How to Make Money with Short-term Rentals

Keys to Success with Airbnb, VRBO, and more.

Running a successful short-term rental can be a great way to earn extra income, provide a unique travel experience for guests, and even make some new friends. However, it's important to do your research and understand the ins and outs of short-term rentals before you get started. Here are a few tips to help you run a successful short-term rental:

Choose the right location. If you already have a property, no worries, there’s plenty you can do to optimize it. However, if given the choice, location can make a huge difference in how much upside your property has. Ideal locations are in vacation/travel hotspots, have gorgeous settings, or are situated conveniently for transportation.

Make sure your property is in good condition. Before you start renting out your property, make sure that it’s in good condition and meets all safety and zoning requirements. Is the water heater going to fail soon? Are the heating and electrical systems rock solid? Are all the kitchen appliances good? If the heating system goes out in the winter, you can miss out on thousands in revenue due to the house being unable to be rented.

Set realistic prices. When you're setting prices for your short-term rental, it's important to be realistic. You don’t want to overprice your property and miss out on bookings, but you also don’t want to underprice and miss out on revenue. An experienced partner can offer a lot of help here, and may have software tools that help to maximize your revenue.

Be a good host. At the end of the day, all of your success running a short-term rental comes down to this. Is your property the kind of place that you’d want to stay in, that impresses you with its comfort and amenities? Things like stocking the fridge before guests arrive, offering a complimentary coffee bar, or having a selection of local snacks and drinks for purchase go a long way towards making people feel welcome.

Respond to guest requests promptly. When guests make requests, be sure to respond promptly. This is critical to reassuring guests that you’re trustworthy and will be available for them if things go awry, something that’s crucially important.

Keep your property clean and tidy. Whether you’re hiring cleaners or doing it yourself, the easiest way to rack up negative experiences for guests is to leave the place dirty. Not only is this going to keep guests happy, but it also helps to protect your property, and keep things in order, reducing wear and tear.

Be prepared for emergencies. Even the best-run short-term rentals can have problems from time to time. Be prepared for emergencies by having a plan in place. If you’re in an area where the power goes out regularly, you should have a backup generator or power supply. Have a handyman contact, or be available yourself to assist when the inevitable does happen and the A/C breaks in the middle of July. Regardless of your property, know what’s likely to go wrong, and have a plan to fix it.

Find a Partner. Whether you already have several listed properties, or are just looking for that first one, a partner like an STR management company can quickly give you a hand up, taking on the responsibility of ensuring a great guest experience. Whether you’re looking to be more hands off, looking for some help, or just trying to take your property and listings to the next level, we’re here to help. Check out our contact page to get in touch today.

Hopefully this gives you an idea of what it takes to be successful operating a short-term rental! If you have any additional questions, we’re always here to help here at Visionboard, feel free to get in touch any time.