If you want to run your own Short-Term rental, more power to you; however, have you thought about how much effort, money and time goes into managing it? Did you know that according to the SBA, 30% of businesses fail in the first 2 years and 50% in the first 5? Read on and you’ll see why.
Some people are all about the DIY and others are hands-off, but management is actually for both! Setting up and running a Short-Term rental operation is expensive, time
Often enough, trying something for the first time provides insight and lessons learned, but often ends with failure. Short-term rentals are no exception. Just to start, a few things to consider include: customer service, taxes, regulations, cleaning, liability, marketing, IT, and finance. Additionally, the combination of these operational elements commonly take hundreds of hours to learn, set-up, and run. Doesn’t that sound like a lot to handle?
What goes into management?
Now that you know the risk self-management comes with, let’s go more in depth about what “management” actually entails.
Listing + Marketing
Before management even comes into play, you need to get your listing up and running. This means taking professional
You may have heard the death and taxes saying and it’s no different when it comes to STRs. Many states, counties, and cities have specific taxation rules surrounding not only
Next up, customer service. Many hosts often overlook how critical this aspect of their operations can be! Starting with messaging, be sure to have a prompt response time when guests reach out with questions. Once they book (if you have responded quickly enough) you’ll want some templates and automated messaging to make communication easier. Another critical part of customer service is in the preparation for a guest’s arrival. Do your best to make sure the property is clean and ready to go.
Unfortunately, stuff happens. Some platforms such as Airbnb and HomeAway have
All in all, running a short-term rental can be both incredibly difficult and incredibly financially rewarding. If it sounds exciting to you, visit us at awayagents.com to get started!