Updated: Aug 2
If you're like most people, the idea of generating a secondary income from a short-term rental vacation property has probably crossed your mind. And why not? With home prices on the rise and the popularity of AirBNB, investing in a short term rental property can be an attractive option. But before you take the plunge, it's important to weigh the pros and cons and understand all that is involved in owning such a property. In this article we will begin to discuss some of the benefits and challenges of owning a short term rental, as well as introduce you to some helpful resources for managing your investment more efficiently.
One of the biggest benefits of owning a short term rental is the potential for high returns. Short term rentals can generate significantly more income than traditional long-term rentals, and with proper management, can be a very lucrative investment. In addition, short term rentals provide additional benefits such as giving you and your family a fun place to stay for a weekend when you want to get away.
However, there are also some challenges to consider before investing in a short term rental property. One of the biggest is the amount of work involved in managing such a property. Short term rentals require more frequent cleaning and maintenance than traditional long-term rentals, and you will likely need to hire additional staff to help with these tasks. Even in a good market with many different service providers- finding good staff that can consistently maintain a high quality of service can be extremely difficult. You can have the best property, with the best home, the best location, all the amenities, and the greatest entertainment options... and if that property is dirty when your guests arrive, then you can expect a bad review. Nothing will kill your short term rental business faster than having clearners who don't know how to clean. Generally speaking, good service providers equals good reviews, and good reviews equals future bookings.
Local regulations is another considerations to be aware of before beginning your short term rentals business. Short term rentals are subject to more stringent regulations than traditional rentals, so it's important to be familiar with the rules and regulations in your area before listing your property.
If you're considering investing in a short term rental property, we would encourage you to check out the owners resources listed on this site. Here we are sharing a tremendous amount of knowledge that we learned from personal experience. We hope this information helps you make the best decision as to whether or not to invest in a short term rental. In addition, if you chose to invest in a short term rental, then we hope to provide you everything you need to fast track your success and help set you on the path to many future 5-Star reviews.
Please comment below with an specific questions and we will make sure to answer each one individually, and direct you to any relevant resources that would help with you on your journey.