Buying a vacation rental in Steamboat Springs was a smart investment, as it was just named one of the top 50 places in the world to visit. However, you can't buy a vacation rental, sit back, and wait for the money to roll in. Successful vacation rental ownership requires active management.
Completing these five short term rental management tasks can help you take control of your investment and set it up for success.
1. Create a Cleaning Checklist
Create a short-term rental cleaning checklist that you will use after each guest. It needs to address all of the areas of the home to ensure the rental is ready for the next guest. If you plan to manage your rental yourself, follow this checklist each time you clean.
Another option is to work with a professional cleaning company. They can guide the ideal cleaning checklist for your vacation rental.
2. Write a Maintenance Plan
Establish a short-term rental maintenance plan. You need separate lists of tasks done monthly, quarterly, and yearly. This plan will ensure that your property is maintained in top condition.
You also need a long-term maintenance plan for how you will retain property value. This should include a plan for appliance replacement.
It should also include an upgrade and remodeling plan. That way, the property will appreciate in value and stay competitive in the market.
3. Establish a Marketing Plan
Create a marketing plan for your vacation rental. Determine its best qualities, features, and amenities. These should be what guests look for in a vacation rental or what differentiates your rental from others.
Highlight these desirable features to entice guests to book your vacation rental.
You can also include nearby attractions in your short-term rental marketing. By highlighting how close your rental is to the top things to do in Steamboat Springs, you can convince guests that your vacation rental is the ideal place to stay.
4. Set Up Management Software
Choose a property management software that lets you manage all aspects of your vacation rental. It should include bookings, maintenance, and document management. Using management software also makes it easier to expand your vacation rental portfolio.
Working with a property management company can make setting up property management software easy. The company can provide a software platform as part of its management service, giving you an online portal that you can access from anywhere.
5. Purchase Rental Insurance
Before accepting short-term rental reservations, you must purchase an insurance policy. You need property insurance in case your vacation rental gets damaged.
You also need liability insurance if someone gets injured while on the property.
Create a Short Term Rental Management Plan
Follow these five steps to set yourself and your vacation rental up for success. Establishing cleaning, maintenance, and marketing plans will give you a short term rental management roadmap.
Working with PMI Steamboat can make rental management simple. Our experienced team and software services enable beginner and experienced vacation rental owners to have a profitable investment.
Protect your investment and make your vacation rental profitable by hiring PMI Steamboat.
