The Pros and Cons of Short Term Property Management

The Pros and Cons of Short Term Property Management

Florida continues to see increases in tax revenue, with Airbnb generating over $371 million in a single year. If you own a short-term rental, you have the chance to attract these guests to your stunning property! You don't have to do it alone, though.

Instead, consider hiring a short-term property management company. Their proven strategies can keep your investment property booked year-round.

On the fence? Read on to discover the pros and cons of these services today!

Pro: Save Time

Renting out a vacation rental can feel like a full-time job. You'll have to juggle different types of property management responsibilities, including:

  • Cleaning
  • Marketing
  • Maintenance and repairs
  • Guest services
  • Accounting
  • Legal compliance

These tasks can steal time away from your friends and family. Instead, outsource. A property management team can handle these time-consuming tasks for you.

Their services will allow you to take a hands-off approach. You'll have more time to focus on things you love!

Con: Cost

One of the main drawbacks of short-term rental management services is the cost. However, the best companies can maximize their earning potential. As they improve your ROI, your gains will more than offset their service fees.

Pro: Expertise

An experienced property management team can help you avoid costly mistakes. They'll know of efficient ways to operate, saving you time and money.

Leverage their legal expertise. They'll ensure you remain up-to-date with local and state laws and regulations. Remaining compliant will allow you to avoid fines.

A short term rental management company can help you find new ways to maximize your income potential. Leveraging their expertise will allow you to make smart, informed decisions. You'll have an easier time accomplishing your property management goals.

Con: Lack of Control

You'll have less control over your short term rental if you hire a management company. Take the time to find a company that will consider your needs and goals.

Choose a team that will customize their services. They'll adjust their offerings to meet your needs.

Pro: Guest Screening

Many property management companies offer guest screening services. Their comprehensive reports may include:

  • Credit checks
  • Background checks
  • Reviews from previous houses

You'll have an easier time reviewing applications and selecting guests. You can avoid problematic guests to protect your property.

Con: Lack of Personal Touch

Some property managers are stretched thin. They can't provide guests with personalized recommendations. They may fail to provide the high attention to detail you and guests deserve.

Pro: Repeat Stays

Your vacation rental management team understands tourists. They can personalize experiences to improve guest satisfaction rates. High satisfaction rates can encourage repeat stays (boosting your ROI).

For example, uncleanliness is a common reason for a bad review. Your property managers can clean the property between guests. They can add luxury amenities to improve the guest's stay.

Con: Communication

Choose a company that is responsive. If they fail to communicate with you or guests, it can lead to problems.

Invest in Short Term Property Management

You don't have to manage your vacation rental property alone. Instead, rely on short term property management services. The benefits far outweigh the costs!

Our team at PMI Brevard has 20 years of industry experience. We use state-of-the-art technology to help clients maximize their profitability. Contact us for short term rental management services.