![]() If you plan to self-manage your rentals – short or long-term, keep in mind that something in your life may change preventing you from being able to take care of your property. And it's always good to know the “worst-case scenario” too. If you are considering buying a rental property, it’s essential to include all of these costs in your calculations. And that doesn’t include other costs like cleaning or yard maintenance. Many property managers charge between 8-12% of the monthly rent for long-term rentals, but short-term rental management can range from 25-40% or more of your gross income. You may not be able to easily drop management and convert your property to a short-term rental without breaking a contract.Ĭheck with your management company to see if they manage short-term rentals but be prepared to pay up to 5 times more than what you pay for traditional rental management. If you have a rental and use a property manager, did you sign a contract? What will it cost you if you can’t keep up with the pace of managing it?.How much time will it take and do you have time to do it?.What about the turnover and cleaning in between rentals?.If you convert your property to a vacation rental or Airbnb, will you be answering calls and emails?.If you own a rental property and manage it yourself, consider the amount of time you put in to find tenants and perform other tasks like maintenance or managing contractors. What is Your Plan for Property Management? This information may tell you a lot about the demand and rates you could charge for a short-term or vacation rental. View reservation calendars for an idea of how often they have guests. If you choose short-term renting, you'll be able to enjoy the property at different times of the year when you want to stay there too!Ĭheck out what’s available in your area on Airbnb or VRBO to see the competition and their nightly rates. Keep in mind it doesn’t need to be a vacation property to have frequent guests. Or is there anything special about your property making it an ideal Airbnb or short-term rental?.Do you live near a college, a big city, a unique venue?. ![]() ![]()
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