If you’re considering investing in rental properties, there are a few different types. You can purchase a property with units to house permanent residents, like an apartment complex. You can also purchase a property that’s meant for short-term rentals.
Short-Term Property Management
While long-term and short-term property management both follow very similar principles, short-term properties require unique attention that long-term rentals do not. With both types, the property owner is responsible for caring for the property and assisting with any issues that tenants have. However, they are also very different.
A long-term rental property is an apartment complex or single-family home that is rented for longer periods of time. Typically, lease agreements are at least 12 months, but they can be as short as six months or even month-by-month. Tenants can choose to renew their lease and can live in the same dwelling for many years if they choose.
A short-term rental property is a beach house or spare room posted on Airbnb. Tenants can choose to stay for a month, but they can also book a stay for only a week or even just a night.
Managing a short-term rental requires a bit more attention than a long-term rental because there are far more tenants occupying the property throughout the year. You must clean and prepare the property for the new tenant, collect and issue keys to the tenants and more.
When you hire a short-term property management company, they will take care of everything so you don’t have to.
What to Look For in a Short-Term Property Management Company
Owning a short-term rental property has similar requirements as long-term rentals, but it has its own set of unique needs. If you’re considering investing in or have already invested in a short-term rental property, you should work with a professional property management firm.
Here are some of the services a potential property manager should take care of while managing your short-term rental properties:
- Ensuring your property has bookings, turning inquiries into sales
- Assistance with adhering to local and federal laws specific to short-term rentals
- Acquiring the appropriate permits and other requirements for operation
- Screening tenants to guarantee trustworthiness and quality of tenants
- Giving keys to tenants and collecting them at the end of their stay
- Providing 24/7 assistance to tenants to quickly address any issues
- Cleaning and preparing the property in between tenants
- Completing maintenance as needed
Trying to do all of this on your own is a big job. It becomes increasingly difficult if you have a full-time job or if you don’t live in the same area as your property. At American Heritage Property Management, we offer these services and more. We will work closely with you to identify your unique needs in order to find the best solution.
Types of Short-Term Properties We Manage
Short-term rental properties are typically considered any type of rental agreement shorter than six months. However, as we mentioned before, you could be renting for as short a time as one night. AHPM is ready to assist with any type of short-term rental property. Here are a couple different types of short-term rental properties that we manage:
- Airbnb hosts who have an entire home or spare room that they rent out
- Owners of beach houses, lake houses or other vacation homes that they rent while they are not using it
If you wish to learn more about how we can help you manage your short-term rental property in Pennsylvania, please contact us today.