Purchasing an investment property and operating it as a short-term rental is a great way to generate passive income, build equity, and diversify your investment portfolio. However, managing short-term rentals takes a lot of work! Having several vacation rental homes in your portfolio will increase your income, but will also lengthen your to-do list. These five tips will teach you how to manage multiple properties so you can maximize your return on investment.
1. Streamline your workflow
Staying organized with standard communications and processes will give you an advantage when managing multiple short-term rentals. This will allow you to keep everything running smoothly, keep your guests happy, and ultimately drive more revenue. Here are some ways you can streamline your workflow when managing multiple properties:
- Purchase smart locks or lock boxes for contactless check-ins. You can create custom codes for guests that are only valid during their stay and issue designated codes for your housekeeping teams.
- Use an inventory checklist and cleaning checklist to make sure your properties are always guest-ready.
- Use a project management software and stay on top of your calendar to organize tasks across booking channels, reservations, vendor schedules, and more.
- Create templates for guest communications, answers to common questions, and marketing emails. Providing a vacation rental welcome book at each of your homes is an added bonus.
- Have general responses for both positive and negative reviews ready that you can customize for each guest/situation.
- Create “brand” standards for photographers and copywriters (if outsourcing) so listings are cohesive across booking channels.
2. Install smart home technology
Keep your vacation rentals safe and running efficiently with smart home technology. Utility costs can add up when managing multiple short-term rentals. Install home automation systems like smart thermostats and smart lights so you can remotely monitor and control the temperature and lighting when guests are gone, cutting down on your electricity bills.
Secure your properties and reduce the risk of upsetting neighbors with noise monitoring and device counting technologies. At AvantStay, every home is equipped with our complimentary smart technology package which includes noise monitors, video doorbells, occupancy detectors, and keyless entry locks.
Our monitoring and prevention technology is integrated into our operational dashboard, giving our Guest Experience team 24/7 real-time insights at each property. Our team is alerted anytime someone calls the customer service line about a home. We monitor any neighbor complaints coming through so we can watch security trends both at your home and in the market to decide if additional measures need to be taken.
3. Create a reliable network of local support teams
Regular housekeeping and maintenance should be one of your top priorities when managing multiple short-term rentals. Create a solid team of local contractors that you can trust to alleviate any stress that comes with managing multiple vacation rentals in one market or across the country.
Make a list of the best housekeepers, repairmen, plumbers, electricians, and landscapers that you can call when needed. Build a strong relationship with these folks as they’ll be your right hand in keeping your properties in pristine condition.
When you partner with AvantStay, we ensure that every property is meticulously cared for. At your homes, our local operations teams manage maintenance, upkeep, and surveillance, while our housekeeping team professionally cleans after every stay in adherence with our premium cleaning standards.
We have local pre-vetted vendors at negotiated wholesale rates, allowing you to increase profits. Our boots-on-the-ground team maintains relationships with vendors in every market, allowing us to deliver consistent, premium service levels.
We’re also able to keep a pulse on quality control with our dedicated vendor management app, Fresh. The app is integrated with our operational processes and systems and provides work order approval flows, instructions, and quality standards for all field operations.
4. Stay up-to-date on short-term rental laws
Managing short-term rentals across multiple states requires a few extra steps. Every state, county, and city has its own short-term rental laws. These often change, so make sure you’re fully up-to-date and understand the current rules and regulations in place for your markets. You’ll likely need a general business license or short-term rental permit. These ensure your vacation rental is compliant with zoning restrictions and meet the local health and safety requirements.
Unlike other vacation rental managers, AvantStay has fully dedicated and experienced accounting, permitting, and tax professionals to provide peace of mind and cover all your compliance needs. Our Policy and Risk team handles all administrative duties related to initial permitting and renewals of short-term rental permits, home inspections, HOA and government relations, and occupancy taxes so your home is always in good standing.
5. Hire a full-service vacation rental management company
One of the best ways to efficiently manage multiple short-term rentals and maximize your income is by hiring a vacation rental management company. As an AvantStay homeowner, you’ll receive unmatched personalized service and visibility through our dedicated local support teams and tech-enabled platform.
We have a best-in-class ratio of local support to homes with 24/7 dispatching. Each AvantStay home is assigned three main contacts: an Owner Experience Manager, a local Area Manager, and a Regional Manager, so you always have a point of contact and quick response times. Our local teams are also available 24/7 for dispatch to your home within 45 minutes, should any issues arise.
Employing a combination of our best-in-class care, streamlined back-end operations and technology, and elevated hospitality brand, AvantStay helps you earn more revenue than any other property management company. We take care of all the work to maximize your home’s returns—it’s that simple.
Interested in learning more about AvantStay’s full-service management programs? Our team is ready to help. Get started with our vacation rental management experts today!