The market for short-term property rentals has increased sharply in recent years. Reasons for this include an increase in rentals rather than sales, in general, to increase return when house prices fall. Also, people live different lifestyles and often work away from home sporadically and need more flexibility in where they stay beyond just generally more expensive hotels. More and more people are looking to go on holidays in their own holiday homes which they then have no use for during the rest of the year and conversely, there is an increased demand for holiday goers to stay in accommodation more akin to their home. As these reasons have driven the market so more people have moved into shorter term rental. This can be done either privately or through a rental management company and sites such as Airbnb have only increased the availability of properties yet further. So if you have a holiday home which is sitting dormant for 10 months a year and could be giving you a return on investment or you are a property developer looking to rent short term then how do you actually go about it? It can be a risky game if you get things wrong as the big figures involved could lead to you actually losing money.
Go Solo or Use a Rental Company?
This really is the key thing you need to decide. There are various reasons why you could go either route so you need to make sure you are properly informed so that you don’t make the decision which fails to suit your requirements. The main thing to consider is time commitments. Do you really have enough free time to allot to the undertaking of doing it all yourself? If this is not going to be your main source of income, then it could really suck away at your spare time and become a hassle you don’t need but cannot escape. Plan out your available time and then add on more for emergency situations when you have to deal with something there and then.
Benefits of Going Solo
However, if you genuinely do have the time and energy to do it yourself it can prove highly beneficial. You will not have to allow anyone to take any commission and so you will get the full return on your property. You will have more scope of personal choice in what you do and when. Whilst you will have to honour bookings you will have more flexibility when to take the property on and off the market. If this is a holiday home of your own, then this could help you to easily take impromptu holidays when you please. You will also be able to have tight control over who rents your property so you can feel reassured that you will have vetted any future customers before allowing them in your rental home.
Benefits of Using a Rental Company
Obviously, the biggest bonus when using a rental company is that they will deal with all the work for you. All you will need to do is stipulate the dates it is available and they will take care of everything else. They will obviously take a cut for these services but you will have professional customer service and technical experts dealing with it all. You can use Airbnb management amongst many other rental property managers who will perform the necessary maintenance, meet and greets and generally oversee all responsibilities. If you don’t need quite as much flexibility and aren’t afraid to sacrifice a certain amount of earnings on reducing your work and time commitments then this should be the option for you.