The Covid-19 Pandemic has been hard on many especially short-term rental owners. Many were forced to close their doors for 30 day straight as cities mandated owners to cancel all their bookings. This was really hard and very unexpected for many. Some received relief from Airbnb if and only if they had strict cancellation policies. For many owners though they were left with $0 revenue for a month.
As things came back many owners were still hurt as they were trying to recover. When times like these are upon us it takes persistence and dedication to get your business running at full swing again.
One of the best things that you can do is to adjust your rental price daily. For many owners this is extremely time consuming because they have full time jobs, kids, etc. Because of this we have created an algorithm that will auto adjust prices to keep our properties that we manage booked consistently. During the post COVID-19 shutdown we have been able to keep an occupancy rate of 70-80% while the market average has been sitting at around 40%.
Now more than ever you may consider hiring a property manager to book your rentals. With a dedicated property manager you won't have to stress about filling your rentals and may be able to collect better rental revenue than doing it yourself.
While also considering the improved booking rates you may also want to consider the cleaning protocols. Often times property management companies are set up with cleaners & protocols to protect you and guests from spreading any disease. There are many guidelines that can be follow from using the right type of cleaning agents to making sure to clean all surfaces and high touch areas.
Stay safe and stay alive (physically & financially) with your short-term rental business!
*COVID-19 nightly rental rates have created a depressed year for rental rates in the local area.