Real estate is a very lucrative and attractive business for many. This can serve as a main source of income or as a passive income in addition to your full-time job. The evolution of rental made it possible for short-term rental properties to be a good business.
Other people do not have time to watch over their properties and attend to the needs and other things needed in a rental business. This is where rental managers come in. They take in several factors into consideration for the short-term rental potential.
Is the local economy favorable for short-term rentals? Are there several tourist destinations around?
What are the industries in the area? This will determine if short-term rental will make it.
Having a rental place is a good investment because you can lease it or use if for your own. Another thing to consider is the expenses in a rental such as property taxes, insurance, and other similar things.
This is a very important factor. Some locations are highly in-demand and can yield higher profits for short-term rental. As a rental manager, you have to check the real estate market and know the trend in the industry.
When you have the right location, the next thing to take care of is how to make the short-term rental property appealing to your target market.
Who are the people that you are targeting? Some people prefer to still stay in hotels while the younger generation prefers local rentals and a home away from home.
Cost of living
It is important to find out the average rental in an area, taxes, fees, and utilities cost. These things can give you an idea of how you can capture a target market.
This is a fast way to determine if a rental property is good. Short term rental data and analytics can provide the necessary information needed. These analyses can determine and give ideas about pricing, marketing, and occupancy. You can get an idea if the area is good for short-term rental.
Why data analytics is important
The property must be safe and the clients must also be comfortable. However, as a rental manager, you probably have a lot to take care of and you cannot do them all at the same time. Having data analysis will make things move faster such as any subletting and short-term rental.
Property Guard can help keep track of the rental properties that you manage. You can rest assured that they can monitor the website and the listings on the internet. They have a state-of-the-art AI tool that makes things work smoothly. They are also ready to adapt to changes in the short-term rental industry. To have an idea of how it works, the AI scans the listings and chooses the property that you may have listed as your own. Then the tool scans through the rental platform and sends them to the rental manager. Please visit here for more details: https://propertyguard.io/short-term-rental-data-and-analytics
John James is a content writer for Learn To Trade, the foreign exchange education and learning specialists – offering a range of training courses to help people understand the currency trading market, as well as its opportunities and risks.