Around 75 million tourists visit Orlando annually, and many of them will be looking for a place to stay. This puts landlords offering short-term accommodation in an excellent position to make generous profits.
But before you welcome guests to your home, knowing the best short term property management strategies is important. Having this knowledge means you can boost your income and reduce landlord stress.
Let's find out which property management tips can help you.
Research the Orlando Market
One of the best pieces of short-term leasing advice is to research the market. By having a firm understanding of the supply and demand of rental properties, and their prices, you can learn how much money you stand to make.
However, you need to be aware that market trends can change, and it's important to conduct regular analysis. This will ensure you're up to date with the latest developments in your area. You can then review your rental strategy accordingly, helping you compete with other landlords.
Understand How to Attract Tenants
It's a mistake to only consider the price when attracting tenants. This can lead to you charging a low fee and losing out on income. Additionally, tenants are often willing to pay more when they find a top-quality rental property.
For example, a beautifully designed house with a scenic view can appeal to tenants who want to appreciate the local area. Or you might be in a nearby location to attractions such as Disneyworld.
Consider your rental's positive factors and be sure to highlight them on your listing so tenants know why your property is worth the fee.
Outsource Housekeeping and Maintenance Tasks
When you manage short-term rentals, it can seem like the number of cleaning and maintenance tasks never ends. But they are crucial to ensuring you can keep your property occupied with high-paying tenants.
To make things easier, it's a good idea to hire a company to regularly clean and freshen up your rental. It's also worth partnering with a maintenance contractor who can be on hand to deal with repair issues at short notice.
Offer Flexible Booking Durations
People may need to book Orlando vacation rentals for a few days, a couple of weeks, or even a month or longer. If you are flexible and willing to accommodate these different requests, it will be much easier to find tenants.
Managing these demands can be time-consuming, though, and you may prefer to hire professional rental management services to do this on your behalf. They'll also deal with aspects such as cancellations and checking guests in and out.
Contact Us for Expert Short Term Property Management Services
At PMI Orlando, we know that short term property management can be difficult. That's why we offer a full range of services for our clients.
Whether it's marketing, coordinating bookings, accounting, or dealing with guests, we do it all. Our property managers have specialized knowledge and use the most up-to-date technology to ensure you're delighted with our services.
Take the hassle out of managing your Orlando rental and contact us today.
