Short term rentals aren’t without potential disadvantages. Since most rental income is derived from being able to book long term guests during the off season, short term rentals will often find that they have to put much more effort into promoting their property to get potential tenants. As well as advertising through newspapers, marketing a property via the internet can be an effective way of drawing potential tenants to a property.
One way to advertise a rental unit is to post advertisements in local newspapers. For properties that are available for rent on a short-term basis it is usually preferable to post ads in local language publications. These types of publications can be accessed free of charge and there will normally be no charge for online access. Some landlords and property managers like to also post advertisements in tourist guidebooks and other publications geared towards tourists. It is up to the landlord to decide whether they will post ads in these types of publications.
Realtors in the real estate business may also use photographs and rental listings in their marketing efforts. They may also post advertisements offering special incentives to long term vacation rentals and may provide information about financial benefits available to tenants occupying units on a long term vacation rental basis. By posting these listings in local travel agencies and publications, realtors are encouraging visitors to check out properties that they would otherwise not have visited. Many visitors will then make arrangements to visit the property. By offering incentives and special pricing for long term vacation rentals these realtors can encourage prospective tenants to occupy units and increase turnover rates. Learn more information about phuket long term rental.
Longer term rentals may also require more complex marketing strategies to attract tenants. Many landlords and rental agents work exclusively with long-term vacation rental clients, so they may not be aware of a potential tenant’s ability to pay upfront rent or their credit history. For this reason it is up to each property owner to work with the renters and their realtors to ensure that a lease is written that both the landlord and tenant will agree on. The lease should contain language that outlines the amount of rent expected and how it is paid.
The property management company can also work with the renters and their realtors to find better financing options that will help to offset the costs of long term rentals. If there is not an existing relationship between the property management company and the renters or their realtor, the realtor can inform the property management company of the circumstances and arrange alternative financing arrangements. In some cases, where there are existing relationships, the real estate agent can use their influence to help the owner of the property to sell their rental units more quickly than if they were trying to sell them without a real estate agent. Real estate agents can also offer advice and referrals to potential tenants, which can help to attract even better tenants to the property.
Long term stays in one place are increasingly popular for people who own vacation rental properties. They offer tenants the ability to rent the property out for longer periods of time, usually at a cheaper rate than could be found for a similar unit elsewhere in the city. For owners of these vacation rental properties, the flexibility of a long term rental agreement can be a great benefit. In some cases, they may be able to move their property out of the area entirely if the need or opportunity arises, but they do not have to stick with the location unless they want to. Because a rental agreement does not bind the renter to stay within the same area, if the owner decides to change the location, they do not have to provide financial compensation to the renter.