The short-term rental industry is growing, and demand is increasing. Those facts are undeniable. Some naysayers may point out some factors on the contrary, but like every business, there are always ups and downs. So, if people want to just dwell on the negative, obviously, no business will grow.
In truth, investing in short-term rental property is an attractive prospect. Short-term rentals can become part of your retirement plan, an opportunity to pursue an independent traveling life while your property earns money, or achieving a family goal by investing in an unused second home.
Or perhaps you want to invest in a vacation property and also invest in short-term rentals to cover mortgage and other costs.
Whatever your reasons to invest your property into short-term rentals, making an informed decision means doing your research and looking at the investment from all angles. After all, this is a unique market and you need to know how it really works.
Find a rental property company that knows the market
Not all rental property management companies are created equal, forgive the cliché, but this is true. It is really important to work with a rental property agent who knows what they’re doing. Ask the right questions like their experience in converting properties to short-term rental potential. Ask about supply and demand, local laws and regulations, inbound tourism ups and downs, seasonality, and location, location, location for different traveler demographics.
In the Saskatoon and Calgary areas, Prowess Rental Property Management is a dependable and professionally experienced company when it comes to handling short-term rentals.
Find out how local laws or regulations can affect short-term rentals
All Canadian provinces have regulations and laws that cover short-term rentals. This is an inescapable fact. So, find out how you can work WITH it, and not around it. This will lessen any obstacles and challenges later on. Be sure to also check out county and municipal regulations. Looking into the details will save you a lot of money and time in the long run, and this means better accommodations for your guests.
Demand is based on location features
Your property location demand may be based on more than just the great beach. Find out what drives people to rent short-term. While tourism is a major factor, it is not always the only factor. Study the economics of your area. A lot of companies may be hiring workers for short-term projects. That’s one potential market. There could also be a lot of tourist attractions in neighboring areas and your area is the nearest with short-term rentals.
Take note of Occupancy Taxes
Your rental property management company will not only help you with annual tax filing, but will also help you with local and state taxes that may apply to occupancy. While these taxes are paid by guests, they need to be filed regularly, maybe on a quarterly basis.
Fortunately for you, all of the above can be handled very well when you partner with Prowess Rental Property Management. We can help you maximize your property investment in short-term rentals and take away all the headaches of being a landlord such as rental listings, addressing guest’s needs and issues, checking-in and checking-out, maintenance, cleaning, and repairs. So if you have properties in the Saskatoon and Calgary areas good for investing, come to Prowess first.