Posted in Blog  
  on Dec 02, 2014

Short Term Property Management Tips

Whether you are looking to add some extra cash into your budget to make ends meet or you want to supplement your holiday plans by renting out your home, short-term property management can pay off with some big rewards. Even if you just have an extra room, you could make more than $20,000 per year more just by renting it out. Before you get started, however, there are certain things of which you may need to be aware. These 5 short-term property management tips will help you make sure that you get the most out of your rental property.

1. You May Need to Charge a Hotel Tax

Some jurisdictions require that short-term rentals charge a hotel tax. In short, your rental on a short-term basis may be illegal unless you get the authorization to run a hotel on your property. This may require rezoning and that's a lot of hassle. Even home sharing isn't a guarantee that you'll be clear of the law and any profits you make are most definitely taxable at local rates.

2. Make Sure to Thoroughly Vet Your Guests

Many short-term property managers check a Facebook page, look for a quick criminal history, and call the vetting process good. That could wind up setting a landlord up for a bad experience. You'll want to make sure that security deposits are in place before handing over the keys, a credit check has been done, and other background information in checked – like offender registries that may not show up on a criminal record, like founded child abuse.

3. The Rules Must Be Clearly Known

Your house rules must be posted somewhere on your short-term property to be valid. This generally goes beyond whatever lease terms that you may have. If you charge a smoking fee, then this fee must be posted on the property. You'll also want to clearly communicate when people can check into your short-term rental and when they'll need to leave so you don't have an unpleasant surprise waiting for you.

4. Set a Valid Price Point

This might be the trickiest thing of all for the short-term property manager. The right price is a balance between profitability and image. You don't want to charge so little that people won't stay because they think there's something wrong with the home. You also don't want to charge too much because you'll become the option of last resort. Location, current market conditions, and even the seasons can all cause fluctuations in the price of rent that can be charged.

5. Market Yourself

You won't get many renters if no one really knows that you've got a short-term space to rent. Make your description comprehensive and consider having professionals take promotional images and create marketing content for you so that a clear picture can be received by a prospect. A short-term rental is highly profitable when managed correctly. Get started with these 5 tips and start pulling in the extra income you need today.


The Landlord Tenant Board: What it is and When it is Needed

Many times, there are issues between a landlord and a tenant that need to be resolved but are failed to do so, because both parties have gone too far with their actions, and have retaliated in the... More

How to Create a Residential Lease Agreement

Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place.... More

The Best Sites for Rental and Lease Agreement Templates

Many landlords find it difficult to write and draft a lease agreement. Since every State has its own general template, it can also be difficult to make sure your lease agreement meets all the criteria... More

5 Landlord Forms that Every Landlord Should Have

When it comes to being a landlord, one should know that it is not for the unprepared individual. This should be clear that being a landlord does not simply mean that you will be taking the rent and... More

Landlord Obligations: The Responsibilities of a Landlord

Becoming a landlord is a major deal and no one can simply get up and think, “well, yes I think I should be a landlord and rent out my flat.” If you are thinking that you would like to be a landlord,... More

The Best Landlord Associations for Landlords to Join

If you’re a landlord and want to manage your business in a better way, you should endeavor to get in touch with those industry experts who have the experience and the skills to help you do it. This is... More

The Best Landlord Forums

Landlords and aspiring landlords, do not become as such, without guidance and advice. There is a lot that goes into being a landlord nowadays; in fact, there is so much to learn that it often confuses... More

The Biggest Landlord Problems and How to Fix Them

Renting out an apartment or a house can become a constant revenue source for landlords, but at the same time, it gives rise to several problems. It is a fact that high standards, a strict lease... More

Landlord Tenant Disputes

If you are currently thinking of becoming a landlord only because it helps you have a constant stream of income, you should think twice. It’s not that you should not consider offering your property... More

Unpaid Rent

When you talk about the most common disputes arising between landlords and tenants, nonpayment of rent has to be there in the list. People rent their properties to earn money, and when a tenant... More