Expected to grow by 11.2% from 2023 to 2030, the short-term rental market is doing well. However, if you want to get the most from your own short-term rental, you need to pay attention to your approach.
To get the most profit from your short-term rental, you need to give it plenty of attention. Put effort into making your property perfect for guests to get the maximum value from it.
Here are the top five tasks you should follow in short-term rental management in High Point, NC.
1. Choose the Right Price
One of the first things you need to do is determine short-term rental pricing. Decide how much you're going to charge for your short-term rental and ensure the rate is competitive.
It's a good idea to check competing properties in your area to see what the going rate is. Set a price that will maximize your rental income but avoid overdoing it to ensure your rental remains popular.
2. Market Your Property
Once you have a short-term rental, be sure that you spread the word and market it well. Use social media and other strategies to market your property and ensure your rental listing is optimized and filled out completely.
Don't expect that potential guests will find your property automatically. Put effort into short-term rental marketing and ensure you get the word out.
3. Prioritize Communication
Another important task to take care of with short-term rental management is communicating with guests. Make sure that you're speaking with guests when they book your property and that you're responsive when they ask questions.
Put in extra effort to check in on guests and communicate with them openly to stand out from the competition.
4. Track Finances
If you want to have a successful short-term rental in High Point, NC, be sure to manage your finances well. Keep accurate financial records and put effort into paying taxes and staying compliant with local laws.
Keeping close records will help you manage your short-term rental more successfully. Doing so can help ensure you can make wise decisions and be profitable with your short-term rental.
5. Clean Your Property
When managing a short-term rental property, be sure to clean it thoroughly. Keeping your property clean will help to give a good first impression to anybody who decides to rent it and will help increase repeat short-term rental bookings.
Make sure that you're cleaning properly after each guest visit. This will help you ensure that your property maintains a great reputation.
Improving Short-Term Rental Management in High Point, NC
If you want to do a great job of short-term rental management in North Carolina, use the strategies above. Market your property, communicate with your guests, and keep your property clean if you want to be successful.
To keep your property competitive in High Point, consider working with PMI Marathon. We can help you stay ahead of this evolving industry and ensure you get the most profit from your rental.
Ready to improve your short-term rental? Contact us today to learn more about how we can help.
