When people think of romance, fashion, glamour, and celebrities, Hollywood, Florida, is the first place that comes to mind. Apart from being home to world-famous celebrities, it is also home to more than seven miles of immaculate beaches, seven golf courses, more than 60 parks, and the Hollywood Beach Broadwalk. These aspects are some of the few attributes that make Hollywood, Florida, a go-to for most short-term rental and Airbnb properties. But like any other property, you require help taking care of your short-term rental, which is where Park Place Properties step in to help.
Well, if you have no idea what short-term rental and Airbnb property management is, no worries; this guide will help explain everything. Let’s dive in.
Importance Of Short-term Rental And Airbnb Property Management
The short-term rental and Airbnb property market have rapidly grown by 7% every three months. The reason for this popularity is particularly because of digital nomads and vacationers. Thanks to the COVID pandemic, more people have opted to work remotely. With the number of digital nomads increasing, they require a place to stay for a few weeks or months whenever they are in a new place like Hollywood.
This is where short-term rentals and Airbnb come in handy. However, proper management might be necessary if you want your short-term rental and Airbnb property to appeal to a different demographic. Short-term rental and Airbnb property management benefits include:
Optimizing your Listings: With the right property management, you no longer have to worry about your listings. Your management has the industry expertise to know how your short-term rental and Airbnb property can attract the right guests.
Offer End-to-End Services: Your property management company does more than take care of your listing; they also communicate with guests. They also perform professional maintenance and housekeeping, monthly financial reports, and daily monitoring of occupancy and pricing.
But for your short-term rental and Airbnb property management to work, you need to understand everything there is to know about property management.
Everything You Need To Know about Property Management
What is property management? It is the daily oversight of a short rental, an Airbnb, commercial, or industrial real estate property by a third-party contractor. Some of the primary responsibilities a property manager has include:
Finding Good Tenants
The whole reason why you own a short-rental or an Airbnb apartment is for rent. However, that wouldn’t be possible if there were no tenants. Rather than stress yourself trying to find tenants, why not have someone do that for you? Property management takes care of finding good tenants through
Advertising: The best way to find the right tenants for your short rental or Airbnb apartment is by marketing it to a specific demographic. Through advertising, your property management can emphasize your apartment’s benefits. Remember, most short-term rental and Airbnb property renters tend to be young professionals working remotely or younger residents like students. For advertising, your property management will use social media, video tours, real estate photography, and property website to help establish your brand.
With the right advertising tactics, your property management will enable you to attract and maintain the right tenants.
Tenants Viewings: Once you have tenants, the next responsibility your property management will have is the tenant viewings. They will show potential renters around your property on your behalf. They will also answer potential renters’ questions about your short-rental or Airbnb apartment.
Financial Checks And Tenant Referencing
Not every tenant that walks through your door can afford to pay rent. The best way to weed out less-than-ideal tenants is by looking into whether they can or cannot pay rent. While this may sound simple to do, the entire process is difficult.
With property management, you don’t have to conduct this process yourself. Your property manager will:
- Request for proof of income
- Obtain references from an employer and previous landlords
- Perform a soft credit check
- Request for a rental guarantor, whenever necessary
- Perform a soft credit check
Maintenance And Repairs
Your property manager is responsible for the maintenance and repair of your property. With regular repair work and maintenance, your tenants can feel safe renting out your apartment. Some of the responsibilities your property management handles include:
Dealing with Tradespeople: Your property manager will call a tradesperson to help undertake maintenance or repairs.
Liaise with the Tenants: Your property manager will liaise with the tenants by communicating beforehand whenever trades want to enter their apartment to carry out repairs.
Inspections: Lastly, your property manager will regularly inspect your property. This will help highlight any maintenance issues present that may require fixing.
Remember, the primary goal of a property manager is to make your work as a landlord easier. Rather than take up the burden of running your short-term rental or Airbnb property in Hollywood, Florida, why not have a professional do that for you?
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