When you think of the state of Nevada, Las Vegas is probably the first city that comes to mind. Although Sin City's glitz and glamor is a popular attraction, Nevada has many other jewels to offer.
Reno, NV has become one of the most attractive places to visit in the state. With that rising popularity comes increased demand for short-term rentals.
If you're interested in owning property in Reno, here are some rental vacation management strategies that will help you book guests in no time.
Work With a Property Management Company
If you don't live in Reno or you simply have too much on your plate, consider outsourcing your vacation property management. For a monthly fee, you can have a third party take care of everything.
A property manager will:
- Communicate with guests
- Schedule maintenance and repairs
- Manage bookings
- Track your income and expenses
Vacation property management gives you the freedom to pursue other streams of income or free up your time, without worrying about your short-term rental.
Stay on Top of Maintenance
The last thing you need is a maintenance emergency while your property has guests. The best way to avoid these types of problems is to perform regular maintenance inspections.
If you see something, it's better to take care of it right away. When you let it fester, it could turn into a bigger, and more expensive, problem.
For instance, a small leak in the roof can be fixed in a matter of hours, but a huge hole may put you out of business for weeks or months.
Be Flexible With Guests
One of the best short-term rental tips is to be as flexible as possible with guests. You may think it's best to set rigid guidelines, such as check-in and check-out times. However, strict rules could be detrimental.
Ask your guests when their flight lands, or when they plan to be in the area if they're driving. If possible, try to have the property ready for them so they can get settled in right away.
Use Dynamic Pricing
For maximum rental property optimization, dynamic pricing is key. Dynamic pricing is an automated tool that adjusts your rates based on factors such as:
- Popularity
- Availability
- Similar properties
- Ratings
Your prices will rise during peak demand, and lower during less popular times.
A huge benefit of dynamic pricing is that it can attract people who want a better deal and travel during the off-season. You'll still be able to make money, rather than letting your property sit empty.
Rental Vacation Management Made Simple
If you're a budding investor, you shouldn't have to worry about acquiring too many short-term rental properties. With these tips, you can master rental vacation management as you expand your real estate portfolio.
PMI Reno has the skills and experience to assist you with your vacation property management. We excel in residential and commercial property management and offer top-of-the-line customer service.
Are you ready to take the next step in your property ownership? Contact us today to get started.
