If you’re a homeowner and you’re considering becoming a short-stay rental landlord, you need to follow these five important ‘dos’ to maximize your profits and to avoid costly mistakes that could lead to bad reviews online. Remember that being a short-term rental landlord is far different from the traditional long-term rental landlord.
Invest in a Short-term Rental Management Company
The easiest way to find the best options while being a short-stay landlord without the headaches of being one is to invest with a short-term rental management company. Why go through the headaches of finding listings, advertising your property, cleaning, and maintenance when these can all be handled by the short-term rental manager or broker? All you need is to invest in whatever is necessary for the rental property because the home needs to be fully furnished (and fully equipped as well, such as bedsheets, pillows, blankets, TV, furniture, kitchen cooking appliances, etc. Leave running the place to the short-term rental manager.
Comply with Local Taxes and Ordinances
In Canada, short-term rentals are going mainstream so local ordinances and taxes now cover this type of business. More and more cities or provinces are requiring local taxes for stays of 30 days or less. So, run a legitimate operation and coordinate with a short-term rental property company with this aspect.
Don’t be Scared to Compete with Hotels
With a short-term rental property management company at your side, the odds are stacked against the hotels. You have lower rates at your side, and most folks actually prefer more privacy and the ‘feel of home’ than any hotel can offer. If you’re near the airport, university, or hospital, you can compete for travelers who might opt for hotels.
List Your Property on Multiple Sites
Start slowly with one listing, and then move on to others over time. Actually, you can coordinate this with your short-term rental property manager who can find the right listings for you. The manager can easily sync the calendars so you only get inquiries for vacant dates. More listings mean a wider net being cast to catch more renters.
Look for Employer-Sponsored Business Travelers
There is a really big difference between travelers who pay out of pocket and those whose travels are paid for by their company. Travelling consultants have a budget stipend to cover travel expenses, so why not offer a more homely alternative to them for less the price of a hotel room?
Thinking of investing in the short-term rental business? Do it with a good and experienced short-term rental management company. If you have property in the Calgary, Manitou Beach, Millarville, and Saskatoon area, just look for Prowess Property.