How to Manage a Long-Term Vacation Rental Property

The short-term vacation rental industry has gone from strength to strength in recent years, providing a fantastic income stream for property owners. Among the many factors that contribute to a successful rental, efficient property management in Moore, OK, stands out as a key component for maximizing returns and satisfaction. Although short-term vacation rentals are most common, long-term vacation rentals have become a rising trend among digital nomads, families moving to a new city, and business executives. We have witnessed firsthand how profitable this can be if done right.

However, running a long-term rental is a different task from taking in weekend guests. The attitude has to change from one of hosting to one of landlord-tenant, all in a manner that upholds a high level of luxury and comfort. If you are interested in managing vacation rental properties   yourself or simply curious in understanding what a management team does for you, this guide will walk you through the basic steps to achieve success.

Establishing a Successful Environment on Your Property

When considering a vacation rental over a standard lease, it is essential to have the space ready for occupancy when your guest arrives. The main challenge with a standard lease is that it may not be ready for occupancy immediately. To address this challenge, it is important to invest in good-quality furniture that can withstand a six-month occupancy period without needing redesigning.

Aside from providing the furnishings, you have to make sure that all the necessary elements are in place. This will include stocking up your kitchen with a good set of pans, plus a high-quality set of linens. Of course, you will have to see to it that your internet access is high-speed. 

As a guiding principle, you have to take into consideration the elements which will transform a property into a home. If you're wondering how to manage a vacation rental property efficiently, these small touches make a significant difference in guest satisfaction and ongoing success.

Marketing Your Space Effectively

After completing this, it is time to look for suitable renters. A high-quality photo - or a plethora thereof - is absolutely mandatory. To showcase our properties in the most flattering way possible, taking professional shots from accomplished photographers is a necessity.

It is important your summary is detailed and informative. Our goal with rental properties at First Class Property Solutions is to paint a picture of what life is like in a community, with a focus on access to local attractions, grocery stores, and transportation centers. Using targeted keywords will help your property show up in search results on major search engines, which is especially important when managing short- and long-term rentals.

Handling Inquiries and Bookings

Handling interest in your investment is a matter of timely and professional communication. Thorough screening of all applicants is a priority. For an Airbnb investment for an extended stay, sometimes background screening and/or income/employment verification is necessary, which is typical for any lease.

Maintaining the Property in Top Condition

Maintenance is an ongoing activity. When a customer stays with us for an extended period of time, such as months, wear and tear is unavoidable. Property managers have a preventative maintenance program in place to check HVAC, appliances, and plumbing.

Cleaning procedures can be different in case of a prolonged stay. Although you may not clean your accommodation every day, providing a bi-weekly or monthly cleaning service is an added benefit which will keep your accommodation clean. Our service conducts inspection procedures between occupants in case of damages.

Handling Legal and Financial Matters

The law governing long-term rentals may be complicated. As a landlord, you need to be aware of zoning laws, tenant rights, and tax requirements. To give you complete protection when renting out your space, each transaction is covered by a solid rental agreement. Additionally, maintaining a tight record of your finances will help with profitability analysis and tax returns.

Partnering for Profitability

Taking care of a vacation rental for a long period can be a very satisfying but challenging experience. To maintain a vacation rental successfully, you need to have knowledge in both hotel management and law. Although you can personally take charge of this, you can maximize your gains with less headache by working with an expert vacation rental management service!