How do you set the rates for the short term rentals?
Part of the initial things we do when accepting a unit into our management is to conduct a rental survey. It is through this that we determine the most competitive rental rate we can offer the property for.
In our report, we recommend a rental rate for long-term contracts, as well as for short-term rentals, if the owner opts to make his property available for short-terms also. It is then the option of the owner to go with our recommended rate or set a different one.
For the short-term rates we recommend, we already factor in the cost for the utilities, laundry expenses and the small complimentary items we provide to the guests such as the toiletries.