Benefits of Short-term Rental Property
Are you an investor in Brentwood or Franklin, Tennessee, looking to maximize your rental property returns? If so, you may want to consider short-term rentals like those you see on Airbnb or Vrbo.
Short-term rentals can be a great way to boost your rental income. You can charge more per day than traditional long-term leases, and you have the flexibility to rent out your property for as little or as much as you want. And if you don’t want to keep up with the rental property management yourself, you can hire a short-term rental management company to look after the property for you.
Short-term rentals offer an increased opportunity for revenue generation when compared to traditional long-term rentals. You can charge higher nightly rates for short-term rentals, which means you can earn more income per month. This is because people looking for a short-term rental are usually vacationers ready to spend some extra money for a nice experience or businessmen or women in need of temporary housing on their employer’s dime.
The higher occupancy rates of short-term rentals compared to long-term rentals can increase income as well, since families and friend groups tend to be comfortable together in a smaller space for a temporary trip. It’s perfectly normal to charge additional fees for additional guests since the more guests there are, the more beds will be used, and the more cleanup there will be when they leave.
With short-term rentals, you have the flexibility to rent out your property as frequently as you would like. This type of rental investment is perfect for investors who want the freedom to use their property as they please and let it bring in extra money whenever they’re away.
You can also adjust your prices depending on the season. For example, you may want to charge more during holidays or peak seasons (if your rental investment is located in Brentwood or Franklin, Tennessee, this would be spring break and summer break), and then lower your rates during the off-season. This allows you to maximize your profits and keep your listing competitive. With the ability to adjust your listing to meet changing demands, you can always ensure you’re getting the most out of your property.
There are several benefits to short-term rentals when it comes to maintenance. Perhaps the most obvious benefit is that there tends to be less wear and tear on the property overall. This is because short-term tenants are typically only staying for a few days or weeks as opposed to months or years, so things like carpets and furniture may last much longer in a short-term rental property.
Additionally, short-term rentals can be a great way to offset larger maintenance costs. Since you’ll be charging more per night, you’ll be able to invest that money in things like new appliances or a new roof, which will in turn raise the value of the property and the amount short-term tenants will be willing to pay.
Of course, no rental property is completely maintenance-free. Even the best-kept properties will eventually need repairs or updates. And that’s where a short-term rental management company can help.
If you’re looking for a way to keep your short-term rental filled on a consistent basis, using a site like Vrbo or Airbnb can be really useful for gaining exposure. Both of these sites offer a wide range of listing options that can help you reach a wider audience, and they also provide tools and resources that can make the booking and rental process easier.
In addition, using these sites can help you build a reputation as a reliable and trustworthy renter through reviews and a history of happy renters, which can attract even more potential guests. So if you’re looking for a way to get more exposure and bookings for your rental, using a site like Vrbo or Airbnb can be a great option, even though they will charge a percentage in commission.
Making your investment, our investment.
Have you invested in a second home and are thinking about renting it on a short-term basis? Great! Sit back, relax, and think about this no further because we are equipped to handle all your needs. From start to finish, Hinge will get you set up and ready to make a return on your investment.
We’re ready when you are! Let us provide Short-Term Rental services for you.
We will handle the permit process, account set up, and make recommendations based on the current market. Our accounting team will handle all of the bookkeeping, including paying applicable local and government taxes, generating monthly reports for you, and prepping your tax documents each year.
Our in-house maintenance team is available 24/7 through our maintenance emergency line. We will be able to respond to guest emergencies and schedule routine maintenance checks to ensure your investment stays top quality. We always treat your investments as they are our own, and you can feel safe knowing that we are a fully licensed and insured general contractor in the state of Tennessee!
One of the essential aspects of running a short term rental is the cleanliness of the property. Our professional cleaning crew is trained to thoroughly clean and turn the property for the next expected guest. To us, it’s all in the details, and that ends with the cleaning.
Our team has a vast knowledge of the city’s best go-to spots and attractions as a local business. We would love nothing more than to make recommendations based on the type of stay you are trying to have.
Short-Term Rental FAQs
Are you feeling excited about all the potential benefits of investing in short-term rental property in the Brentwood or Franklin, Tennessee area? Here are answers to the questions that will probably run through your head next:
What Are Short-Term Rentals?
A short-term rental is a property that is rented out for a short period of time, typically 30 days or less. Short-term rentals are often located in popular tourist destinations, which makes them a popular option for travelers.
Short-term rentals are often managed by short-term rental management companies, who handle the day-to-day tasks of renting out the property, such as marketing, cleaning, and maintenance.
How Can I Make My Short-Term Rental Stand Out?
When it comes to renting out your property, whether it’s for a month or a year, you want to make sure it stands out from the rest. After all, there are plenty of properties on the market and you want yours to be the one potential renters remember. So how can you make your short-term rental stand out?
Here are a few tips:
- Highlight the unique features of your property
Whether it’s a unique layout, an amazing view, or proximity to popular attractions, make sure to highlight the features that make your property special in the description. This will help your listing be found by the people who are looking for those types of features or nearby attractions. It will also help your listing stand out in renters’ minds when they’re considering their options and give them reasons to choose your property over your competition.
- Use plenty of high-quality photography for your listing
They say a picture is worth a thousand words, and for good reason. Show off all those unique features in your description with gorgeous photos to drive home how perfect your property is for potential short-term tenants. Good photography could make your property stand out from the competition.
- Respond quickly to inquiries
When potential renters reach out, be sure to respond quickly. This shows you’re attentive and organized, and it will help your property stand out from those that are slow to reply.
- Use a short-term rental management company
There are plenty of companies that specialize in managing short-term rentals. This can take a lot of the work off of your hands, from finding renters to handling maintenance and repairs. And, because they’re professionals, they know how to make your rental property stand out from the rest.
Do I need a permit to operate a short-term rental?
The answer to this question depends on several factors, including the location of the rental property and the regulations in place in that jurisdiction. Permits are not always required, but it’s best to find out sooner rather than later.
If you are unsure whether or not a permit is required, the best course of action is to check with your local zoning or planning department. They will be able to tell you what the requirements are in your specific area. In some cases, short-term rental management companies may be able to help obtain the necessary permits and licenses.
Finally, it’s important to note that even if a permit is not required, there may still be rules and regulations in place that govern short-term rentals, such as limits on the number of days that a rental can be used or on the number of people who can stay in the rental at one time. Be sure to check with your local authorities to learn about any such restrictions before renting out your property.
What are the requirements for operating a short-term rental?
If you’re thinking of turning your home into a short-term rental, there are a few things to do that will help you operate your short-term rental successfully. Be sure to check your local laws and regulations before getting started, and get insurance for your rental property. Even if you already have homeowner’s insurance on the property you want to rent, you will likely still need insurance specific to renting it out as well.
You’ll also need to choose the right platform to list your rental on and screen your guests carefully. Finally, be sure to set clear rules and expectations for their stay. By following these requirements, you can operate your short-term rental successfully.
Would a short-term rental management company be a good option?
If you’re looking for a way to begin investing in short-term rental properties and you feel a little overwhelmed by the number of things to do to ensure the best chance of success, consider hiring a short-term rental management company.
Rental property management companies that specialize in short-term rentals have the experience and knowledge necessary to maximize your revenue potential. They know how to market your property to the right audience and how to price it competitively. They also have the staff and resources in place to keep your property clean and well-maintained, which is important for maintaining high occupancy rates and getting repeat short-term tenants.
Plus, with a short-term rental management company like Hinge, you can rest assured that your Brentwood or Franklin property is in good hands. We can take care of everything from finding and screening tenants to handling maintenance and repairs.
So if you’re looking for a higher return on your investment, consider working with a short-term rental management company. It could be the key to unlocking your rental property’s true potential.