Why Choose a Short-Term Rental Franchise Over a Long-Term Property Management Franchise?
Right now, the short-term rental industry is busier than ever, as more and more travelers discover the many benefits of private accommodations and more and more employees are working remotely from homes other than their own. Partnering with iTrip to open a short-term rental property management franchise is a smart way to capitalize on our thriving industry — but you might be asking: is short-term rental property management profitable? Why choose short-term rental over a long-term rental property management opportunity? Well, there are some very good reasons to do so, and here, we’ll discuss just a few of them.
Easier to Maintain
Because short-term rentals can sometimes see periods of slow or low occupancy during the week or due to seasonal demands, they tend to see less wear and tear and are easier to maintain. They are always cleaned in between guest stays, which allows for regular upkeep and minor repairs, preventing long-term use damage. Furthermore, because these rentals are not being leased to long-term tenants, they can be more easily accessed to address any issue in or on the property.
While private accommodation stays tend to be short and can see shifts in occupancy, short-term rentals have the potential to produce more income over the long run. That’s because they typically see a higher nightly rate, as compared to long-term stays. What’s more, price adjustments are easier to make, in response to popularity, seasonal demand, the economy, and more. You’re not limited to year-long lease agreements that long-term rental homeowners must adhere to, which makes it far easier to raise rates (or lower them in response to slower periods) when the opportunity arises.
Guests of all ages love short-term rentals. It’s that simple. Families love them because they make travel easier and more affordable, and millennials love them because private accommodations let them feel more connected to their new surroundings — something this demographic puts a premium on. The fact is, short-term rentals are a game changer in the travel industry, and their popularity continues to increase!
Some “Negatives” that Are Positives
It’s tempting to think that off-season vacancies or periods of low or slow occupancy are negatives. But in fact, that’s not the case. Slower times provide a great opportunity to build your business, to network and meet with property owners, to schedule bigger updates or repairs to properties that may be needed, and to market them as attractive off-season deals. Furthermore, reminding potential property owner clients that you have the technology to attract more guests during slower rental periods is a real advantage of your iTrip franchise, one that will mean more income for you and your clients.
Additionally, because short-term rentals tend to involve more involvement and oversight on the part of their owners than do long-term leases, many of these owners will be especially receptive to your iTrip franchise and all it can offer them — from listing their property on over 80 online booking sites, to finding and scheduling guests, to overseeing the cleaning and regular maintenance of their investment.
Short-term rentals serve more functions today than ever before; they aren’t just for vacationers. Choosing an iTrip franchise to make the most of our important industry is a smart move for anyone who wants to enjoy some of the perks we’ve just discussed.
Ready to find out more about an iTrip franchise opportunity? Reach out today!