires minimal effort. Well, this is not possible! Homeowners managing a short-term rental often perform a variety of tasks such as keeping track of dates when guests arrive and leave, and ensuring the property is clean. 

Choosing the right price

There is also the challenge of setting the right price for their rental properties. You need to come up with a reasonable price that is not too high and can scare away potential guests. In the beginning, it might be a good idea to choose a lower price in order to get more bookings and gather up some reviews. The more reviews you get, the higher you can charge. It’s also important to consider events and the different seasons throughout the year.

Creating an optimized listing

While some struggle to create the perfect listing, Luckey will help increase your occupancy rate by updating prices regularly depending on local events and the season. Luckey offers 24/7 customer support, answering all the needs and questions of their guests. After all, managing short-term rentals necessitates seamless communication with the staff, guests, and the homeowner.

Setting house rules

Short-term rental owners should consider having a set of house rules. Additionally, have a document with key information about your home, the neighbourhood, Wi-Fi, parking rules and noise infractions. This information is useful to have for guests arriving at your home. Ensure you clearly state on your listings if guest visitors are allowed. Be clear if smoking is not allowed.

Damages

Homeowners managing a short-term rental should also remind guests that they are responsible for any negligence that may cause damage to their property. Incidents can happen and that is why it is important to screen guests before they book to ensure you know who you are dealing with. You can include a security deposit on the contract to ensure that serious damage done to the premises will be covered.

Keep the property clean and well maintained

You need to ensure you keep the property clean and well maintained throughout the year. Additionally, you need to update your rental amenities to ensure your guests are happy and are enjoying their stay at your home to the fullest. This is a great way to encourage repeat business in the future.

Many options to choose from

Short-term renting is now more popular than ever before and there are many short-term rentals to choose from. If you want to stand out from the crowd, you need to keep your listings up to date and furnish your home according to the desired standards. Also ensure you perform general maintenance practices such as regular cleaning, paint fixes and gardening.

Time-Consuming

Managing short-term rentals can be time-consuming. You need to take photos, write listings, communicate with guests, manage booking calendars, and handle the general upkeep of your rental. If you are considering listing your home on Airbnb but don’t have the time, you can hire the services of a property manager, like Luckey to help manage your rental for you.  

More upgrades and maintenance

As there is a relatively high turnover in tenants, furnishings and equipment are obviously subject to greater wear and tear. Tourists or visitors who are just passing through tend to be less attentive to personal property than tenants who rent on a yearly basis. Vacation rentals require a higher level of personal property maintenance, which can lead to some additional costs. 

Conclusion

Just like any other business, managing a short-term rental has its own challenges. Occupancy rates often change from time to time depending on the season. On the other hand, you may have a string of expensive repairs or bad tenants. However, hiring the services of a short-term rental manager can help guard against such setbacks. Rental agents not only help you in sourcing the right guests or tenants, but assist in managing all expenses and utility bills related to your property.





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