If you own a vacation property, it might make sense to rent it out during your absence. It will allow your property to pay for itself and also ensure it’s not sitting vacant, which can deteriorate and become a target for thieves. However, managing a short-term rental requires careful planning and attention to detail. It’s also critical to establish a solid preventative maintenance plan and execute on it. After all, you don’t want to have a boiler break down during a peak stay with sub-zero temperatures and a bunch of unhappy guests!
Many online DIY management platforms offer services like rent collection, leasing, landlord insurance, accounting, and more. It’s important to choose one that gives you complete control over screening and accepting tenants. Some platforms even include comprehensive background and credit checks to help you find the best quality tenant possible for your rental.
Determining a fair market rate for your rental is another challenge. Do your research and compare your property to similar rentals in the area. It’s also important to consider the location and any special amenities that your property might have, such as easy highway access or off-street parking.
If you’re able to manage your short-term rental on your own, it can be a great way to bring in extra revenue and enjoy more freedom as an investor. If not, you can always hire a professional property manager. But remember that they typically charge between 8 and 12% of your collected rent in fees for their service, so make sure you weigh the pros and cons before making this decision. property management for rentals