Short-term rentals are not new, but they have just recently started to gain traction among property owners. Short-term rental platforms like Airbnb and VRBO have exploded in popularity in recent years, allowing people to rent out their homes or rooms for a few days at a time.
The purpose of these platforms is to help property owners advertise their properties that can be rented out for a few days or weeks. Renting out their properties helps them earn extra money. As the popularity of short-term rentals grows, so does the need to manage these properties properly. However, there are circumstances where you have to manage them remotely.
Managing your property remotely can be challenging if you’re a vacation rental property owner. You may have to deal with issues that are only sometimes apparent after you’ve left the area, and you may feel disconnected from the property itself. You can, however, keep an eye on what’s going on. With a few tips and tricks, you’ll be able to manage your future rental property investment possibly at Midtown Towers Apartments Cleveland OH 44134 from anywhere in the world.
7 Must-Have Tools for Managing Your Short-Term Rental
Management tools are a necessity in any business. In the hospitality industry, they can make or break a company’s success. The use of management tools for short term rentals investing is no different.
With the growing popularity of short-term rentals, you must know how to use the best tools to manage your property remotely. To manage your short-term rental property remotely, you can use the following tools:
- Property Management Software
Property management software is designed specifically for landlords who want to manage their properties remotely. Using this software allows you to manage your rental business from one central location. This means that even if your properties are located across town or in different states, you’ll still be able to keep an eye on everything from one platform.
Some property management software can let the owners manage multiple properties with just one login credential. This is a viable option if you own dozens of units scattered across town or the country.
- Channel Manager
This must-have tool allows you to manage your listings on Booking.com, Airbnb, HomeAway, and other booking sites from one location. This tool can make it easy for you to update all your listings at once and ensure they are up-to-date.
It also allows you to monitor guest reviews and respond to them quickly, so they do not impact future bookings. Additionally, using a channel manager provides detailed analytics reports so that you can keep track of how many guests have booked through each channel. These reports also show you which ones have generated the most revenue for your business.
- Digital Guidebooks
Digital guidebooks are a helpful way for investors who own a vacation rental property to provide information about the property to the potential guests. This can include information about local attractions, activities, restaurants, and details about your property. You can make it as comprehensive as possible by including driving directions and emergency services contact information.
In addition, you should include some basic house rules so that guests will know what they can or cannot do during their stay in your property. Also, provide some information about local attractions or activities that may interest your guests to help them plan their trip further ahead of time.
- Accounting Tools
If you manage your rental property investment remotely, you will need all the tools to keep track of everything. Accounting software like Xero and Quickbooks can help you manage everything from income and expenses to property tax payments.
These programs are also handy for tracking maintenance costs. This is vital for ensuring that your property stays in good condition and gets rented out quickly after a guest checks out.
- Dynamic Pricing Tools
Dynamic pricing tools allow you to automatically adjust your prices based on several factors, including the season, competition, and availability. A flexible pricing strategy is fundamental for short-term rentals because hosts can’t be always physically present at the property to talk to the guests and adjust their rates.
Hosts who use dynamic pricing tools can easily attract guests and keep them satisfied. This is because they can offer lower rates during lean season and list higher rates during peak season.
- Guest Experience Tools
Your guests expect high quality service when they stay at one of your properties. To ensure they are well-taken care of, invest in guest experience tools that can allow you to communicate with your guests before, during, and after their stay. These tools can also help manage communication between guests and owners/managers and speed up the resolution process when issues arise.
- Marketing Tools
Marketing tools are essential to succeed in the short-term rental industry. These tools help you advertise and market your property and communicate with guests and property managers.
Identify the right marketing tools to help you maximize your occupancy rates. There are numerous ways to reach potential guests, from online listing portals to social media and online advertising. Use multiple marketing channels to increase your exposure and bookings.
Manage Short-Term Rentals Remotely With These Techniques
As a homeowner, to successfully manage a rental property investment remotely, you should be aware that there are some basic techniques you need to know.
These techniques will help you manage your short-term rental remotely:
- Stay on Top of Maintenance Requests
Make sure you have a system where your guests can report problems with their units, especially if you don’t live near where the unit is located. This will ensure that you’re aware of any issues and can address them quickly and efficiently.
- Be Available During Business Hours (Or 24/7)
Guests usually have questions or concerns during business hours, especially if they are unfamiliar with the area or need help to get around the town.
Make sure that someone is available during business hours, so guests can be assisted if they need help or have questions about anything, such as directions and restaurants.
- Be Clear About Your Expectations and Policies
Ensure your guests know what’s expected of them while staying at your property. This means giving them clear rules that they need to follow. For example, let them know the check-in and check-out times and if there is a noise regulation that should be observed. It also means being clear about any policies that may affect their stay (e.g., pets).
- Install Video Surveillance Cameras
Install a home security system with video surveillance cameras that can record activities within your property’s premises. This will allow you to monitor who goes in and out of your property. However, ensure that you are not invading your guests’ privacy that will make them uneasy during their stay.
If you choose to install these systems yourself, choose one that has wireless connectivity, so it can be easily accessed from anywhere in the world.
- Maintain an Up-to-Date Calendar
Keep your calendar up-to-date so that you never have surprises when it’s time for your renter’s check-in date. If they’re late when checking in, another guest might have booked at the same time and could arrive before them. To avoid confusion, ensure that all of your guests know exactly what time they need to be there so that no one shows up early or late.
- Make Sure Your Guests Are Happy
A happy guest will keep coming back. Make sure all of your guests have a fantastic experience during their stay. Make sure that they feel like they are being treated like royalty by giving them little extras like fresh flowers or cookies during check-in time.
Offer early check-in or late check-out with no charge, so you can accommodate their schedule better. Make them feel welcome and appreciated.
The modern world has brought us many conveniences. We live in an age where we can do anything halfway around the world without leaving our homes and businesses. This is especially true for those who manage short-term rentals remotely. With so many people working remotely, it’s crucial to ensure that you’re managing your property in the best way possible.
While this type of business is relatively easy to start, it can be challenging to run remotely. The success of your short-term rental business directly results from how well you operate it. The better you manage it, the more money you make. That’s why it’s so important to use tools and techniques that can help you manage your rental property investment remotely and efficiently.