If you love reading real estate news, you'll notice that Ohio often appears as one of the hottest markets for short-term rentals. With some exciting market data, Cincinnati is at the top of that list.
Perhaps you've wondered whether it's time to seize this opportunity by launching the first step of your property empire. If so, read on for our guide on ways to enter the short-term rental market.
Get to Know Local Laws
You'll need to familiarize yourself with Ohio state laws regarding properties, including tenant rights, zoning laws, and taxes. This will help you understand the costs and risks of starting a short-term rental.
In Cincinnati, you must register your short-term rental with city authorities. Always read the small print and keep abreast of any changes to the law.
Get to Know Your Location
The best way to get started with vacation rentals is to have an exceptional understanding of your location.
That will help you determine whether a property is a good deal and also tell you the types of properties and neighborhoods that are most in demand.
You may find it easier to focus on one demographic (like tourists) and search for properties that meet their criteria.
Create a Winning Property Listing
You don't have to be a marketing guru to list a short-term property. However, you need to know a little about marketing and listing your property effectively.
Focus on high-quality photos and videos that showcase your property's best features.
When writing the description, consider the words and phrases people are likely to search for when looking for a short-term rental like yours. Make sure you include the description.
Use Technology to Save Time
If you are getting started with short-term rentals, chances are you already have many other pressing priorities, like family or day jobs.
You need to use technology to help you stay organized and profitable.
For example, an online booking system means you won't have to field calls or deal with multiple email inquiries. An online portal will also help you keep track of guest requests and report maintenance issues.
Create Unique Guest Experiences
Marketing a short-term rental can be a challenge.
However, two things make it easier. The first is marketing to people who have already stayed with you. And the second is marketing to people when you have glowing reviews.
The best way to achieve both is to create exceptional guest experiences. Be memorable, go the extra mile, and always provide five-star customer service.
Network
Learning from others' experiences can be a shortcut to success. Get to know other people in the real estate community. They can often give you lots of helpful tips.
They can also put you in contact with people who will be valuable to your new rental business, like trusted contractors.
Exploring a Career With a Short-Term Rental
Property is always an exciting investment, and there is no better way to get started than with a short-term rental. Use these tips to help you get the basics right.
PMI Gatekeeper Realty Services has a team of experienced property managers specializing in luxury short-term rentals. So we can help you get the best rental income from day one. Find out more about our property management services here.
