Short Term Rental Considerations
Thinking of Turning Your Home Into a Short-Term Rental? Consider These Challenges First.
If you’re a homeowner ready to make a move, you may have thought of using your current house as a short-term rental property instead of selling it. A short-term rental (STR) is typically offered as an alternative to a hotel, and they’re an investment that’s gained popularity in recent years. However, owning and renting out your house comes with responsibilities. Here is what you should consider before turning your home into a short-term rental.
Managing Guests & the Property Personally (Short Term Rental companies can manage the property for a percentage of the revenue)
Managing guests and the property are two big responsibilities when it comes to owning an STR. You will need to be available for check-ins, checkouts, and any necessary maintenance during their stay. This could be anything from changing light bulbs to unclogging toilets or even having to call in pest control services if there is an issue with bed bugs or other critters. You will also need to keep up with the cleanliness of the property which includes cleaning between each guest, managing laundry services, providing fresh linens and towels, and more. You must also be prepared for the possibility of damage that might occur while guests are staying at your home—even if they take good care of it—and you should have insurance coverage in place just in case something happens.
Marketing Your Rental Property
Marketing your rental property can be quite challenging if you are not familiar with how digital marketing works or where to go on the web to find guests interested in renting out your home. You will need to create attractive listing descriptions that convey all the features that come with your property as well as attractive photos showing off its best features - both inside and outside. Additionally, understanding how pricing works for different markets can be difficult for someone who is new to this type of business venture since prices vary depending on seasonality and location amongst other factors. Once you have mastered these techniques, however, marketing an STR becomes much easier over time as long as you remain active on social media platforms such as Instagram or Facebook where potential guests can find out about your listing quickly and easily.
Ongoing Maintenance & Upkeep
As with any other type of investment property, there will always be some amount of ongoing maintenance required - regardless of whether it is used for vacation rentals or long-term rentals. This could include anything from basic repairs such as painting walls or replacing broken fixtures all the way up to more complicated tasks like replacing roof shingles or repairing water damage from leaking pipes inside walls or ceilings etc.. It is important that any maintenance needed gets done promptly so that guests feel safe and comfortable while staying at your rental property; otherwise, they may choose another option that is well-maintained instead of yours which could result in lost income for you over time!
Before deciding whether or not turning your house into an STR is right for you, weigh all the benefits against these potential challenges carefully so that you know exactly what kind of commitment this venture entails before taking it on! With proper planning and preparation though - plus lots of hard work - owning an STR can become a highly lucrative venture with great rewards both financially and emotionally!