If you’ve owned income property, you know that it can be financially rewarding – especially a short term rental. You’ve also likely discovered that managing your vacation rental requires a large commitment of time and effort.
Some owners believe that by managing their own vacation rental, they are saving money and in turn earning more net income. However, this is often not the case. Short term rental managers have expert understandings of what it takes to run a profitable investment. They have the tools to capture bookings and income. Plus, the hours spent managing and maintaining the property is time that could be spent attending to other business. Owners have to look at the big picture and understand financial practicality.
With this in mind, here are some reasons vacation rental property owners can benefit from hiring a short term rental manager:
- Maximize Exposure: In order to list a short term rental among different rental platforms, owners must have an account for each listing site, many of which charge a fee. This includes Airbnb, VRBO, Homeaway, Tripadvisor, Expedia, etc. Once they do create their accounts, they must build up good ratings to even become relevant on those sites. This makes it difficult for new listings to get bookings, and owners must often lower rates just to break into the market. Property managers already have accounts set up with these platforms for their other clients. Their accounts are filled with booking history and stellar ratings, giving them the credibility needed to get noticed by guests. Hiring a vacation rental manager allows owners to skip the down time and start profiting from their investment property.
- Regulatory Compliance Assurance: South Florida has an especially rigid set of regulations surrounding the short term rental industry. Local laws can be elusive and confusing, and the fines for mistakes are very expensive. A good vacation rental manager will help make sure their properties are consistently up to code, in compliance with local laws, and appropriately registered with regulating agencies. The Property Hostess is the only short term rental manager in South Florida that offers this service. We know the laws, and our in house counsel provides guidance and supervision at no extra cost to you.
- Passive Income: Investment properties are purchased as a means to make passive income, and hiring a short term rental manager allows it to be just that. With more turnovers, short term rentals can earn almost double the profit than long term listings, but with a lot more legwork. Managing your own rental takes away from your ability to grow your business. Managers, like The Property Hostess, offer A-Z management so that owners benefit from the extra income, without the extra effort. Property managers offer everything from professional photos, listing creation, 24/7 guest communication, cleanings, restocking of household supplies, and local support. The Property Hostess offers true peace of mind so that investors can focus on their businesses.
- Local Support: A good majority of the investment properties in South Florida are owned by non-locals. They turn to rental property managers because they understand how necessary it is to have local, on the ground support. Whether it be for guest check-ins or cleaning inspections, rental managers can be your local partner by all necessary means. Plus, being local means that we understand the seasonal nature of the South Florida market. Local managers are best equipped to set optimal rental rates according to market. We are aware of local events and seize the opportunity to raise prices. The Property Hostess is family-run and trustworthy and allows investors from around the world to own income properties in South Florida. Unlike our competitors, we understand that this is more than a business, it is your second home.
Contact The Property Hostess today to start earning more money from your investment property!