Utah's travel and tourism industry saw record visitation and spending in recent years, supporting an additional 41,000 jobs. If you own corporate housing in Park City, Utah, you likely need help as you gain new renters. Consider corporate housing rental management this year.
A short-term rental manager can handle daily operations, saving you time and money. Not convinced you need help?
Read on to review the pros and cons of short-term rental property management first!
The Pros
Managing short-term rentals can become time-consuming, especially if you own multiple properties. If you're stretched thin, your tenants could suffer for it. Here are a few benefits of hiring a short-term rental manager to consider.
Find and Vet Applicants
The rental vacancy rate in the second quarter of 2023 reached 6.3%. If your property remains vacant, you won't generate income. Your short-term rental manager can help you market your properties.
With a strong marketing strategy, you can avoid vacancies.
For example, they can hire a photographer to take fresh photos of each unit. Eye-catching images will help your listings stand out online. If the photos look old and lackluster, potential renters won't schedule tours.
Your property manager will ensure your corporate housing rentals appeal to potential renters. They can make updates and repairs to ensure each unit is appealing.
They can also post listings on multiple sites, expanding your online reach.
Your rental manager will also use a thorough screening process to ensure you're choosing the best applicants.
Complete Maintenance
If your renters have to wait for help, they could grow frustrated. They might leave negative online reviews, affecting your ability to attract future tenants. Your property manager can handle these maintenance requests for you.
They already have connections with the best vendors and contractors in Park City. They'll help you find competitive rates and reliable companies.
Stay Compliant
New laws and local ordinances are put into effect every year. If you don't remain informed, you could receive a fine.
Your short-term rental property management company will keep track of new laws and regulations on your behalf.
The Cons
Before searching for short-term rental managers in Park City, consider the cons. Here are a few you may encounter.
Less Control
If you prefer a hands-on approach to managing your rentals, you may need to adjust to relinquishing control. Hiring a property manager will allow you to take a step back. They can handle daily responsibilities while you focus on your business.
Make sure to find an experienced team that will communicate with you moving forward. Their regular updates will give you peace of mind.
Fees
There are some fees associated with hiring a short-term rental property management company. Look for a company that will offer customized services. You'll only need to pay for the services you need to keep from going over budget.
Consider Corporate Housing Rental Management
You don't have to continue managing short-term rentals alone. Instead, hire a corporate housing rental management company this year. Their experience and expertise will save you time and money in the long run.
Want to learn more? We're here to help.
Contact us at PMI Park City to discuss our services.
