Maximize your income with short-term property management

Do you own multiple properties? Do you want to rent them out for a short time and make a profit? If yes, then you need Short-term property management in Paddington. In spite of a drop in 2020 because of the COVID-19 pandemic, the short-term rental industry has recovered a lot. As of now, it is experiencing an upward trajectory which is slated to rise further. This growth indicates a very positive outlook for this industry and property owners interested in short-term rentals. Therefore, in this blog, we will explore short-term rentals, how they differ from long-term rentals, and their benefits. Continue reading to find out more. 

Let us start by learning what short-term property management is. 

What is short-term property management? 

Short-term property management is the management of properties that are given for rent for up to 6 months, though they are mostly booked for 2 days or 30 days. This makes short-term property management perfect for casual and business travelers and remote workers. 

What are the services offered by short-term property managers?

The services offered by short-term property managers are as follows: 

• Screening of guests
• Maintaining the property
• Guest check-in systems 
• Cleaning the property
• Managing the conveniences
• Managing the guests 

How does it differ from long-term property management? 

Short-term and long-term property management differs quite a lot from each other. It is important to know about them so that you know which one to choose. The main differences are as follows: 

Time period

As mentioned above, short-term property management deals with properties that are rented out for up to 6 months. Long-term rentals, on the other hand, are rented out for years. 

Type of property 

Short-term rental properties are mostly located in popular areas and are close to the city centre. Long-term rentals could be located anywhere. 

The demand 

Short-term rental properties require more effort from the property owner and manager. Not only are there tasks like communication and marketing, but the guests also make a lot of demands. This is why as a property owner; you should always go for the services of a property manager. For example, your guests expect facilities like Wi-Fi at the property. It also needs to be cleaned after every guest checks out. Even the expectations of the guests are higher than that of long-term rentals. Short-term rental guests want modern properties and not something that needs renovation. 

Type of guests 

There are marked differences in the type of guests for short-term and long-term rentals. In recent years, the number of remote workers has increased all over the world and they mostly seek out short-term rentals. Business travellers are also responsible for a lot of profits in this market. 

What are the benefits of short-term property management? 

A few benefits of short-term property management are as follows: 

Higher returns 

If your property is in a good location and offers everything the guests expect, a short-term rental property manager can deliver a lot of returns on your investment. However, to get this benefit, you would need to ensure that your properties are filled with guests all the time. You can easily make this possible by hiring a short-term rental management company. 

Flexibility 

When you hire a property management company for your properties, you can be as involved as you like. You can rent out more properties and make more profits. Or you can rent out your second home for a few months in a year. With a short-term rental property manager by your side, you can easily make time for yourself. You can utilize all this time for more important work that needs your attention. 

Save money 

As your properties will be occupied for short periods only, you will get more time to inspect them same. This will make it easy for you to identify any issues and solve them before they become big. This will give you a lot of peace of mind and prevent you from spending on renovation work. 

Rising demand 

According to research, short-term property occupancy levels are supposed to grow by as much as 56%. There is no better time than now to rent out your properties and earn extra income. Even though there are factors like inflation and few international travelers, this market is slated to grow big in 2023. 

Protection 

When you rent out your properties and hire a manager for the same, you get a lot of protection in return. For example, if you ever have a problem with any guest, you can reach out to them through the manager instead of taking the matter to court. 

If you want more protection, you can always go for a short-term rental agreement between you and the guest. This will be a signed contract with all the terms and conditions inside it. It is much easier than a lease agreement and will prevent any misunderstandings from taking place. 

Conclusion

So, this was all about short-term property management, how it differs from long-term rentals, and its benefits. To get all the benefits mentioned above, you need to find an experienced and licensed short-term rental manager. If you are looking for such a professional, you can contact AU Smart Rentals. They offer the best Short-term rental management in Paddington.