4 Best Practices in Running Short-Term Rentals That You Should KnowJan 19, 2022
Many people find short-term rental properties a lucrative investment in the long run. It may seem so easy to own one and run it in your chosen market, but this particular investment needs an effective strategy and efficient steps to take before you turn it into a profit. Because of that, here are the four best practices in running short-term rental properties that you should know to help you make your business great success in this industry.
Always Keep Your Records Updated
After you’ve purchased your short-term rental property and opened it to the public, you might become so busy with marketing, dealing with inquiries of your potential guests, and even doing maintenance tasks on a regular basis. However, you have to keep in mind that even with how hectic your schedule is while juggling your personal life and running your business, you always have to keep your records updated.
It includes keeping tabs on your taxes, insurance, maintenance and utility bills, and many other necessary expenses that come with your short-term rental business. But if you feel that doing this job is too much for you, you can reach out to us, and we will be glad to help you out along the way in managing your short-term rental properties in the most effective and efficient way.
Screen Your Guests
Screening your possible guests is very important because it significantly helps you establish a beneficial relationship. One thing you can do is to check the reviews of those potential guests from their previous bookings so that you would know a little of their background as guests. Also, you can establish rapport with them during your conversation and see to it that they have a complete understanding of everything stipulated in your contract, including the rules and regulations you want to be observed and implemented in your property.
Keep Property Maintenance Up-to-Date
Most guests are expecting your short-term rental property to be well-maintained and everything is functional and in good condition. That’s why as the property owner, you must not fail them with their expectations. Hence, if you want your guests to keep coming in to rent your property and generate more income, you always keep it well-maintained and up-to-date which will get you 5-star reviews to attract new guests and returning guests.
So if you notice that your short-term rentals need repainting or repairs if there are leaks, walls and ceiling need touch-ups, don’t have any second thoughts and fix them right away. Besides that, if you think that adding or replacing any furniture or light fixtures will make your property look better, go ahead and do that. Always remember that doing all of these will invite more guests and attract those previous ones to come back in the future and as a bonus to us owners the STR income is essentially paying for these updates.
Don’t worry because all of the expenses you’re going to spend for renovations and repairs for your property will be tax-deductible. This means that the amount you paid for all of those repairs and updates will also be deducted from your yearly taxable income. Just make sure to provide relevant documents and proof of the said expenses when filing your tax return to the IRS during the tax season.
Always Provide Your Guests With an Amazing Customer Service
Every guest will surely want to come back to a short-term rental property where they feel secure, and all of their concerns are well taken care of. Keep in mind that good customer service is one of the most important factors in making a business a great success. The same can be said with owning and running a short-term rental property in the market.
So as much as possible, you have to provide everything that your guests need while staying in your space and always achieve your goal as the owner to make them happy and satisfied when they leave your property. Doing so will make your guest a word-of-mouth marketer to your other potential guests in the future. It’ll surely result in more bookings and increased profits in the long run.
You may all know that owning and running a short-term rental property will require more of your time and effort to make it successful in the market you’ve chosen. So by observing all of these best practices in your business will significantly help you achieve your goals as the property owner. But if you always have a hectic schedule and doing this job means a lot for you, we are here to help. You can get in touch with me so that we can discuss the best way to assist you in managing your short-term rental properties and achieving your goals thru my short-term rental group coaching and consulting services.
If you are ready to get a mentor you can join my wholesaling program now!