One of the best uses for a turnkey property is as a short-term rental.
For most investors, the best revenue potential comes with properties that have unachieved potential. After repairs and renovations, the property can either be resold for profit or rented out for long-term side income.
Turnkey properties are more expensive to buy, which makes it harder to break even. It's for this reason that we believe you should make your turnkey property a vacation rental and hire short-term rental management to help you run it.
If you aren't familiar with the many benefits of owning a vacation property or hiring an STR property manager, keep reading and enjoy a more lucrative portfolio in 2023.
Your Turnkey Vacation Property
The thing that makes a turnkey property perfect for vacation rentals is that you don't need to lift a finger. As soon as you take possession of the property, you can take some pictures, write up your property description, and list it on the vacation rental sites of your choosing.
In no time, you'll be able to take advantage of Ellicott City's booming post-Covid tourism industry. Thousands of people vacation here every year, which means you'll be making money straight out of the gate.
Turnkey properties aren't always the best for portfolio growth. When you look at the revenue potential of short-term rentals, however, your turnkey property becomes far more lucrative. It'll be a lot of work though.
The Benefits of Short-Term Rental Management
A lot of new property investors look at vacation rentals as easy money. It's anything but, even when you have a property that is ready to go right away. So much work goes into marketing the property, securing guests, and providing guest services.
For that reason, many property owners turn to property management for assistance. A good property manager will take all of the difficult work of managing a property off of your shoulders. All you'll need to do is sit back, let them do their work, and collect your money when the guests leave.
The biggest benefit is the exposure that your property will get. A property manager understands how to market your unit so the right people see it. The enemy of every vacation rental owner is vacancies, so having a property manager eliminates that concern.
Other big-time benefits involve the actual day-to-day management of the property. The property manager will handle all guest questions and concerns, both before the booking and during their stay. Once the guests have left, the property manager will do all the maintenance and cleaning to get the property ready for the next stay.
Get the Best Short-Term Rental Management in Ellicott City, MD
It's easy to see why you should turn your turnkey property into a vacation rental. It's even easier to see how a property manager can make your life as a vacation rental owner so much simpler.
To get the best short-term rental management for your Ellicott City vacation rental, look no further than PMI Old Line. We offer all of the services discussed here and more, so contact us today to learn how we can help you maximize your turnkey property investment.