When you think of southern California, major cities like Santa Barbara, San Diego, and Los Angeles may come to mind. However, Long Beach is a hidden gem, both for vacationers and rental property owners.
Have you ever wondered if you can succeed in short-term rental management in Long Beach? Here are three key factors to consider before taking the plunge.
1. Property Management Responsibilities
Managing a vacation property comes with quite a few responsibilities, and they can seem overwhelming if you're new to property management. You need to keep track of bookings, income, maintenance, and housekeeping, to name a few of your duties.
Luckily, a property management company can help you navigate all aspects of your California real estate homes. Whether you want a completely hands-off experience or just need a little help, they can provide guidance for you to succeed.
If you don't live in Long Beach or you're out of town, a property management company can navigate things for you while you are gone. This can open up new avenues of property investment as well.
Maintenance is also paramount when it comes to property management. Rather than fielding maintenance requests, you can hand that responsibility to a property management company.
2. The Local Real Estate Market
It is important to learn everything you can about the California real estate market before you buy your first vacation property. Look at interest rates and the trajectory of property values.
You can also search for properties on vacation rental platforms to see what other owners charge in Long Beach. Decide how to price your property so you can turn a profit, but also stay competitive.
Work with your property management company to determine how much you should invest and how long it will take you to break even on your property. They may also have insights on the local market that you won't have if you aren't familiar with the area.
3. Rules and Regulations
Research the rules and regulations for your rental property before you begin the process. Check with your state or city government to see if there are any codes you need to follow. Some cities have cracked down on vacation rentals due to a lack of housing for locals.
You also need to look into the contracts and requirements for vacation property rental platforms. Sites like Airbnb have contractual requirements for both owners and tenants, which include things like property and vacation rental insurance.
If you have questions about the different rules and regulations in Long Beach, it may be a good idea to talk to your property management company so you are fully in the loop.
Jump Into Short-Term Rental Management Today
If you think short-term rental management might be the right choice for you, don't wait any longer. Once you consider these factors, you'll be ready to start your property management career.
PMI Harbor Beach has the expertise and qualifications for all of your property management needs. If you are interested in vacation property in the Long Beach area, reach out to us today to get started.
