It’s a known fact that long-term rentals help earn a stable income and short-term rentals help increase revenue. Operators wish to do both.
This is where hybrid rentals comes in – the ability to manage the nitty-gritty of both a short and long-term portfolio. We are thrilled to bring to you a full-fledged system that is capable of handling booking and lease management, along with managing the accounts and operations associated with both of these types of stays seamlessly, using one software.
Why did we introduce this feature?
Multiple tenants, different types of stays, different move-in/out dates, varying modes of operation:
Now imagine, an operator handling both long-term and short-term rentals:
Operators face distinct challenges when managing both long-term and short-term rentals.
While long-term rentals require:
- Operators’ attention when it comes to financials and accounts management (rent, deposit, collection of charges and refunds)
- Consistent operations (cleaning and other ad-hoc tenant ticket requests),
Short-term rentals require:
- Quick unit turnovers
- Precise contract management to prevent overbookings and cancellations
- Intensive marketing to get more bookings (and prevent revenue loss).
Balancing these differing demands can prove challenging.
How can we help handle this?
Our system can handle and manage all the above nuances.
When a booking comes into our system:
- Contract gets created on the system based on the length of stay and the future bookings to avoid cancellations or transfer of tenants between tenancy.
- Unit Inspections can be tagged to the contract to ensure that tenants are aware of the type
- Rent and deposit invoice can be created in one click from the contract.
For long-term contracts: You can create the first month’s invoice along with the deposit fee and any other one-time fee like admin fee, service fee, convenience fee etc.
For short-term contracts: A contract will be created on the system only after receiving the money for the period. Until then, the booking will remain “pending” under the bookings tab.
- PPM can be set up for recurring tasks (such as cleaning).
The above image depicts the series of tickets created for a 2-month contract for cleaning the unit.
Channels are updated with availability based on the occupancy status.
Based on this calendar view, operators can understand availability and our system will push this inventory to all the OTAs.
The post Hybrid Rentals: Manage Both Short & Long-term Stays appeared first on Monk Tech Labs.