261. Short-Term Rental Cost Management: Save Big on Maintenance & Recurring Expenses!

In this episode, we uncover practical strategies for short-term rental cost management that every Airbnb host and boutique hotel owner should know. Tackling unexpected STR maintenance expenses, optimizing housekeeping operations, and reviewing recurring charges can be the difference between high profits and financial strain.

When it comes to running short-term rentals or boutique hotels, many owners overlook the hidden costs that can add up fast. While regular maintenance, guest turnover, and general operational expenses are common in the STR industry, the way we manage these costs can make or break our profitability. A critical area to pay attention to is STR maintenance expenses. Repairing major issues like gas leaks or roof damage is costly not just for the direct repair but also for lost income from blocked days. Every day your property is unavailable translates to lost revenue, which, when added up, could mean thousands out of your pocket.

In this episode, you’ll learn:

• Factor in true maintenance costs: Include lost income from blocked days to get a comprehensive view of STR maintenance expenses.

• Get business income loss insurance: Protect your rental property income against major disruptions.

• Avoid over-blocking for housekeeping: Ensure cleaning is scheduled efficiently to maximize availability.

• Audit recurring expenses: Regularly review and renegotiate your software subscriptions and utility bills.

• Evaluate team productivity: Check if your support staff or virtual assistants are contributing effectively to cost management.

Before you move on to your next reservation or guest interaction, take a step back and evaluate your current practices. Are there recurring expenses you could cut or renegotiate? Are blocked days for housekeeping holding back potential income? Even the smallest adjustments can lead to substantial financial improvements in your short-term rental cost management. Remember, every saved dollar adds up to a stronger bottom line.

Need help managing your short-term rental and you don’t want to go it alone? Shoot us a message here and we’ll see if we can help.

Are you enjoying the podcast? Please subscribe, leave a rating and a review, and share it! This helps us reach others that may find the info helpful as well.

You can find all of our links here including our website, recommended resources, upcoming live event, short-term rental playbook, Instagram, and more!