The value of the short-term rental market is expected to hit nearly $230 billion by 2030. That's good news if you own a vacation rental or have a vacant home you want to earn extra income off of.
But to get the most out of your side business, you need a good property management firm. Finding the best company for you begins with understanding the difference between long-term and short-term rental management.
Long-term property management companies are best for landlords who collect rent monthly. Meanwhile, short-term property managers can help homeowners and investors realize income upfront.
Learn more about the differences between these two types of property management companies in this guide.
What Is Short-Term Rental Management?
Short-term rental management is a collection of services provided to owners of short-term rental properties. Short-term rental properties are also known as vacation properties because tenants only stay for a few days or weeks.
Short-Term Rental Management Services
Short-term rental management companies offer services tailored to this unique business model. Depending on the management company you choose, you may have access to one or more of the following services:
- Coordinating rental bookings
- Responding to short-term tenant inquiries
- Check-in and check-out management
- Management of cleaning, inspections, and property maintenance
- Short-term rental marketing
- Business accounting
Working with a short-term rental management company can free up your valuable time. Your earning potential will also increase as customer satisfaction goes up and vacancy rates go down.
What Is Long-Term Rental Management?
Long-term rental management is a collection of services provided to owners of long-term rentals. Tenants who live in long-term rentals typically sign a lease agreement for at least 12 months.
Long-Term Rental Management Services
Long-term rental management companies offer the services needed to keep full-time residents happy. A full-service property management firm will offer the following services:
- Leasing and tenant screening
- Rent collection
- Maintenance inspections and repair management
- Eviction assistance
- Long-term rental marketing
- Financial assistance
- Investment advice
- Portfolio management
One of the biggest benefits of working with a long-term property management company is fewer legal liabilities. Landlords can also increase rental income and property value through lower vacancy rates.
Which Type of Management Do You Need?
The type of management services you need depends on your property. For example, say the majority of your tenants sign 12-month leases. In that case, a long-term management company is the best choice.
Owners of vacation properties leased on a daily, weekly, or monthly basis would better benefit from a short-term rental management firm. These companies have the experience and expertise needed to run a vacation rental.
Full-Service Short-Term Management in Madeira Beach
Short-term and long-term rentals use two very different business models. To get the most out of property management services, you need to choose a firm with services tailored to your unique needs.
Are you searching for a short-term management company in the Clearwater, Florida area? PMI Clearwater is a full-service vacation rental management firm with nearly 20 years of experience serving homeowners and investors.
Contact PMI Clearwater today to learn more about our short-term rental management services.
