Short-Term Rental Management Services
Date: July 13, 2022
Short-term rental property, also referred to as vacation rental property, can generate higher returns and be more profitable than long-term rentals, especially in areas where tourism is popular. Tourism is the second largest industry in Arkansas and vital to the state’s economic prosperity.
Montgomery County, Arkansas has a residential population of under 10,000 with around 100,000 annual visitors, amounting to roughly 10 times the number of visitors as full-time residents. The county benefits from tourism most when visitors choose to spend their travel dollars locally. After transportation, lodging and meals eaten in restaurants account for the bulk of typical vacation expenses.
While COVID-19 had a significant impact on tourism, 55 percent of adults in the U.S. are planning a getaway of at least one night before the end of 2022, according to a survey from AAA Travel.
Montgomery County, Arkansas currently has approximately 150 short-term rental properties in addition to traditional resorts and motels, according to AirDNA.
For a property to be considered a short-term rental, it is typically rented from one day to one month. This generally gives owners more control over how often their property is booked, so that they can still use the property for their own personal use throughout the year as they please.
To keep a short-term rental business running, property owners must complete a wide array of tasks and stay on top of operational logistics. These tasks include advertising the rental, communicating with guests, overseeing the booking calendar, cleaning the property between guests, attending to guests’ needs during their stay, and addressing any issues that may arise including coordinating repairs with contractors and service providers as needed. In addition, they need to ensure any local laws and regulations are followed, collect payments from guests, and keep records of related income and expenses for tax purposes. All on top of maintaining the property and making regular improvements.
With all of the tasks that come with running a short-term rental business, property owners wishing to keep their investment as passive as possible may consider turning to a property management company.
Ouachita Real Estate now offers Short-Term Rental Management Services to help property owners with these tasks. Contact Edwenna Rowland for details: 870-867-2215.