You’ve bought a luxury vacation property in the Bahamas and are looking at which guests to attract. So, is short-term or long-term rentals better for you?
Shore Concierge helps you to increase your return on investment with all-inclusive vacation rental management in the Bahamas.
Here, founder Lou Jupp examines the pros and cons of both short-term and long-term rentals when building up your vacation property rental business.
Short-term rentals
The more short-term rentals your luxury Bahamas rental attracts, the more work you are likely to have. Quick changeovers require more attention and management from you, including effective sales and marketing, checking in and out, preparation and cleaning and customer care. There’s always something that needs your attention. But the upside is that your occupancy levels are maintained and revenue is coming through, which is vital for your business.
The bottom line is that studies show short-term rentals can yield up to three times that of long-term rentals. However, owners have to put in a lot more work to ensure they have a steady turnover of guests and can meet their occupancy level and profitability requirements.
Long-term rentals
Attracting long-term renters who stay for an extended time, takes less time to manage, but means that you are stuck in a binding contract. While short-term contracts may allow you some rest and recovery time between guests, longer-term guests want the security of booking for months and even years ahead. It also means that you are likely to have to take a reduction on day-to-day fees, but you do have the security of knowing that income will be flowing for some time.
The choice is up to you. However, the extra profitability and flexibility that short-term rentals offer, is often the deciding factor for rental property owners.
If you are undecided as to which policy is best for your luxury Bahamas vacation property rental management specialist, Shore Concierge can advise you.
We take care of property management, marketing, financials, price optimisation and customer care, including managing revenue and expenses. In fact, we offer everything you need to run your vacation property rental business efficiently and effectively.
For more details, talk to Lou Jupp on +1 242 805-1500.
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