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Short let Property management: the pros and cons

The pros of short let management 

  1. Flexibility – Managing a short-term rental apartment is flexible since the owner makes all decisions. You decide how many days, weeks, or months you want to rent out your flat.
  1. Great earning – short-term rentals is a lucrative business compared to the long term rent. Short term rentals can often be 2-3X what the same unit would rent for as a long term rental. If a long term rental is  $100 per month  you can earn as much as $200 – $300 per month for a  short term rental.
  1. Less Wear and Tear on the Property- You often pay more attention to house maintenance when running a short let business   because when guest check  in and  check out frequently, you can treat small repairs on the moment, before they turn into big damage.

 The cons of short let management 

  1. Unpredictable income – Short term rentals sales are seasonal and sometimes competitive, you cannot predict your income every month compared to a long term rent that is fixed. If you are looking for a steady income, a yearly rent is what you can  consider.
  1. Must pay the utilities –  The house owner  pays for the utility bills that are being used in the apartment unlike  Long-term renters that pay for the  utility bills
  1. More risk involved – Having different guests with different personalities  in your apartment every time is very risky because there is more likelihood of theft, breakage or problem renters.
  1. Time consuming Managing a short-term rental can be very time consuming. Hosts need to manage check ins and check outs, answer any questions guests or potential guests may have, the property needs to be cleaned and stocked between reservations, utilities need to be paid, and the repairs need to be addressed. Most of this is very time sensitive as well. 

5. There are more Maintenance costs associated with Short Term Rental –  As the landlord, housekeeping, yardwork, pool maintenance and general upkeep fall to you. Not usually so with a long-term renter.

Consider the pros and cons for yourself before making a decision. Overall, we believe that Short Term Rental is a good deal and that you should try it.

If you own a property and you are looking to partner with an expert in hosting your apartment, visit our website today to list your property.