Imagine the hustle and bustle of short-term rentals (STRs) – the dreams of delighted guests, glowing reviews, and a robust income stream that fills your bank account.
But, let’s take a moment to turn down the vacation vibe and step into the reality of hosting – beyond the aesthetically pleasing photos and into the real grind of property management.
Here are five little-known secrets that every host should be aware of, courtesy of Baselane, an expert in financial management for hosts and real estate investors.
- You’ll Be On a First-Name Basis at Your Local Hardware Store
While guests might seem like your top priority, your local hardware store cashier will become your new best friend. From clogged sinks to wonky towel racks, be prepared for frequent minor fixes. Instead of resorting to panic purchases, maintain a ‘just in case’ fund for these inevitable hiccups with Basilane’s reserve accounts. Remember, some DIY advice from your hardware store staff can be invaluable.
- Automation is the Key to Peace of Mind
In the world of STRs, guests come in all shapes and forms. Automating your guest communication will streamline your interactions and reduce stress levels. Set boundaries and leverage automation tools to enhance the guest experience without adding extra hassle. Apps like Baselane can simplify financial management, ensuring a smooth operation for hosts.
- Your Decor Will Get a Workout
Your cherished vintage decor might not last in an STR. Opt for durable yet replaceable pieces to avoid any heartache or financial strain. Baselane’s expense-tracking capabilities make it easier to budget for replacements, maintaining the aesthetic appeal of your property effortlessly.
- Be Prepared for the Unexpected
Guests often bring along surprising items to an STR, from kitchen appliances to unexpected gadgets. Anticipate the unforeseen and set clear expectations with your guests about what’s provided. Embrace the quirks and maintain an open but careful approach to handling unusual items.
- Bookkeeping is Your Best Companion
Tracking income and expenses is crucial for STR profitability. With Baselane, you can automate bookkeeping, manage expenses, and track profits effortlessly. Simplify financial management, open a dedicated business checking account, and access accurate financial statements with just a few clicks.
In conclusion, running an STR is a balance of glamour and reality, that requires dedication and attention to detail. Equip yourself with Baselane’s tools to streamline financial operations and embrace the journey of hosting, armed with the knowledge of these secret insights.
Embrace the challenges, prepare for the surprises, and discover the joy of managing an STR with confidence and finesse.
