Short term vacation rental property management is an ever-growing industry as a side business and also a full-time opportunity, whether your customer is just renting out their property for a few months or managing an entire portfolio of rental properties. There are myriad opportunities for the customers to earn significant additional income not only from being the boss but also with little guidance from an agent.
It is essential that management firms recognize the need to cater to the needs of both the tenant and the property owner. It is very important for property managers to recognize the potential benefits of allowing a short-term rental arrangement.
How to boost your business?
Short-term vacation property management and short term property rental in Dubai has the potential to be a gold mine for both the property manager and the owner if proper steps are taken to maximize this resource.
The first step in making this work for you is developing a sound guest service policy. This would include providing sufficient information about your property to keep the guests informed about the accommodations available and scheduling openings according to weather, season and time of day. The best property managers always provide plenty of promotional opportunities for prospective tenants and often provide free shuttle service to and from the airport and local attractions. Many times discounted rates are offered if the guest is willing to rent for an entire vacation rather than spending a large amount of money on a hotel.
The second step is to develop and maintain good relationship with your local and national rental market by including advertising in local publications and on your business cards. Many times, when people plan short trips, they will list their accommodations on their business cards and this is the ideal place to mention your vacation rentals. Most short-term vacation rental management businesses also list special events and activities that will appeal to families.
If you have a tax requirement for your short-term vacation rental property management business, you will want to do your research and make sure that you are well prepared to fulfill all of your state and local tax obligations. This can save you a lot of hassle in the long run as many property management companies are already well aware of the up-to-date tax laws and can help you meet all of your tax responsibilities without any major problems.