Renting out your property in today’s time is easier than it ever has been before, thanks to companies like Airbnb, which helps connect you with guests. By filling out a single inquiry form on Staygia.com you can get the process going quickly and easily.
Should I rent short-term or long-term?
When deciding to rent out your property, you need to determine what rental options are better for you: long-term rentals or short-term rentals.
While a long-term rental may seem like the best option for maximizing your passive income, it can bring with it certain challenges that short-term rentals do not have.
With a long-term rental, there is a risk that the tenant will not pay on time, or they may stop paying rent altogether.
The eviction process is long, it usually takes three to four months, but sometimes it can be even longer. That is three to four months of not gaining any financial benefits from your rental, in addition to the time before you began the eviction process when the tenant was not paying.
A short-term rental does not require leases, your house will not be occupied by any tenant long enough to need one, and you do not have to worry about an eviction for the same reason. You will be gaining money and time in a short-term rental while the person with the long-term rental is working for months to get the unpaying tenant evicted.
In a short-term rental, you may not be getting income every month like you would a long-term rental, but if you look at the income on a year-round basis instead of a monthly, the short-term market should outpace the long-term.
Unlike in a long-term rental, you and your family can use your short-term rental at any time, you just need to block out the dates that you want to visit. Doing this in a long-term rental is not possible since you have a tenant living there all year.
Maintaining Your Property
Since your property will not be occupied 365 days a year, it will have less wear and tear, saving you money on upkeep. This is easier than maintenance in a long-term rental because you have to schedule time with the tenants to inspect the property.
In your short-term rental, you can ensure there are gaps between guests to allow you to thoroughly inspect your property and make any repairs. This can help you catch a problem earlier on, and allow you to fix anything before it becomes a large and expensive problem.
Property damage is a risk in both long and short-term rentals, but the severity of the damage is generally less in a short-term rental because the renter is there for a significantly shorter amount of time. There is also less upkeep to do between renters in a short-term rental, for the same reason.
Theft is a risk in the short-term rental market, but that risk can be reduced by screening your guests. There is also insurance you can get for your short-term rental that will help you recoup losses from thefts.
Short-Term Increases Your Income
People also anticipate paying a higher fee for a short-term rental than they would to rent property long-term, especially during certain times of the year. This alone can help generate more income for you than renting out your property in the long-term. There is a huge market for short-term vacation rentals in the United States right now, so keeping a steady stream of guests going in and out is possible.
Short-term rentals can also help boost the local economy by bringing in more vacationers.
Another benefit of having a short-term rental is that there is a significant amount of tax deductions specifically for short-term rental owners. In fact, some of the best tax breaks are available to homeowners are for short-term rentals.
Short-term rentals are a great source of generating passive income. Passive income is income that is generated with minimal effort on your part, and it does not require much to keep the money flowing in. One way to generate passive income is through real estate and rentals.
Utilizing a service like Gia can help you keep that passive income flowing with minimal effort on your end, whereas trying to manage your properties on your own can make that passive income become more of an earned income. Time-saving is essential to passive income, so Gia’s services are perfect for helping you with exactly that.
Marketing and advertising costs for your short-term rentals can be higher than long-term since with a long-term rental you only have to advertise for a short time before you have a tenant.
With a short-term rental, you will need to advertise your listing for most of the year, and the price can add up. Having an experienced property manager can help improve your advertisements and can navigate the competitive waters of the short-term rental market.
Airbnb is a go-to for marketing for many homeowners, since they do not charge you for the listing, they only charge booking fees. This allows you to keep your rental posted all year long.
Airbnb is one of the largest companies that helps connect you to your guests. It shows the guests the photos and listing information for your home, screens the guests for you, and even takes care of charging the rent for you.
While Airbnb makes finding guests for you easier, that is all it does. You still need to clean the house and make repairs between guests, keep supplies stocked, handle check ins and check outs, and more.
Many homeowners who have decided to do short-term rentals through Airbnb use a property management service to make things easier on them. But they do not always cover everything you need, so you will have to outsource to multiple companies, making things more time consuming on your end. Except for Gia, which offers full service property management for your short-term rental.
Finding a Property Manager
A property management company can make managing your short-term rental even easier for you. Gia has a comprehensive short-term rental management program that can help automate your property management, which drastically cuts down on the amount of time you have to spend managing the property; this helps make your income from the rental passive.
Choosing the right property management company for you can take some time because that market is growing with the growing demands for short-term rentals.
The property management company you select should allow you to just relax and enjoy your passive income, but there is only one property management company that handles everything for you: Gia.
While other companies will offer you a range of services, there is still some work you will need to handle yourself or outsource to another company, which can end up costing you more.
Gia’s Comprehensive Short-Term Rent Management Plan
Gia’s comprehensive package will make generating passive income from your short-term rental properties easier than ever and will ease the strain of managing your property yourself. If you are looking to generate passive income, Gia’s services are necessary to help keep your income passive.
The hours of work that managing your own property comes with makes that potential passive income becomes an active income. Outsourcing to multiple companies can be time-consuming too since you have to coordinate between multiple sources can be difficult.
This can also be more expensive in the long run, because you cannot get everything you need put together in a single package in most companies. With the help of Gia, you can relax and enjoy your passive income, we take care of everything for you; we are the only service provider who handles it all for you.
We have over a decade of short-term rental experience and our team is made up of veterans in the industry who know what you will need to make your short-term rental thrive.
Because we have so much experience in this field, with us you can avoid the issues that many owners face with other property managers; and you will not need to outsource anything to another company like you potentially would with another property manager.
Manage Guest Services for You
You do not have to worry about taking calls and questions from potential guests, Gia will take care of this for you. We offer 24-hour guest services, so someone is always available to take care of your guests.
Checking your guests in and out can be challenging on your own; you have to be present to do so or come up with a creative way to securely automate that.
While lockboxes and smart locks are a good option, you still have to manage that all on your end. This is not only time consuming, but it makes your passive income a little more active. Gia can check your guests in and out for you, helping to keep your passive income passive.
Airbnb can help connect your guests to local activities to make their stay in your short-term rental home better. They also help your guests find some of the best restaurants in your town.
Make Your Home Look Great
Gia will select photos of your vacation home for you and will edit them, to ensure your property looks great to potential guests.
Gia has interior decorators that can help make your property shine. Our decorators can enhance the charms of your property and help make your guests feel more at home. We prepare every home to make your guests feel welcome and comfortable.
Posting your listing on the different sites that feature vacation rentals can be time-consuming, but Gia will take care of that for you too. We post your property on all of the major websites for you, and our experts help craft your listing to boost your visibility on search engines.
Cleaning and Stocking Your Home
Another activity many property owners find to be time-consuming is keeping their property well-stocked. Making sure there are fresh linens, toilet paper, soap, and more is something you have to stay on top of when you are managing your property by yourself. Gia takes care of this for you too.
We ensure everything is well stocked for your guests, from providing linens that are of hotel quality to making sure the kitchen is stocked; we even provide premium mattresses for your guests.
One thing that many homeowners do not enjoy doing is cleaning up the property after your guests leave. Some owners will choose to hire a cleaning service to do this for them; there is a lot to choose from these days. But with Gia, you do not have to find a cleaning company or spend hours cleaning up after your guests; Gia takes care of this for you too.