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How Do You Start a Short-term Rental Business?

We all know that managing a property isn’t an easy job. The responsibility of being a property manager cannot be just decided one day without proper preparation. This is a challenging position to fill.

Let’s face it – property management isn’t an easy job. You can’t just decide one day that you want to be a property manager without preparing yourself for that enormous responsibility. And it is indeed a big job to fill in.

In connection to it, marketing strategies performed from the last decade may not anymore be applicable now. The trend shows that millennial tenants are becoming more of the tenant market and what they demand requires up-to-date high-tech solutions. And your job as a property manager is to adhere to these changes or else you’ll not gain future tenants. And we don’t want that to happen, right?

But it all boils down to this: how hard can it be?

Just to refresh you…

Property Management is where you provide your product to your consumers in a form of shelter. You’ll offer them a place to live and in exchange will be a monthly rent payment. But with technological advancements, communication is easier now between landlords and tenants.

With technological advancements, property managers’ way of communication is easier now between landlords and tenants.

You might be thinking that this is a simple equation you can just dive into. But as you read along, there are a lot of things that you should probably consider especially with short-term rentals kicking their way to being crowd favourite.

Short term rentals: A quick recap

We can trace back short-term rental use as early as 1950. It started appearing in newspapers and advertisements as short vacation rentals. From there, it became part of the game along with its other existing competitors during that time.

It became more popular when VRBO (Vacation Rentals by Owner) came onto the scene in 1995 and later on Airbnb in 2008. It’s a platform where you allow a guest to book a single room (now suite, a condo unit, cottage, or even a whole house) for a short period of time and pay using a credit card over the internet. Away from the traditional methods of the hotel and other cheap accommodation, both sites deliver this “homey” feeling for their guests even though they’re far away from their homes.

As of now, multiple short-term rental platforms can be seen online some with their mobile applications already due to clear demand and how people consume information every day.

Should I invest in short-term rentals?

If you’ll ask me, that is a question worth pondering. You see, it’s not easy handling a property, let alone maintaining it after every guest stays. If you have the extra time to do all the cleaning then it wouldn’t be a problem at all. But if your goal is to sit back and let the profit coming, you might want to consider hiring a property manager to do the work for you.

Probably you’re thinking that hiring a proper manager would cost you a fortune. Aside from this, you’re calculating future expenses and probably hidden charges. But not all companies are after your profit. Some would offer affordable services that include 24/7 guest support, manage online bookings, and create visually appealing listings that catch viewers’ attention.

Talk to us today and let’s discuss the potential your property can attain.

What to expect?

2020 may not be the year for all of us but what property managers can do is to cultivate what’s already there and reach out to new and economical strategies to generate positive leads and gain potential clients.

We are not anticipating a stagnant route in property management so here are some trends that you should consider to keep up with the constant changes and to also apply with your existing ideas and strategies.

  1. Specific demographic focus. As mentioned earlier, tenants nowadays are consist of Millennials and Gen Z. They require quick solutions for their concerns which means the quality of service we provide should level their specific tastes.
  2. Technology-wise. Landlords are considered backward if they don’t keep up with timely quick fixes. Technology is now within each and everyone’s fingertips so might as well use it in every possible way you can with your tenants.

  3. Improvised marketing. With the existing situation we are in right now, every property manager should think fast and act fast in finding real-time solutions. Digital marketing is a good way to disseminate information to potential clients online.
  4. Digital amenities. Not all guests require internet but we’re in the era where WiFi is part and parcel of every existing listing or creating it as an affordable option for tenants.
  5. Short-term rental demand continues to escalate. As an existing competitor, we can expect that people would always consider this as a viable option before booking straight to hotel accommodations.
Short Term Rentals market trends that you should consider.

These are just some trends out of hundreds posted out there for your consumption. And now that you’re aware of it, more are coming your way as you dig deeper into how short-term rental works.

Takeaways

We’d all be lying to ourselves if we say property management is an easy task. There are so, so many things to work on and be familiar with. You should think first of the workload you’re going to shoulder; from there, assess if you help some assistance or browse the internet to learn more about it. Prowess Property Management offers up-to-date services and has served clients across Canada. We would be happy to hear what’s on your mind with regard to your property’s potential. Give us a call at +1 (587) 570-7359 or e-mail your queries at marketing@prowessproperty.ca.