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The Key to Managing Profitable Short-Term and Vacation Rentals

Family Arriving at their Vacation RentalA legitimate business is owning properties for short-term rentals and vacation rentals. And just like any other business, profitable rental property ownership requires effort and constant oversight. New investors in Atlanta occasionally believe that a short-term rental or vacation home will provide them with a source of passive income. However, the truth is that compared to long-term rental properties, short-term and vacation rentals frequently require more maintenance. Impactful property management is even more crucial to your long-term success when tenants change frequently. What does it take to effectively manage a vacation rental? Let’s examine this question in more detail.

Short-Term versus Long-Term Rentals

There are important distinctions between managing vacation or short-term rentals and other types of long-term rentals. Managing short-term and vacation rentals demands more marketing (and more often), tenant screening, and sanitizing and preparing the rental property for the next occupant. If you are permitted to give short-term or vacation rentals in your neighborhood, there may be additional licensing requirements and taxes to pay.

Tips for Managing Short-Term Rentals Effectively

If you intend to manage your short-term rentals or vacation property on your own, there are a few things you should understand. You should first consider whether you are capable of managing your property on your own. To do so successfully, you will need outstanding organizational skills and the ability to respond swiftly to tenant inquiries. Additionally, if your rental property is far from your home, you might need to hire people to fill a few important positions.

Consider hiring a house cleaning service, unless you are nearby and are both willing and able to professionally clean your rental property yourself. A dependable housekeeper will be able to report back to you after each visitor and can watch your property for you. This person can assist you in identifying potential issues and addressing them before they become costly repairs.

Speaking of repairs, you should have a reliable handyman on call as well. The ideal person for this position will reside in close proximity to your property, possess a broad range of skills, and be able to respond rapidly to guest complaints and maintenance issues. You will need someone to maintain the pool or spa if your short-term rental or vacation home has one and to control the chemical levels.

You may be able to hire one person to handle everything, or you may need to hire multiple companies or people to make sure the job is completed consistently and accurately. Tenants will leave negative reviews if the property’s condition does not meet their expectations, making it more difficult to rent the property in the future.

Finding and Screening Tenants

You’ll need to learn a few things about finding tenants and interacting with them in addition to taking care of the property itself.

A successful short-term rental or vacation home starts with strong marketing. Listing your home on at least one of the most well-known websites and app stores is crucial. Having a website is a crucial component of making your rental properties simple to find. Particularly cheap and effective is setting up a website for a vacation home. To assist in responding to many of the queries that prospective tenants are likely to ask, you can include a lot of photos and a fact sheet about the property. You can also offer the option for your guests to view the available dates, make reservations, and pay their deposits and rent online. Such amenities are essential for providing your tenants with a positive experience from the very beginning.

You also need to know how to interact with tenants in addition to using effective marketing. Nothing can make or break your chances of success more than effective communication when it comes to owning profitable rental properties. As the property owner, you must reply promptly and efficiently to inquiries, tenant complaints, and other issues. If you are not able to attend to tenant issues in person, it may be sensible to hire a property management firm to handle tenant relations on your behalf.

The Professional Property Management Difference

Professionalism and customer service from the right Atlanta property manager can free up your time and make your life much simpler. Short-term and vacation rental tenants require space and privacy, as well as a great experience. Anything you can do to ensure that they are pleased with their stay in your rental home will assist you in keeping your properties rented month after month and year after year.

To keep your rental properties occupied and your tenants satisfied, Real Property Management Greenway has a team of local property management experts at your disposal. From filling vacancies to performing maintenance, we handle all the laborious tasks on your behalf. We are also informed about local laws and can assist you in obtaining a license for your rental if necessary as well as handling any additional taxes that may be due. Reach out to us online today.

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