The city of San Diego is well known for its idyllic climate, beautiful beaches, and various attractions such as its zoo. It's one of the top tourist spots in California, which means that there are always people looking for short-term rentals to make the most out of their visit.
However, renting out your property isn't as easy as having someone sign some documentation. A lot of considerations go into renting out your property, such as local laws, the costs of maintaining the property, and managing it from another city or state.
Here are three things to know before starting short-term rental management.
1. Legal Requirements in Your Area
First of all, you need to make sure that you're not breaking the law when you do utilize a short-term rental property. Some areas have specific limitations when it comes to whether or not you can rent out a property.
For example, San Diego, California requires property owners to have a license if they want to do a short-term rental. In addition, they have to pick the right one out of the four different tiers.
The Tier 1 License is for part-time rentals, which is what you'll need. The other tiers are for renting out part of a home, whole-home rentals, and for properties in Mission Beach.
2. Associated Costs
Another thing to consider is the cost of short-term property management. You can't expect renters to take care of things like maintenance, cleaning, and paying utility bills. Those are all still your responsibilities.
Maintaining your properties means staying in touch with your tenants and doing repairs on the various systems like your air conditioning unit. You'll also need to hire cleaners when tenants move out to get the property ready for the next renter.
It's also important to find a way to manage all the different utility payments, especially if you own multiple properties in different areas.
3. What Professional Short-Term Rental Management Provides
If you find it overwhelming to oversee multiple properties at the same time, you can always utilize vacation rental property management companies.
A property management company is an investment that hands over a lot of the daily responsibilities to someone more experienced. While it is an investment, it can free you up to work on other projects.
Additionally, these professional services are often much more experienced at managing properties than the owners. They come with a network of other relevant service providers so that they can get the best deals. They'll also talk to your tenants on your behalf.
Try Out Vacation Rental Property Management Today
Short-term rental management is a helpful investment if you plan on acquiring multiple tenants. You should be able to start earning passive income as long as you get licensed, work out your budget, and hire the right services.
PMI San Diego provides services for residential properties, commercial properties, homeowner's associations, and more. We can also help you calculate the ROI on your next purchase. Contact us to learn more and if you have any questions about our services.
