Orlando welcomed 74 million visitors in 2022 and remains the top travel destination in the United States. This means that it's also a great place to host a short-term vacation rental.
While long-term rentals have their benefits, investing in a short-term rental can be a great idea in a well-visited destination such as Orlando. Although short-term rentals can be more lucrative, however, they can require more time and effort on behalf of a landlord.
Fortunately, short-term rental managers can help. In this guide, we'll look at the top pros and cons of short-term rental management.
Short Term Vs Long-Term Rentals
While there are many ways to invest in real estate as an investor, one of the best options is to lease a property to a tenant. If this is your chosen strategy, you'll still need to decide whether you want to manage a short-term or long-term rental. There are advantages to each type of investment property.
Generally speaking, long-term rentals can lead to consistent and reliable monthly earnings. However, they typically aren't as lucrative as short-term vacation rentals are.
Short-term vacation rentals can help you earn more money with your investment. However, they'll usually require more work and attention as well. You'll need to be sure that you can manage it well and avoid excessive vacancies to make the most of your investment.
Pros of Hiring Short-Term Property Managers
If you've chosen to lease your property as a short-term vacation rental, it can be worth hiring a vacation property manager to help. Some of the top benefits of hiring a property manager for a short-term rental include the following:
- Saves time and effort when managing a property
- Helps provide better communication with guests
- Reduces the number of vacancies
- Help with marketing the rental and perfecting listings
A short-term rental management company will work on a flat fee or rental percentage. They'll help maintain your property and handle communication with vacation rental guests. They'll also help market the property as well, so they can be well worth the cost.
Cons of Hiring Short-Term Property Managers
Although there are some key advantages to hiring short-term property management services, there are negatives as well. Here are some of the drawbacks to hiring a property manager for your short-term rental:
- You'll need to pay a flat fee or percentage for services
- Some guests may prefer to communicate directly with the owner of the unit
- May be difficult to get used to a hands-off approach
There are very few drawbacks to hiring a property manager. Although you'll need to pay for their help, it's likely that you'll still make more money overall thanks to their services.
In addition to this, it may be difficult for some landlords to get used to a hands-off approach. Some guests may also prefer to communicate with a landlord rather than a property manager when booking a stay.
Managing Your Short-Term Rental
If you've invested in a short-term rental, consider hiring a property management company. Although you'll need to pay a fee, a property manager can save you time and effort, reduce your vacancies, and help provide a better experience to guests.
Need a property manager in Orlando, FL? Get in touch with PMI Orlando MyPlace today to learn more about what we can do for you.
