Utah tourism has rebounded significantly in the past year and property investors have a chance to benefit. Short-term rentals appeal to groups and families looking for a homey alternative to hotels during travel.
The only downfall? Short-term rentals have a high turnover rate, which can come with an increase in wear and tear. Fortunately, property managers professionals can help.
Management fees cover a wide range of services. Do they cover the cost of maintenance? Not exactly.
Read on to learn how to cover the cost of short-term rental property maintenance and how property management can help.
Covering Routine Property Maintenance
When you have a steady flow of guests staying in your vacation rental, you're going to have a steady flow of property maintenance to pay for. Routine property repairs include things like electrical and plumbing repairs. It also includes the less frequent need to replace carpets, repaint the interior, and make other changes that keep your property in good condition.
The cost of routine maintenance should come out of your rental income. In other words, you should anticipate these costs when calculating how much of your rental income you need to reinvest in your property. Property managers can help.
Paying for Excessive Damages
As a short-term rental owner, you should expect a certain level of wear and tear. For example, guests may scuff the floors or wear down the carpets while bringing luggage in and out. They may leave behind the occasional stain, break a dish, or put extra stress on bathroom hardware.
What happens if guests break a window, start a kitchen fire, or flood the place? This falls under the category of excessive damage.
Many short-term rental owners will charge a refundable damage deposit that can cover this kind of damage. If the cost of repairs exceeds the cost of the deposit, you can ask guests to pay the difference. Some short-term rental companies like Airbnb do offer insurance policies that may kick in if guests refuse to pay up.
What Property Management Fees Cover
Property management can make your life a lot easier as a short-term rental owner. When you pay your property management fee, you're paying for services like:
- Listing and booking management
- Guest relations
- Check-in and check-out services
- Maintenance oversight
- Cleaning oversight
In other words, property management fees cover the cost of outsourcing all those time-consuming tasks you'd otherwise have to manage yourself. Plus, you're paying for the expert insight and skills that will maximize your ROI.
Hire PMI Park City for Short-Term Rental Management
If you're considering purchasing a short-term rental property in Park City, Utah, it's important to understand what goes into running it. Property maintenance is almost always your responsibility to pay for. However, the right property manager can ensure that maintenance happens fast and produces great results.
PMI Park City is proud to offer some of the best short-term rental property management in the state. We make it easy to track your profits while taking steps to maximize them. Contact us to learn how we can make your job easier.
