A Beginner’s Guide to Hiring a Real Estate Agency for Short Term Rental Management

Managing a short-term vacation rental property entails a wide spectrum of tasks, each interdependent on the other in scaling the profitability of the business. Overseeing all the protocols and operations involved in running a rental property can be overwhelming for a single property owner. Herein lies the benefit of hiring a reputed and experienced real estate agency in Palm Cove. Such agencies include expert property managers who are skilled in managing short-term rental properties like Airbnb. They help ease the burden of the property owner offering them peace of mind and flexibility. They ensure the property is well maintained, occupancy rates are up and ROI is on a steady flow.

This blog helps you explore how the option of hiring a real estate agency is a lucrative option for your vacation rental business.  

What is meant by Short-Term Rental Property Management?

Short-term rental property management entails a range of services that facilitate the performance of a vacation rental such as marketing, cleaning and maintenance, coordinating bookings, managing finances and rental collections, interacting with guests and even calculating taxes.

Short-term vacation rentals are typically rented out over a short period, maybe a few days or for a week at max. This is in contrast to long-term rentals which can extend up to an entire year. Although short-term rental properties offer several advantages to property owners, they come with their own set of challenges which an efficient property management agency can help tackle with ease.

Goals of Managing a Short-Term Rental 

The following lists the objectives of any short-term vacation property owner who is thinking of hiring managerial services:

Define Your Objectives 

Rental property management agencies carry out marketing operations to attract tenants and guests. To do they need clearly defined objectives outlined by the property owner. These objectives state what the property owners want to achieve by renting their property short term. The typical goal is to generate more bookings and boost revenue. These objectives will be taken into account when devising a marketing strategy.   

Identify Target Audience

To create marketing content that renovates well with the rental property owner’s target audience, the agency or property manager needs to have a clear idea of their interests and preferences. These also include relevant pain points and goals of the target audience.  

Choose the Right Platform

Not all marketing platforms are created equal and this also includes social media platforms. The property manager would need to shortlist those platforms that are used most by their target audience. A potential Tenant’s choice in short-term vacation rental booking platforms tends to vary between Airbnb, VRBO, and Booking.com.

Conducting Competitor Analysis 

To ensure a vacation rental property stands out amongst all its neighboring competitors, the property manager or management agency needs to conduct an in-depth competitor analysis. This will enable them to strategize their marketing efforts even better.

Scaling Strategy    

The final goal of the property manager is to create engaging content that captures the attention of the rental property’s target audience. No matter if the property manager uses social media posts, videos, or images, it must resonate with the marketing objectives.

Benefits of Hiring a Real Estate Agency

There are various benefits of appointing short-term rental property management, the most significant among them are listed below:

High-Quality Tenants 

Screening tenants is a long and complex process. Without sufficient knowledge of the industry and tenant renting habits, it may be difficult for a property owner to screen tenants effectively. Reputable real estate agencies have a detailed process in place to screen suitable tenants for any rental property. With the help of the screening process, they are able to attract tenants who:

• Rent for the longest possible term.
• Pay their rent on time.
• Minimize the wear and tear of the property.
• Are ethical and cause fewer problems.

Legal Protection 

A single bad tenant can cause a lot of legal hassle for property owners. Experienced property managerial service providers are armed with legal knowledge that protects the property owner from potential lawsuits and vulnerabilities. There are also federal laws put in place by the Australian government that also protect the property in aspects like the following:

• Screening tenants
• Conditions and Safety
• Evicting Tenants
• Inspecting the Rental Unit
• Signing and Terminating Leases
• Collecting and Handling Rent and Deposits

Short Vacancy Periods

Efficient property managers help vacation property owners in aspects like:

• Preparing the property for renting: The property manager knows exactly what improvements need to be made to make the property worthy of renting out to guests.
• Determining the Optimal Rental Rate: The rental rate needs to be set competitively. Too high and it will take longer to find tenants, too low and the property would attract low-quality tenants. Rental management agencies know the local vocational rental market and what rates are ideal.     

Efficient Rent Collection

Collecting and handling rental collections is perhaps the most essential aspect of managing a short-term vacation rental. Property managers deal with tenant interaction and are skilled in collecting rents, making the process go a lot smoother.     

Conclusion 

Relying on a reputable real estate agency affords better short-term accommodation management in Cairns. Agencies like Airbnb Real Estate have several years of experience under their belt enabling them to understand your target audience’s needs and tailor your rental model accordingly.