The Do's and Don'ts of Short-Term Rental Management
With the growing popularity of online hospitality services like AirBnB and Vacation Rentals By Owner, it’s now easier than ever to open up your vacation home or homeshare to guests looking for short-term housing.
But without the proper knowledge of how to both protect your property and please your guests, the short-term rental management business can bring you stress and even financial loss.
Here are some of the dos and don’ts of the short-term rental management business:
- DO weigh the pros and cons. Before pursuing your own short-term rental management business, it’s important to seek the advice of professionals to make sure you understand both the benefits and the risks. Seek out a real estate agent or licensed professional before beginning the process to ensure you are entering into your business venture with right information about the personal, financial and legal implications.
- DO consider location, location, location. If you are looking to buy a new property to rent out to short-term guests, find a neighborhood that is a perfect match for both you and your future guests. Think about the services you would like to be able to offer as a host based on the demographics of your location and future guests. This will help you tailor your property according to who will be staying there.
- DON’T post your listing without first doing appropriate research. When posting your property as a listing online, make sure to choose only verified and credible websites to showcase your home or homeshare. Meet with a professional to discuss the sales and lodging taxes that apply to the region your property is located in.
- DON’T underestimate the importance of positive guest reviews. As a short-term rental host, guest reviews are the foundation of your business. This means it is crucial to provide the best experience you can for those visiting your property. Pro tip: do some research into the most valuable amenities that guests look for in listings. Find out what bookers are seeking out, from high-speed WiFi to fully-stocked kitchens to bathroom toiletries. A collection of 5-star reviews can lift your short-term rental business off the ground and grow your reputation as an exemplary host.
The Division of Continuing Education at the University of Central Florida is now offering a Short-Term Rental Management Course for hosts, property managers, investors and anyone interested in learning more about providing hospitality services. This intensive two-day course pairs students with a knowledgeable instructor with more than 30 years of experience owning and managing vacation homes and short-term rentals. Upon graduating from the Short-Term Rental Management Course, you will gain your STR Certification Seal, making you stand out as a qualified host to renters.
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