Short term rentals aren’t without potential disadvantages. Because short-term rental income is derived primarily from being able to book visitors during the week, short term rentals will find they have to put more work into their property to promote it. When you book your week or month out, the property must be fully booked and any further activity can mean pulling the plug on your stay. In the same vein, the landlord who owns the property has to be actively involved to make sure guests show up on time and that no customers walk out before their rental is complete. While both of these forces can be mitigated by planning the property well in advance, it is possible to take a great deal of work off the hands of the owner and into your own hands.
One of the most common problems that face long term rentals is the issue of renters that move out before the rental is complete. If you plan your listing correctly, this shouldn’t be a problem. You should try and post as much relevant information on the front page of your website as possible so that when potential tenants come across it, they know exactly what they are getting into. It’s also a good idea to have a clear payment method in place and make payments directly to the landlord so you don’t have to keep track of them or worry about checks bouncing.
Another big issue in regard to long-term rentals is that of renting to the wrong audience. There are different types of tenants that are going to be looking for different things. For example, students will be looking for a short-term rental unit on a college campus as opposed to a family with children who may only be using the property for a few weeks during the summer. It’s important to think about who you are trying to target and then plan your listing accordingly. If you want to attract students, then list your property on a college campus. You can also list it on a popular shopping center as well as an amusement park or at a gym.
It’s also very important that you set the terms of the short-term rentals correctly. For example, you may have originally wanted to allow two people to stay for one week, but because that may not be feasible, you should change your listing to a one-week rental instead. Make sure that you clearly state the number of people who can stay and specify when the option will start and end. Many people mess up on the length of the term by posting it on the website and then not fulfilling their agreement when the time comes. It can lead to legal action if the situation wasn’t properly outlined in the contract. Learn more information about phuket long term rental.
A major problem that many landlords run into is the issue of overcrowding. When a person books a one or two bedroom dwelling unit for a one or two week rental period, this is generally enough space for one or two people. However, when a person books a three bedroom apartment unit for a six month rental period, there are usually more people trying to find a place to stay because of the college students moving back in with their families. This results in the apartment unit filled to capacity causing the prices of the rentals to go up. The price that you are willing to pay for a unit will also be determined by the number of months you plan to rent it for. Long-term leases allow rentals to be less expensive for the landlord because it is a longer commitment for the renter.
Long-term rentals on the other hand allow more flexibility for the renter by allowing him or her to move anytime they choose. They also allow the renter to renew the contract any time they like which often results in higher rental prices. In some cases, the renter may not be able to pay the full amount of the rental each month and in this case, he or she may opt to move sooner rather than later. Both types of rental properties require a lot of patience and commitment from the renter.