Following the pandemic, the short-term rental market has experienced a high level of growth. Travellers are working remotely more than ever before, allowing them to travel year-round. In addition. People’s desire to get out of the house and adventure after being cooped up is a solid reality that clearly presents itself in the uptick in travel trends.
If you’ve ever pondered investing in a short-term rental, now is a great time to do so, and we can help!
Investing in vacation rental property generates a profitable passive income stream while building new wealth and opportunities to grow your portfolio as a result of the equity you build on each property as time passes. Sounds great right? Read on.
If you’re looking for a way to make a profit in the real estate market, there’s no better option than owning a vacation rental property. These properties enjoy year-round demand from guests and appreciate at a much higher rate than the national average investment.
Once you have decided to invest in a vacation rental property, the next step is to find a short-term rental property management team. These teams can help you complete responsibilities such as cleaning management, quality control, appropriate staging + design to compete in the market, listing marketing, 24-7 guest service, and keeping your property well maintained. This frees you up to build your portfolio, and allows you to focus on what matters most – getting back to doing what you love! In addition, we also provide revenue management and pricing strategy, to ensure you earn top dollar on your rates.
Is owning a vacation property worth it? Yes! Should you run it yourself? No! In this article, we will discuss 4 benefits of hiring a short-term rental property manager. You can decide if it is worth the expense by understanding why so many vacation property owners choose to do so. Because who wants to get run off their feet engulfed in the day-to-day operations of running a vacation rental when they can put their feet up, watch their bank account balance increase, and move on to the next investment?
Revenue Management
There’s more to Airbnb property revenue management than you think. Local markets can fluctuate greatly due to many factors such as air quality, weather, local events, holidays, seasonality, and more. The old set it and forget it methods of setting rates or minimum stays are not the way to maximize your ROI. In addition, how you handle the overall operational flow of your short-term rental can make or break achieving optimal ROI. We manage your revenue in many strategic ways that incorporate different methods of handling the operations of the business for you. These include (but are not limited to) staging and design, guest service, setting rates, setting minimum stays, deciding who to book to, handling damage claims, and handling special guest requests. All factors that effect your ROI greatly.
Listing Marketing
Simply taking some iPhone photos, writing up a quick description, and posting your rental on Airbnb or VRBO doesn’t cut it anymore. The competition is fierce. How you present yourself on the listing platforms, what platforms to list on, whether or not to go direct book, what kind of photography to use, listing engine SEO, and how the listing descriptions are written… all have a strong effect on how you will compete in your market (among many other factors). Let us handle the brass tacks, while you sit back and watch the bookings flow in.
Cleaning Management + Quality Control
Since Covid hit, gone are the days where you could just trust your cleaners to leave a short-term rental spotless, staged appropriately, and send your guests the check-in code. Businesses all over the globe are facing recruitment challenges and high turnover. And with that, comes a challenge with consistency. We have the systems in place and solid relationships with our cleaning teams to ensure your Airbnb is left spotless. Our guests arrive to a Covid clean space at all times. All while keeping the guest experience optimal, costs down, and margins up.
24-7 Concierge Style Guest Service
Never answer a guest’s late-night message or call again. We take care of every aspect of the guest journey, from initial contact, to check out. Our services are concierge-style, with the focus put on balancing the 5-star review average we obtain on each listing, with revenue management for our clients. Our background in hospitality allows us to ensure a flawless experience, which in turn results in return guests, better guests, and higher ROI for you.
We hope this list helps you to understand some of the benefits of hiring a short-term rental management team. Vacation rental managers may come with a cost, however, that cost is quickly covered with the additional benefits of recruiting one to manage the day-to-day and overall operations of your investment property.
Short-term rental management agencies such as Roam incorporate many services in our management fees. As such, this isn’t an exhaustive list of what we offer in our basic rate.
To learn more about our services, click here!