There has been over a 30% increase in short-term rentals in Utah over the past few years. It's clear that many property owners are making the switch. Is it time for you to do the same?
Managing a short-term rental isn't for everyone, but if you want to give it a try, we're here to help. We've assembled three quick things to consider before you get the ball rolling.
Read on to learn more.
1. Is Your Property Suitable?
First and foremost, it's important to consider whether or not you actually have a suitable property for short-term rentals.
If you don't yet have a property in mind, this is easier. You have a lot of flexibility to work with and you can find a property that will be perfect for your guests.
If you already have a property in your possession, you need to decide if a short-term rental is really the best use for it.
How's the location? Is there parking nearby and is it relatively close to desirable local amenities and activities? Is the property big enough to comfortably fit several guests?
You should also consider safety features (or lack thereof). Your property doesn't have to meet the same accessibility standards as a commercial business, but you do want it to be relatively safe.
You also need to ensure that your community allows short-term rentals. If you're part of an HOA, there may be limitations.
2. Furnishing and Amenities
So you have the perfect property and you're now sure that you want it to be a short-term rental. In this case, it's time to consider your furnishing and amenities. You're responsible for creating a comfortable vacation spot for your guests!
Too many property owners choose the cheapest furniture and household items for their guests. While this may make sense when you're early in your short-term rental journey, we recommend that you upgrade as soon as possible. This will result in better reviews.
What amenities do you plan on offering? Try to have the same basic amenities that a hotel would offer as well as a few "home touches." It's a good idea to try to live for a week in your vacation rental so you can see if you have everything you'd need.
3. Rules and Policies
What rules and policies will be in place? It's important to know this before you welcome your first guest.
When will guests check in and check out? How many people can stay on your property at once? What's the policy for guests with pets?
If you're not sure what types of rules and policies to put in place, a short-term rental management company can help you out.
Good Luck With Your Short-Term Rental
Starting a short-term rental property can be tough, but if you play your cards right, it can also be incredibly profitable. These tips will help you get started with your short-term rental so you can, ideally, reach financial freedom.
We want to help you with your rental property. Contact us to learn more about our short-term rental property management services today.