High Point City, known as the Home Furnishings Capital of the World, is a hot destination for not just home décor enthusiasts. It also attracts thousands of visitors who want to explore and experience the city's other offerings.
Such tourist activity has led to an increase in the demand for short-term accommodation rentals. You've seized the opportunity and acquired a vacation rental property, but the real work has just begun.
Here's a list of important vacation rental management tasks you need to do.
1. Get a Short-Term Rental License
In North Carolina, short-term rentals are mainly regulated at the state level. All hosts must register with the NC Department of Revenue for taxation purposes. There may be local ordinances, such as zoning regulations, that you will need to follow as well.
2. Furnish and Style the Rental
Just because it's a short-term rental doesn't mean you should only furnish it with basic amenities.
Most of your guests will want to have a comfortable and enjoyable stay. They're looking for rentals with extra amenities, such as high-speed WIFI, a fully-equipped kitchen, a work-at-home area, and even a pool.
3. Choose a Booking Model
You have two options when it comes to choosing a booking model: direct booking or third-party booking platforms.
Direct booking means you'll be handling the bookings yourself. You can do it offline or set up a website with an online booking management system.
Third-party booking means listing the property and vacation rental platforms like Airbnb or VRBO. Guests who need to book your property will have to do so via the platform on which it's listed.
4. Set Rental Price
Your rental's accommodation cost per night will depend on several things, including market rates, the size of the unit, and the amenities it offers. You'll need to do some rental pricing research to set a competitive cost that will attract guests while maximizing your income.
5. Short-Term Rental Marketing
It's hardly possible to get any guests with effective short-term rental marketing. If your property is listed on third-party platforms, share the listing on your social media channels.
If you're doing direct bookings, you'll need a more comprehensive marketing strategy that involves social media marketing, search engine optimization, and even influencer marketing.
6. Guest Screening
If you choose direct booking, you'll also be responsible for screening guests. Third-party platforms screen all their users, but you might also need to verify a guest's identity at check-in.
7. Property Cleaning and Maintenance
Cleaning and maintenance are vital tasks in vacation rental management. After every check-out, the rental needs to be cleaned thoroughly and repairs made if needed. Most hosts outsource the job to cleaning services providers.
Whichever way you go about it, the next guest must find the place sparkling clean and in good order.
Don't Skimp on Vacation Rental Management
To earn a steady rental income as a host, you must take your vacation rental management tasks seriously. It can be an overwhelming job, but you can outsource your tasks to a short-term rental management company.
In High Point City, PMI Piedmont is the premier vacation rental management company. We pay attention to the little details of running a vacation property, and that's because the professionals who provide our services have extensive experience in real estate investments and property management.
Call us today.
