Vacation rentals offer plenty of potential for an investor.
They command high prices, they're flexible, and it's a thriving market. But don't let that dream become a nightmare by overburdening yourself with too many admin jobs or other distractions.
Here is how to stay organized, with the seven most essential tasks for vacation rental management in Memphis, Tennessee.
1. Set Your Rental Rate
You'll need to do market research to set a competitive rate for a vacation property. Examine similar short-term properties in your area. Look at trends in the market and demand.
Remember that seasonability is a significant factor with short-term rentals, so you may want to adjust your rate accordingly through the year.
2. Marketing Your Property
The risk of a short term rental is that it's left vacant for too many weeks in the year. That costs you money. So, you need to minimize this through property marketing.
Focus on creating high-quality photos and providing a video walk-through of the property. Create a social media account that will attract the vacation audience you are targeting.
3. Communicate With Guests
Excellent communication with guests will give them a more positive experience, leading to high reviews. Provide detailed information before they arrive, such as directions to get to your property.
Add some helpful information on your property, like instructions on how to use your appliances. Finally, leave a telephone number so they always have someone to call.
4. Clean and Maintain the Property
Guests in short-term rentals will expect pristine conditions when they arrive. You need to keep on top of maintenance and repairs and ensure you have a stringent cleaning schedule.
Create a checklist to tick off cleaning jobs between each guest rental. And create an online annual schedule for all maintenance work and inspections.
5. Check Legalities and Insurance
You need to make sure your rental abides by all state laws. That includes safety issues, like working smoke detectors, as well as any permits you need.
It's also worth obtaining comprehensive insurance to cover your property in case of damage or other issues.
6. Manage the Finances
You'll need to oversee the finances for your property. That includes keeping records of all income and expenses. You should also put together an annual budget to maintain control of spending on property upgrades.
Don't forget to add other costs, like fees and taxes. It will give you a more comprehensive and accurate overview of your profit.
7. Collect Guest Reviews
The first thing people do before booking a short-term rental is to check reviews.
It's often the most reliable indicator of whether a property is as good as the listing claims. So, encourage guests to leave reviews after their stay.
Follow up with an email requesting a review and ask for feedback about any improvements you can make.
Vacation Rental Management
Stay organized with your short-term rental in Memphis, Tennessee. By prioritizing these seven tasks, you'll have a more streamlined rental setup that will save you time and boost your rental income.
Many landlords prefer to use professionals to oversee their vacation rental management. Find out more about how a rental manager from our highly experienced team at PMI Bluff City can take the stress and hassle away from you.
