Property Management For Vacation Rentals – Templeton Vacation Rentals is a boutique vacation rental management company specializing in wine country homes in the Santa Margarita, Atascadero, Templeton, Paso Robles and rural North San Luis Obispo communities.
Homeowners are our No. 1 priority. 1, but our 4.9 out of five rating from over 1,000 reviews demonstrates our dedication to hospitality and the satisfaction of every guest.
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Whether you’re currently managing your own vacation rental, considering a change of management company, or just looking to invest in a vacation home, we’d be happy to discuss your needs, answer your questions, and provide a no-obligation prospect report. about what you can expect to rent based on similar vacation rentals in our area.
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Templeton Vacation Rentals offers a variety of management packages, from a simple helping hand for owners who want to be more involved in communicating with guests, to comprehensive property management. We welcome you to explore the difference in our services, including you as the host on the list and full transparency in all our communication, billing and pricing strategies. Our homeowners are our partners in every aspect of management and you are in charge of as much or as little as you choose with a Templeton vacation rental. We also offer rental management for over 30 days (mid-stay, ideal for traveling professionals, those in escrow or those needing time to find permanent housing) in partnership with RBS Property Management, Ronn Schmitt, Broker , DRE #01470864, Broker of Record.
Owner Sarah Magelet was born and raised in SLO County, lives in Templeton and received her MBA from Cal Poly San Luis Obispo. He has been working in the local hospitality industry for more than 10 years.
Click here to email or call/text 805-434-6091 to schedule a time to meet in person (coffee or wine is up to me!), by phone or Zoom. What do you need to know about short-term rental management? We’ll explore the pros and cons and practical advice for managing your lease.
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In this guide, we’ll look at everything you need to know about short-term rental management. Should you be renting out your space as a vacation rental on a platform like Airbnb, or should you be looking for long-term tenants instead?
On the one hand, you can expect higher rental rates for short-term rentals – however, they are often seasonal, and in addition, managing short-term rentals involves a little more commitment on the part of the landlord. People expect excellent service and quality experiences from Airbnb – they’re always on vacation – and one bad review can cause your occupancy to drop dramatically.
Short-term rentals are most often used by people either on vacation or on a business trip. Stays therefore vary from a few nights to several weeks. A short-term rental is typically a residential property, unit or accessory suite that is rented to guests for a maximum of 30 consecutive nights at a time. However, the maximum length may vary depending on the state and jurisdiction in which the lease is located.
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Given that there are various risks associated with short-term rentals, it pays to be prepared from the start. Before you dive in and list all your properties on Airbnb or VRBO, ask yourself the following questions:
Once you decide that your property and investment style are right for the job, you need to consider the pros and cons of Airbnb.
In the US, the average rate in 2021 for a private room in a home on Airbnb was $66 per night. That works out to $462 per week or $1,980 per month for just 1 room in the house. The entire property is much more valuable.
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This means that while people are willing to pay a premium for a vacation rental, they also expect more for their money. Of course, you have to provide an increased level of service furnished and it must be well maintained.
All of these factors contribute to a large increase in the cost of setting up and operating a short-term rental (which is why you can and should charge more).
People often fall into short-term rental management when they decide to rent a second home. In this scenario, you may want to keep a week or two on the property calendar to visit on your own vacation.
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There is no point in leaving the property empty for the rest of the year – not only because empty properties often fall into disrepair without attention, but they can also become a target for thieves. It makes more sense to rent it as a short-term rental. This will also allow you and your family (with planning) to enjoy the property and it can begin to pay off as a financial burden.
A final bonus is that with a short-term rental, you get many of the same key tax benefits that come with owning a rental property. Depending on how active you are in operating your properties, you can deduct up to $25,000 in expenses.
Learn how Landlord Studio helps you keep accurate records to get the most out of your deductible expenses →
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One of the main disadvantages associated with short-term rental management is the increased vacancy rate of properties. As already mentioned, depending on the location of the property, it can only be fully occupied during the appropriate seasons.
For example, if you own a cabin near a ski resort, it will be full during the winter months, but the rest of the year it may be more or less empty. Higher vacancy rates can be costly because they mean longer periods without rental income.
The costs of running a short-term rental or Airbnb include increased maintenance costs, the cost of cleaning after each guest, as well as factoring in the extra time and effort you will have to put in as the host. This is in contrast to a long-term rental, where professional cleaning and maintenance is not required as often.
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Another challenging aspect of managing a short-term rental property is that it requires more time and effort from the host than a typical long-term rental. Energy needs to be put into ensuring that guests leave excellent reviews and that their experience, not just the property itself, is exceptional.
Because vacation rentals are customer-centric, not everyone is suited to managing short-term rentals. Many people outsource to management companies, further reducing their profits.
The first rule of successful vacation rentals is that they live and die by the reviews they receive. Bad reviews will see your vacancy rate increase and the amount you can charge decrease.
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Simple touches like recommendations for local activities, local events or the best restaurants will help your guests have a great time. A small welcome gift is another thing that many hosts also include.
Being an employer comes with some beneficial tax rules. But if you don’t know what it is, you could be leaving thousands of dollars on the table.
You can rent out your entire house or flat for up to 14 days a year, and any rental income you receive is tax-free, regardless of how much you earn. In fact, your rental income is tax-free if during the year:
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However, if you earn more than 14 days a year, you will need to submit a supplementary profit and loss statement.
With short-term rental management, there are necessary energy and cleaning costs, higher and more frequent maintenance costs, and also the reduction suffered by the registration platform.
With all the moving parts, budgeting is an incredibly important part of short-term rental property management. Every expense must be accounted for.
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Imagine having to explain every expense to a business partner – suddenly that $300 you spent on pillows seems like an embarrassing investment. While you want to offer a high level of experience to your guests, you should carefully balance this with your income to achieve a positive cashflow.
With an increased turnover of guests in short-term rental properties, significant wear and tear is likely to occur.
And while wear and tear is to be expected, guests in short-term rentals are often scathing in their reviews. Short-term rentals must therefore be kept at an extraordinary level.
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You are going on vacation. It’s exciting, it’s the first time you’ve been able to get away from the office with your family in years. Plus, the Airbnb you booked looks amazing in the pictures.
Finally, after some time of navigating Google Maps, you arrive. There is a lockable cabinet with keys. You open it, step inside and the feeling of depression hits you like a buffalo. Your family is coming up behind you. And the excited chatter that had been going on all this time subsides into an awkward silence.
The inconsiderate behavior of this Airbnb has undoubtedly ruined your vacation. Your depression is rising and anger is next
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