In today’s times, there are many individuals who want to enjoy financial freedom, i.e. to pay for their living expenses without being dependent on a job. People who have financial freedom can pursue their interests while still making money without having to be actively involved in the day-to-day of that income stream (passive income). While there are numerous ways to earn passive income, investing in short term vacation rental properties is one of the most popular ways.
In this post, we’ll take you through all the benefits of investing in short term vacation rental properties. We’ll also focus on the importance of hiring a short term rental management company for managing the rental properties you invest in. So, without further ado, let’s get going!
Benefits of investing in short term vacation rental properties
- Rent out the property when you want: When it comes to short term vacation rentals, it’s up to you to decide when you want to rent the property out. Remember, you and your family can use the property too. So when you are staying there, you can choose not to rent it out. However, when you’re away, you can rent the property out and earn a handsome income.
- Less wear and tear than long term vacation rental properties: Property wear and tear is a major issue for long term vacation rental properties, as guests tend to stay in such properties for longer periods. However, this is not a major cause for concern for short term vacation rental properties, as guests check in for short periods. Even if there is any property damage, expect it to be minimal.
- Fix the prices according to the season: During the peak tourist season, you can fix a high price for guests checking into your property owing to the higher demand for stays. However, when the demand drops during the off season, you can fix a much lower price. This facilitates flexibility and allows you to earn money all year round.
- Significantly more income than long term vacation rentals: Typically, short term vacation rental properties generate way more income for owners than long term rentals do. Think about it – would you rather make $1500 a week from your guests or the same amount every month for an entire year?
The importance of hiring a short term rental management company
Financial freedom sounds like an attractive proposition, but the hard truth is that when you’re in the hospitality business, earning passive income is difficult. After all, if the owner of a rental property is away, who takes charge of the day-to-day operations and management?
Thankfully, you can turn to a reputed short term rental management company to take care of the operations and management. Some of the services commonly offered by rental management companies include:
- Listing management
- Property maintenance
- Hassle-free key exchange
- Coordination with staging companies and furniture suppliers
- Professional cleaning services
Simply put, hiring a short term rental management company allows you to earn money from your rental property without worrying about the day-to-day issues. Nest Host is a highly-rated short term rental management company that offers a diverse array of property management services and provides guidance to property owners regarding profit maximization.