How to pick a right short-term rental property manager

The questions we will address in this article are: ‘What is the difference between short-term rental and long-term rental property management?’ and ‘The benefits of engaging a short-term rental property manager?’ for your investment property.

So, let’s get started.

The differences between long-term and short-term rental management

When looking for a property manager to manage your investment property, you first need to determine the type of rental they will manage.

1. Length of rentals

Stating the bleeding obvious, the major difference between long-term and short-term rentals is the time-period properties are rented out.

Many of you will have had a long-term lease on a property from six months to years, whereas short-term rentals usually last for a few days.

2. Amount of time required to manage the rental

When a property is rented out every couple of days, things are done more frequently, making short-term rentals more labour intensive. Some of these things include:

Administration, such as billing and contracting 

• • Cleaning.
• • Marketing. 
• • Laundering sheets and towels etc.
• • Dealing with guest issues.
• • Property maintenance.
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3. The location and type of property

Short term rentals are usually of a higher standard than long-term rentals and are located in tourist areas or closer to the city. Long-term rentals have a lower expectation of their condition and are usually in more suburban locations.

So, if you have decided to purchase an investment property for short term rentals, you need to decide how you will manage your property.

Your options include:

• • Self-management 
• • Use one of the established online platforms, or 
• • Engage a short-term rental property manager
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• Let’s look at why you might engage a short-term property manager.
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Benefits of engaging a short-term rental property manager

Firstly, a property manager specialing in short term rentals is a human who can provide personal services. They will have the experience and professionalism to save you time and effort in managing your rental properties.

This doesn’t mean that they won’t include technology as part of managing your investment property – but it does mean that there is someone to talk to when you need to.

A short-term property manager can ensure that your guests have a good experience and give you an excellent review.

There are many aspects of your property management that a short-term property manager can do for you, including:

• • Dealing with and replying to enquiries about bookings
• • Billing and processing rental payments
• • Cleaning and restocking your rental properties
• • Facilitating check-ins and checkouts
• • Marketing and promotion
• • Seasonally adjusting the cost of your rental
• • Managing customer complaints and requests
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• Additionally, a professional short-term property manager can implement systems to deal with key exchange and the inevitable situation where keys are lost or taken.

  A short-term property manager can also ensure that your investment property has the right level of styling and quality furnishings to satisfy your guests. This would include advising on beds, linen and those little extras that ensure a great review and return bookings.

  Most importantly, on average, a professional property manager can deliver considerably higher returns on short-term rentals than self-managed short-term rentals.

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• Choosing your short-term property manager

  When choosing your short-term property manager, consider the following:

• • How much will it cost?
• • How does the property manager review online and on social media?
• • Will the property manager provide you with references from recent clients?
• • How frequently will you receive financial and performance reports about your short-term rental?
• • How frequently will you be informed about changes in the market and new regulations, laws and taxes?
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Accommodate Canberra is the National Capital’s premier provider of luxury, fully furnished and serviced, executive, short-term accommodation.  

If you would like to discuss purchasing a short-term rental property investment or engaging a professional property manager, contact our friendly team at Accommodate Canberra.