What Are The Differences Between Long & Short Term Rental Management?
If you own a rental, you are familiar with the many decisions that you’ll need to make. One of the most important things you’ll need to consider is whether to hire long-term or short-term rental management to help you streamline your responsibilities and make the most of your rental property. Like many other decisions, there are advantages and disadvantages to each type of management, so you’ll need to consider your individual property and determine which one might be best for you.
What Is Short-Term Rental Management?
This term refers to a professional company that supervises and administrates short-term rental properties. Your Chandler vacation rental management team will complete a variety of intensive daily tasks, which will include:
- Managing your property listings online
- Managing your property bookings
- Guest communication
- Guest review management
- Handling the details of check-in and check-out
- Maintenance and repairs to the property
- General marketing
Working with a short-term rental management company will help your business run smoothly while your guests enjoy a five-star experience and you get an increased return on your investment.
High Expectations With Property Management Companies
As you consider Gilbert vacation rental management, you’ll see numerous advantages:
Higher ROI: If your property has a great location, offers multiple amenities, is modern, clean, and well-managed, you can expect high returns on your investment. This will require a high occupancy rate that a skillful management team can help you attain.
Greater Flexibility: Enjoy your property by blocking out certain dates on the calendar for personal use or sharing with family and friends.
Better Condition: When properties are only occupied for short periods of time, managers have more opportunities to stay on top of inspection, maintenance, and repairs for the comfort of your guests and better ratings.
Protection for You: Your vacation rental management professionals can draft a rental agreement that protects all involved parties from potential misunderstandings and legal issues. You may also have protection through your vacation rental platform.
Some disadvantages of short-term rental management include additional expenses as you must pay your management team – although you may save on costs in the long run due to their attentiveness and care – and not being directly involved in the day-to-day operations of your rental property.
What Is Long-Term Rental Management?
Similar to a short-term manager, your long-term management team will oversee your rental property and handle daily details. Long-term rentals include homes that can be leased or rented by the month or year, such as an apartment building. Your management team’s responsibilities will include:
- Finding new tenants
- Handling leases, rental agreements, and other documentation
- Handling complaints and tenant problems
- Settling, collecting, and adjusting rent
- Property maintenance and repair
- Maintaining legal compliance
Long-term rental management is a great option for people who have another job, many properties to manage, or do not want to deal with day-to-day operations of their rental property.
What Are The Advantages Of Long-Term Rental Property Management?
Although property management may seem like an extra expense that cuts into your profits, you’ll discover that it offers many advantages that actually save you money in the long run:
Better Tenants: Phoenix property management understands how to screen potential tenants, reducing risk and saving the expense of frequent tenant turnover.
Greater Efficiency: Your property manager will take care of crucial responsibilities, such as collecting rent on time, providing a buffer between you and your tenants, and handling evictions when necessary.
Legal Compliance: Long-term rentals are subject to many different legal regulations, and it can be hard to keep up with them all. Your professional property manager understands federal, state, and local laws regarding your rental and will ensure your property maintains compliance.
Reduced Maintenance Costs: The skillful inspection of an experienced property manager can spot small areas that need attention before they become big issues that require major fixes, saving you money.
Similar to short-term property management, some property owners don’t want the expense of working with a property management company or would rather be more involved in the operations of their rentals. But in most cases, the pros far outweigh the cons.
What Should I Look For When Choosing a Rental Property Management Company?
Before you sign a contract with a property management company, consider these factors:
The company’s reviews: You’ll want to work with someone who has good reviews and ideally, a personal recommendation. Don’t hesitate to ask a potential property manager for references.
The cost structure: Naturally, you’ll want to find a property manager who will offer the best value for the cost. Be careful of companies that tack on a lot of different fees for different services. It’s cost-effective and easier to work with a company that charges a flat rate with clear upfront communication.
Communication: Find out how often Chandler property management will communicate with you and how they organize finances, performance reports, and legal documentation.
Knowledge: A good property manager should have extensive experience, a comprehensive understanding of legal requirements, and be able to provide recommendations to improve your business.
Gain Peace Of Mind With a Professional Property Management Company
Make the most of your long-term or short-term rental when you work with Reich’s Rentals, a locally owned company that has years of experience in property management. Our company provides the highest quality property management services in Mesa with professionalism, ethics, and honesty. We don’t cut corners and treat each property like our own! Contact us today to learn more about what services we can provide!