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For the past two years, an overwhelming amount of home shoppers dived into the second-home market with aspirations of becoming short-term rental entrepreneurs.
Short-term rentals face unique challenges, from new city regulations to oversupply issues contributing to lesser occupancies. For some owners, short-term rentals are too much of a time-sink with multiple turnovers in a given week.
It's anticipated that the landscape will evolve quickly over the next few years. The short-term model can be successful, but it isn't a business for everyone, especially if you are tight on time and cannot fully dedicate yourself.
Regardless of the setback, it's resulted in some owners selling or changing their business model to long-term rentals. If you find yourself in the latter category, here's what you need to know.
As expected, long-term rentals are quite different from their counterpart. The first item to tackle is understanding landlord-tenant law. Misinterpreting this pillar of property management can land you in hot water, ending your landlord career before it ever takes off.
As a landlord, you'll need to find the best-suited tenant for your property. That means casting a wide net for applicants by utilizing major web portals, placing ads, generating copywriting, social media marketing, securing local advertising, and more.
Great, you've found your tenant - but how do you find out they are qualified while staying within federal and state Fair Housing guidelines?
At Ascent Property Management, we use a proprietary screening process to learn about each potential tenant and ensure we treat them with the utmost respect. We pay strict attention to federal and state guidelines while working quickly and efficiently to minimize vacancy time.
The list of responsibilities goes on and on. Or, you could call us! If you need San Diego property management assistance, call us at 760-994-5037 or complete our consultation form.