Economic uncertainty around the globe may be slowing down other businesses, but for property managers of short-term rentals - this is your time to shine. AirDNA research shows demand ceases to slow for alternative accommodations (with an increase of 25% year-over-year vs 2019 levels) and predicts a positive year ahead for those in the sector.
Alongside this, peak season will likely expand over into the shoulder months, offering property managers ample opportunity to maximize revenue-earning potential. And as your profit margins begin to widen, from optimized operations and boosted visibility to an active market, you may start to think about scaling your portfolio.
It’s the perfect time to take this next step. Short-term rentals are in such high demand that new homeowners join the industry daily for a piece of its unprecedented potential. In May alone, supply in the US increased by 84,000 new listings, providing endless property opportunities to scale in the fast-growing market.
At Uplisting, we know that scaling isn’t easy. Along with the perks of increased revenue, you’re also left vulnerable to inefficiencies. With this in mind, we’ve put together a list of teams you need on your side to make this next step as safe and sustainable as possible.
The dust of restricted travel is beginning to settle, but one learning from the pandemic remains - hospitality, cleanliness and sanitation processes need to be seamless. Guests expect a much higher standard than what was previously passable two years ago.
So although you may currently have your laundry service perfected, the challenge lies in keeping this standard consistent as you add more properties to your enterprise. The benefits far outweigh the costs, especially since Airbnb allows property managers to add a cleaning fee to guests' total booking costs.
The same standard of cleanliness applies to every customer-facing aspect of your short-term rental. For stand-alone properties, everything from the bedroom and bathroom to the kitchen and living areas must be spotless. And if your property has a communal entry space, this too must be pristine - after all, it’s what guests will see upon check-in, and first impressions are everything!
Create a short-term rental cleaning checklist for your properties. Save resources and hire a reliable cleaning team to ensure your properties meet the enhanced cleaning protocol many travelers now expect. And most importantly, coordinate the housekeeping schedule with your properties' needs so things run seamlessly no matter the circumstance.
For example, imagine your current guests check out early. To make some extra profit, you could optimize the turnover process and offer the next guests a chance to check in early. But, this is only possible when you have a watertight operational process.
Small repairs or maintenance needs may be manageable with a small portfolio of properties. But, as soon as you scale, you may become overwhelmed with unexpected breakdowns, issues, or faults. And as we know, time = money, so you can’t afford to neglect these issues.
Sync the needs of your properties into one easy-to-use property management system, where you can seamlessly distribute actionable tasks to maintenance personnel, and get your short-term rentals back in top shape.
Bookkeeping is a fine art, especially when you have hundreds of properties that each require a separate book to detail all financial transactions. From every purchase you make for the rental (including furniture, smart home tech, and appliances) to repair or daily maintenance costs, you’ll need to take note of it all.
Consider creating a separate bank account for your property managing business. And unless you’re an expert in finance, you can save yourself a lot of time and money by hiring an accountant. Simplify the process even further and lean on the support of an automated property management solution for an effortless way to stay on top of your books.
Once your portfolio scales, the little things like keeping stock of your amenity inventory will begin to take up too much of your time. Your time is invaluable and should be used to grow and better your business. Instead, think about hiring an operations assistant who can take care of these tasks, whether that’s ordering more shampoo bottles or accepting a fresh delivery of linens.
The final step is the most vital. Now you have your teams, you need to connect them in order for your business to run as smoothly as possible. Unify your property management actions to keep on top of everything happening in your rentals, with an all-in-one solution.
Equipped with this tech, you’ll be able to streamline your entire process, so you can focus on what matters most: bettering your business.
Ready to take the next step in the success of your short-term rental business? Uplisting’s reliable solution can support you to sustainably grow your business without wasting time on coordinating operations or struggling to stay on top of the day-to-day.
We’ve built an all-in-one property, channel management and automation tool to help property managers scale seamlessly.