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THE ULTIMATE GUIDE TO PROPERTY MANAGEMENT FOR SHORT-TERM RENTALS IN LONDON

Maximise your profits. Below you can find all the tools and knowledge you need to dominate property management for short-term rentals in London and make the most out of your investment.

As a London landlord. you may have considered renting your property out for short-term stays, either occasionally or regularly. Short-term rentals are a growing trend in the UK, especially in London. There is a high demand for accommodation from tourists, business travellers and people looking for temporary housing. 

According to the Office for National Statistics, private rental prices paid by tenants in London increased by 4.3% in the 12 months to January 20231. This is the strongest annual percentage change in London since August 2015. Moreover, Airbnb in London has boomed over the past 5 years. Airbnb data showed over 60,000 listings back in 2019 but these listings still enjoy a 50% occupancy rate. According to Airbnb statistics, the travel booking site has recovered from the losses of 2020 with a 280.2% increase in net income in 2021. Corporate revenue for the second quarter of 2022 totalled $2.104 billion.

However, renting out your property for short-term stays comes with challenges and responsibilities. For shorter stays, you need to manage various aspects of your rental business far more often than long-term contracts:

  • Marketing your property on different platforms and websites 
  • Setting competitive and flexible prices based on demand and seasonality
  • Communicating with guests before, during and after their stay
  • Handling bookings, payments and cancellations 
  • Providing check-in and check-out services, either in person or remotely 
  • Cleaning and maintaining your property between stays
  • Providing amenities and extras, such as towels, toiletries, coffee, tea, snacks and more 
  • Dealing with any issues or complaints that may arise 
  • Collecting reviews and feedback from guests 
  • Complying with local laws and regulations regarding short-term rentals 

These tasks can be time-consuming and stressful, especially if you have multiple properties or live far from them. You may also face risks and costs such as damages, thefts or disputes. That’s why you need to consider how to run property management for short-term rentals effectively and efficiently. 

WHAT ARE YOUR OPTIONS FOR PROPERTY MANAGEMENT FOR SHORT-TERM RENTALS?

There are two main options for property management for short-term rentals: doing it yourself or hiring a professional property management company. 

Doing it yourself means that you take care of all the tasks involved in renting out your property for short-term stays. This gives you more control and flexibility over your rental business but also requires more time and effort from you. You need to have the skills and resources to handle marketing, pricing, communication, booking, payment, check-in, check-out, cleaning, maintenance, amenities, issues, reviews, and compliance. Moreover, you need to be always available, in case issues arise. 

Hiring a professional service means that you outsource some or all the tasks involved in renting out your property for short-term stays to a third party. This saves you time and hassle, but it also involves monitoring performance regularly and less profit, as you will have to pay a fee for these services. 

Property Management London

WHY DO YOU NEED PROFESSIONAL PROPERTY MANAGEMENT FOR SHORT-TERM RENTALS?

SAVE TIME AND HASSLE

  • You don’t have to worry about the daily tasks of running your rental business, such as answering inquiries, managing calendars, or coordinating cleaners. You can focus on other things or enjoy your free time. 

INCREASE YOUR OCCUPANCY AND REVENUE

  • You can attract more guests by having a professional and appealing listing, offering competitive rates, providing excellent customer service, and ensuring a high standard of cleanliness/comfort. You can also benefit from dynamic pricing strategies that optimise your income based on market trends and demand. 

IMPROVE YOUR REPUTATION AND RATINGS

  • You can earn positive reviews and ratings from your guests by exceeding their expectations and resolving any issues quickly and effectively. This can boost your visibility and credibility on the platforms you use and generate more bookings. 

REDUCE YOUR RISKS AND OVERALL COSTS

  • You can avoid potential problems such as damages, thefts, or disputes by having an experienced team that can handle them for you. You can also save money on maintenance, repairs, and utilities by having regular inspections and preventive measures. 

HOW TO CHOOSE A PROPERTY MANAGEMENT SERVICE FOR SHORT-TERM RENTALS IN LONDON?

If outsourcing sounds good to you, there are plenty of options in London with a variety of services they offer. However, here are some factors to consider when choosing a property management service: 

  1. Services offered: These vary from full range to only covering certain aspects, such as cleaning or finding tenants. Some services may offer a full range of services, while others may only cover certain aspects.

  2. Fees charged: Some services may charge a flat fee per month or per booking, while others may charge a percentage of your revenue or a combination of both.

  3. Experience and reputation: You want to hire a property management company that has experience and expertise in managing short-term rentals in London. You also want to check their reputation and reviews from other landlords and guests.

  4. Communication and availability: You want to work with a service that is easy to communicate with and available whenever you need them. You should be able to reach them by phone, email or chat and get prompt responses. You should also be able to access reports and updates on your properties and bookings at any time. 

WHY WENTORTH?

Wentworth Properties is an example of a property management service for short-term rentals in London which offers a five-star service in the London area: 

    • A dedicated account manager who will take care of all the details of your rental business 
    • A professional photographer who will create an attractive listing for your property 
    • A 24/7 line that will handle all guest communication 
    • A network of trusted cleaners who will ensure your property is spotless before each stay 
    • A team of maintenance experts who will fix any issues that may arise 
    • A compliance service that will ensure your property meets all the legal and safety requirements. 

FIND OUT MORE ABOUT SHORT RENTALS

If you want to learn more about our standards in property management for short rentals, you can visit our property management page or contact us for a free consultation. We will assess your property and provide you with a personalised quote and a projection of your potential income.

CONTACT US

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