In a beautiful city like Kalispell, one of the first steps of effective real estate portfolio management is deciding on your rental strategy. Will you turn your property into a short-term rental or a long-term rental?
Believe it or not, you can hire property management companies to manage both. What was once reserved for long-term rentals is now available for rental vacation management, too.
What are the key differences between these two styles of property management? How can you decide which rental strategy to adopt? Read on to find out.
What Is Rental Vacation Management?
Short-term rentals are generally defined as rentals leased out for periods of 30 days or less. People use them for vacations and thanks to platforms like VRBO and Airbnb, they've gained a ton of popularity.
Short-term rental management involves things like:
- Listing management
- Guest check-in and check-out
- Maintenance and cleaning oversight
- Accounting
Short-term rental managers can also help you create competitive pricing strategies to maximize your rental income throughout the year.
Pros of Short-Term Rental Properties
In 2022, Kalispell had over 1.9 million out-of-state visitors, many of which came to see Glacier National Park. Our tourists range from rugged wilderness lovers looking for campsites to families looking for homey accommodations.
Short-term rentals can thrive in an environment like this. As long as you have a great vacation rental strategy, you're bound to keep your rental booked every season.
What Is Long-Term Rental Management?
Long-term rental management is what tends to come to mind when you think of property management. Long-term rentals are designed for living purposes, not travel, and tenants tend to sign a month-to-month or annual lease. Long-term rental managers handle things like:
- Property marketing
- Tenant screening and leasing
- Tenant relations
- Maintenance oversight
- Accounting and rent collection
A great long-term rental management company will provide a tenant portal that makes life easier for tenants and landlords alike. Tenant portals allow for digital, automated rent payments, easy maintenance requests, and more.
Pros of Long-Term Rental Properties
Some people prefer less turnover and more stability than what a short-term rental can offer. This is where long-term rentals come into play. In Kalispell, our renter-occupied housing rate is just over 40%, making it a competitive market.
Once again, having a great property management company can make a huge difference. Long-term renters are entitled to swift maintenance, making long-term rental management a full-time job. If you aren't prepared to do it all yourself, it's crucial to bring in a third party.
Call PMI Realty Management NW for All Property Management Strategies
Kalispell offers a ton of opportunities for both short-term and long-term rental investors. With a thriving tourism industry and a competitive rental market, investment properties hold a ton of potential. The key is maximizing that potential to maximize profits.
Whether you need rental vacation management or long-term rental management, PMI Realty Management NW can help. We're one of the only companies to offer both types of property management, making it easy for investors to transition to a different rental strategy at any time. Contact us to learn more about our services.
