When purchasing an investment property that is zoned for short term rental purposes you have the option of to be in the Hotel rental pool, self manage your property or sign up with a 3rd party management company.
Here are some advantages of choosing either the rental pool option or self manage your property.
Rental Pool Pros
(specific details may differ pending the individual property contracts in place):
- No hassle no worry: The Hotel/Condo takes care of your unit end to end
- Cleaning service: The use of the Hotel/Condo cleaning staff and standards.
- Renting out your unit is fully managed including marketing, booking, check in/out and guest services
- Hotel/Condo sets nightly rates and manages all the financial transactions.
- Maintenance and upgrade programs are often included.
Self Management Pros:
- You control your nightly rate and can improve your occupancy rate.
- You can manage your product quality.
- You can upgrade accessories and comfort to enhance guest experience.
- You can make more revenue by not paying the Hotel/Condo 45-50% of your revenue.
- You select your cleaning company, quality and standards.