5 Secrets About Short-Term Rentals No One Tells You About
January 3, 2025
January 3, 2025
Getting into short-term rentals (STRs) is exciting. You imagine guests falling in love with your space, five-star reviews rolling in, and a steady cash flow boosting your bank account.
But let’s pause the dreamy vacation music for a second: The reality of hosting can look slightly different—especially when you get past the Insta-worthy aesthetics and into the nitty-gritty of managing a rental property.
In partnership with Baselane, a banking and financial management platform for hosts and real estate investors, here are five secrets every host should know but hardly anyone ever talks about.
When you start hosting, you might think your biggest relationship will be with your guests. That may be No. 1, but a close second will be the hardware store cashier, who’s practically family now. Clogged sinks, mysteriously broken lamps, or that towel rack that just won’t stay up—these things happen. And they happen way more than you’d expect.
Pro tip: Don’t get sucked into big “emergency” purchases. Keep a little “oh-no” fund for these minor but inevitable fixes. These are called “reserve accounts,” which you can easily open with Baselane. And remember, a friendly smile from your local hardware store staff can be a lifesaver when you need DIY advice.
In STRs, you don’t just get a variety of guests; you get a variety of personalities. You’ll encounter everyone from the self-sufficient traveler to the guest who texts you at 3 a.m. because they “heard a noise.”
Sometimes, it’s just about deciphering what a guest needs (or wants) before realizing it themselves. Sending out automatic messages to guests will change the number of times you have to answer questions you know are coming. You can automate guest check-in, ask for reviews, sign rental agreements, and several other things that will help you get your time back.
Pro tip: Set boundaries and automate what you can to make the guest experience smooth and manageable. Apps like Baselane can make tracking payments and handling finances easier without adding extra stress to your life.
You might love that vintage vase or handwoven rug, but let me tell you: Anything you genuinely care about should stay far, far away from your rental. Even the gentlest guests can sometimes accidentally damage furniture or decor, and it’s rarely malicious.
Pro Tip: Use decor and furniture that are durable but replaceable. Try staging your space with pieces that make it look amazing in photos without breaking your heart (or your budget) if they need to be swapped out. Baselane’s expense-tracking tools make budgeting for these replacements easier, keeping the numbers manageable and transparent.
You’d think guests would just arrive with typical vacation luggage, but every host has stories about odd items found in STRs. From full kitchen appliances to DIY artwork, people sometimes bring along the unexpected. One host found a full karaoke machine, and another came across a mini-golf setup.
Pro tip: Expect the unexpected, and keep a friendly but firm approach to handling your guests’ “extras.” A simple note in your listing about what’s provided (and isn’t) can help set expectations. And if you’re left with a few quirky items here and there, maybe it’s part of the charm?
Keeping track of your income and expenses is critical to profitability and scaling up your STR business. However, if you’re using the right tools, it doesn’t have to be tedious, and you might even begin to actually like it.
Pro tip: Baselane can automate STR bookkeeping, manage expenses, and track profits. You can open a dedicated business checking account or integrate your existing bank account into Baselane. It’s simple, reliable, and saves you hours of busy work every month. Most importantly, you will have accurate financial statements ready at the click of a button.
Cleaning might sound like a basic task, but in the world of STRs, it’s an art form. You want your place to look pristine, and sometimes, you’ll spend more time than you’d like scrubbing, washing, and vacuuming. A good cleaning routine is essential for aesthetics and creating that five-star experience.
Pro tip: Find at least two reliable cleaners or cleaning services to help keep standards high. A tip from seasoned hosts: Create a cleaning checklist so every corner gets covered every time. And as for those cleaning supplies? They’re an investment that pays back tenfold in happy guests and positive reviews.
Running an STR combines the glamorous and the gritty, the rewards and the realities. While it’s not all effortless passive income, it’s an incredible journey that teaches you something new daily. And with tools like Baselane, managing the financial side becomes less of a mystery, giving you more time to focus on making your property the perfect getaway for guests.
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For expert real estate services, reach out to Mike Doyle. Whether you're buying, selling, or renting, navigate the process with confidence. Contact him today to ensure a smooth and informed real estate journey.