How to Start a Vacation Rental Business.

The sharing economy is exploding around the world and Rental property business is one such
industry reaping benefits from the new economy. Short term rental is a multi-billion dollar
phenomenon that everyone is interested in now participating.

Short Term Rental – Who is it for?
With good planning you can jump right into the peer-to-peer hospitality business whether you are a
sophisticated real estate mogul, a developer, looking to expand a personal estate, or new to the
industry. As with any other project of this scale, the key to success is the degree of planning you put
in before you start.
According to a study, there are about 23,000 Vacation rental companies in the U.S and globally
there were 115,000 vacation rental companies in 2018.

Short term rental management business – To post it or to own it?
A short-term rental management company or vacation rental management company is one that takes
care of a multitude of tasks for the property owners from reservations to everyday maintenance.
And for the services rendered, the property manager receives a percentage of the rental amount.
With a considerable portfolio of short-term rental properties, there are benefits of having a separate
the short-term rental company instead of posting the properties in the now famous and almost saturated
websites including Airbnb Clone.
Increased number of entrepreneurs are now beginning to create their own short-term rental
businesses with direct booking sites to get a better share of the revenues. The property owner is
also looking into new players in the short term rental management business as they provide an array
of tools needed to satisfy a specific market. For example, some cover a niche sector of holidaymakers
that was overlooked by major players and there are some that provide facilities from pet
sitters to specific kind of meals. The business is just as varied as the plethora of traveling
communities.

Vacation rental management software – Why buy them?
The vacation rental companies seek out software to effectively run and market their properties.
There are much such software differing in features, accounting software, cloud integration and
reporting.
Even compared to the hotel industry, vacation rental companies need to spend proportionately more
on software to manage their workforce, accounting, reservations, channel management, revenue
management, payments, pricing, and the guest experience including security, technology and more.
The software should be able to help you manage expectations in every stage of the rental cycle.
Investing in a good software, in the beginning, can help operate your short-term rental business with
efficiency.
While there are several different software options to choose from when selecting a vacation rental
management software, you can pick one that satisfies your specific needs and website.