Traveling comes with many amazing benefits, but you don't always have to go to another country to have a stellar experience. It might surprise you to learn that Arizona is one of the most popular tourist destinations in the entire country. Over 40 million people visited the state in 2022.
This has made it an amazing place for people to purchase vacation rental properties. If you're looking to get involved in short-term property management, there's certain information you need to keep in mind.
We've written a brief guide that will help you hit the ground running. Let's explore the key details you should know.
Research and Plan Appropriately
This is the most important part of the process. You'll need to conduct market research and come up with a comprehensive plan to manage your vacation rental.
It's worth noting that the time you want to start your business might not be ideal. For example, let's assume the country's economy has experienced a downward trend over the past year.
People likely have less disposable income to work with, meaning they're also less likely to travel. The last thing you want is to buy a vacation rental property that nobody wants to book.
Find the Right Property
Once you've decided to make a purchase, it's crucial to find a property that can meet your needs. Consider factors like proximity to local attractions, size, and amenities. You should also ensure the property doesn't have outstanding issues.
Since your guests will only stay for brief periods, they'll want to get the best experience possible. This means your property should be well-maintained and look amazing from the curb.
Don't Overlook Marketing
Proper marketing goes a long way regarding your short-term rental success. You can leverage social media channels and online ads to get your property in front of the right people. Regularly check your analytics so you can make necessary adjustments.
Work with a Professional
Hiring a property management company can streamline your responsibilities as an owner. They'll help you come up with a business plan, coordinate professional cleaning, and provide access to powerful rental software.
Unless you have substantial experience in the vacation rental industry, you will get much better results from working with a professional. When searching for someone to hire, see what their previous clients have to say about their services.
You should also ask how they plan to be compensated. Some companies charge flat fees, while others take a percentage of rental income.
Ensure they're enthusiastic about working with you, as well. If they don't seem to care about helping you reach your goals, you'll fall short of them.
Short-Term Property Management Is Simple
At first, short-term property management can seem overwhelming. It's a task that's much more straightforward than people anticipate, however. As long as you plan appropriately and hire the right professional, you'll get started on the right track.
PMI Phoenix Golden West is a full-service real estate asset management company that strives to help our clients exceed their goals. We deliver cost-effective solutions that don't sacrifice quality. You can learn more about how we can help when you book a free rental analysis.
