The short-term rental market has grown by 26% in 2019 and has proven to be extremely lucrative for property owners when managed correctly. But what we noticed is not everyone who invests in owning a rental unit have done the research involved to successfully manage and operate their STR property. In 2020 the idea of having a short-term rental in Miami while you live in Chicago is possible thanks to relationship building and innovative technology.
So, we have broken down 6 ways that a Host can not only manage their property successfully but do it all remotely in the comfort of their own home.
There are many reasons why you should consider a security system but one of the top reasons would be because your unit is a great distance away from you. To ensure the safety and security of both the guests and your staff, you could use surveillance cameras, motion sensors, and burglar alarms. These systems are also accessible from your smart phone so that you are made immediately aware of any potential breaches.
The drawback of using these kinds of security systems is that some guests may be uncomfortable with the surveillance system. Should you decide to go this route in protecting your STR rental, it is highly recommended you make your guests aware ahead of time of the presence of cameras in non privacy breaching areas.
With the advancement in technology, a smart home system can also help you to monitor and manage your property. There is now software available that helps you control all things throughout your home such as, the thermostat, lighting, and so much more from your mobile device. This has proven to be extremely helpful to ensure your guests are comfortable. Imagine using your smartphone to adjust the temperature that a guest forgot to turn off from anywhere in the world. There are cool apps like NoiseAware and Party Squasher which are excellent for ensuring that your guests do not throw a party at your rental home. For example, If the music gets too high for an extended period, the app will alert you. This can be incredibly useful to avoid noise complaint problems with the neighbors.
Cleanliness has recently become the #1 guests concern now traveling post-pandemic, so selecting the right housekeeping team should be the top priority when managing a STR. Scouting a cleaning company these days have been easier as there are companies who specifically focus on STR cleaning. No guest should arrive to a dirty or half cleaned home as this has the largest effect on your overall ratings.
If something goes wrong at the property, as it often times does, you will need a rapid response team to fix the issue immediately. Developing a partnership with a local and reliable provider for your plumbing, electrician and general maintenance needs should be high on the priority list. This partnership should include tasks such as responding to guests’ issues in a timely manner, providing preventive maintenance which should be frequent checks of the property and lastly assistance with
future improvement projects for your property. This will ensure that your property is always in the best shape whenever a guest books it. A well-maintained STR is one of the ways that you can ensure your reviews and ratings remain high.
When choosing to manage your property remotely it is pertinent that you offer a form of smart check-in for your guests. This will make it possible for your guests to access the vacation home without your physical presence. Hosts are now choosing to use smart locks, and mobile keys over traditional locks. Offering a keyless check-in allows for the Host to have more control and can be extremely helpful should a lock-out or any other access issues arise and also makes for a more tech savvy experience.
When using a guest experience system such as Sebiya, you can digitize your entire guest journey remotely. A great guest experience system should help with things such as real-time communication for all your guest’s questions, on-demand requesting and easy access to all the services and amenities your property has to offer.
Host generally use these types of systems to save time, improve efficiency, while increasing ancillary revenue and obtaining more reviews. If you are looking to offer exceptional service while managing remotely a guest experience system should be implemented.
If you want to go beyond remote management and have your vacation rental grow passively, you could consider hiring a property manager. A property management company allows the owner to remove themselves from the overall day-to-day operations. Most property management companies offer cleaning, maintenance and guest relations as part of the management cost. The service that you will get from a property manager will depend on the company you choose as there are many firms that exist. Be prepared to pay the company anywhere from 10% to 25%, but the upside is a property management company gives you the option to essentially just collect your checks which can make the fee well worth it.
In closing, these 6 tips were shared to help you think about proactive ways to manage and operate your short-term rental from the comfort of your home. Thanks to technology, strategic partnerships, and proper systems in place it is possible to successfully run a vacation rental remotely in 2020. Keep in mind as the competitive landscape continues to grow, you as a property owner must always be aware of all the industry trends and be willing to adjust accordingly.
Due to Covid-19 the guests are more open to using technology to reduce touchpoints throughout their time at your property which helps minimize face-to-face interactions. Remember the goal is always to manage your property smoothly and effectively, while your guests have a hassle-free experience that will land you more 5-star reviews, referrals, and repeat guests.