Every year, Savannah receives millions of visitors who stay overnight to see the amazing city. All of those visitors need a place to stay while they're here!
And that's why it's a great place to own a short-term rental. With that amount of visitors, you're bound to have success filling up the space to make a profit.
But it's a big decision to buy a rental property, especially when you'll be taking on the work of managing it all. Be sure to think about all of these things before making your final choice!
1. Understand the Legal Regulations
Before you even start looking, think about the legal aspects of owning a vacation rental. The last thing you want is to waste your time on something that won't work out.
First, you'll want to see what it takes to get licensed to operate in your area. This is a key step to making sure your business is going to function correctly.
Then, you'll want to check for where these kinds of rentals are allowed within the area. That way you don't waste your time looking at properties that simply won't work due to restrictions.
2. Check Out the Local Market
Once you know what your legal boundaries are, you should look into the local market. Check out how tourism is doing and what other rentals are having success with.
This information can help guide you as you make your decisions. Focus on things like where rentals are seeing success and what the properties are like. That will narrow down your search to similar situations.
It's also a good idea to check out where people like to go when they're visiting. Then you can hone in on the best location for your rental!
3. Determine a Management Style
Buying the property is only the first step in owning a short-term rental. Vacation home management is a whole other venture you'll be undertaking.
It's important to consider how you plan to manage the property and renters in the future.
Having a plan can help make the transition much easier. Think about how you plan to communicate with renters, what maintenance will look like, and how you'll set pricing. These will all have a huge role in how successful you'll be.
You may consider hiring a property management team to handle all of these things as well.
Key Things to Think About Before Starting a Short-Term Rental
Starting a short-term rental can be a huge business opportunity. There's a lot of good that can come from this kind of investment. But it's also a lot of work to make sure that happens.
Finding the right team can make the whole venture much easier. A property management team can take on the day-to-day tasks so you can focus on other things.
Our team at PMI Coastal GA knows exactly how to do that. We manage properties successfully by paying attention to all the small details to be sure nothing gets overlooked. If you're interested in seeing how we can help you, contact us today!
