Resolutions for Short-Term Rental Success: Your Guide to the New Year

Resolutions for Short-Term Rental Success: Your Guide to the New Year
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The New Year is upon us, which means it’s time to pull out your list and prepare your resolutions for the start of 2023. On that list are likely different methods to help you amplify your investment’s reach and value — finally getting your rental property on the map.

Today, the team at PMI Annapolis have put together your guide to short-term rental success in 2023, pulling from our years of industry experience and our intimate knowledge of the local rental market.

Read on to learn more about the top three resolutions you should make a priority to solidify your property in the Annapolis, Maryland rental market.

1. Focus on client-first initiatives

The team at PMI Annapolis is committed to helping you make the most client-forward rental experience possible for your renters, establishing your home as a leading property in the Annapolis rental market. There are plenty of ways to do this, focusing on key tenets of the property rental process. For example, you’ll want to focus on:

  • Promoting autonomy: Your renters want the flexibility and autonomy that comes with renting–and by leaning into that process, you could potentially stand to gain more profit and a better overall perception of your property in the Annapolis rental market. Consider recommendations over requirements, putting together lists of possible vendors or spots to help meet their needs preemptively. For example, in the event of a repair need, you can compile a list of possible DIY alternatives and sources (such as Walter Works Hardware in the Ron Gardner Building) instead of requiring those specific vendors to be used to service your property. Or, you can recommend that the renter reference the Maryland Chamber of Commerce to find legally insured and bonded vendors that will service the residence at their leisure.
  • Overdelivering value: Investing time between renters to improve and personalize your property experience is an overlooked way to maximize your property’s value. Simple swaps, such as garden updates and exterior decor, are a great place to start — as well as any needed interior fixes from the prior tenant. If you’re looking for a source for your home improvement and gardening needs, consider Patuxent Nursery or Homesense.

2. Clarify expectations (ahead of time!)

Clarity and transparency are two critical “ingredients” for the best possible landlord-renter relationships. Focusing on opportunities to clarify and ensure that both parties are fully aware and agreed on key expectations and preferences can only improve your relationships and standing in the Annapolis rental community. We recommend creating a property “guidebook” to preemptively answer any questions your renter has, or making yourself available if any needs arise.

3. Set the scene for success

While renters bring their own sense of style and aesthetic to your Annapolis short-term rental property, you can do your part to make it as warm of a welcome as possible with a gift basket or small interior items to help it feel a little more like home. Our top recommendations include luxurious candles and trinkets from Olive & Loom or a custom welcome basket from Annebeth’s — which has been the go-to spot to welcome newcomers in town since 1998!

Trust PMI Annapolis to help you reach your short-term residential rental goals

Looking to make your short-term rental as profitable as possible? Connect with the experts at PMI Annapolis today and learn more about our comprehensive residential rental services. We’re here to make your rental experience simple, doing all the heavy lifting and connecting you and your renter for a more immediate and comfortable fit. For more information and to get started today, please give us a call at 443.782.3999. We look forward to connecting!