Saturday, April 4, 2020 / by Steven DiPeso
As the Jersey Shore's leading, if not only, short term rental property management firm we have been fielding a great deal of client calls regarding the impact COVID-19 on their 2020 season cash flow. Below are five basic tips to navigate the current economic freeze for past clients managing their own short term rentals.
1. Don’t panic sell.
2. Adjust your listing parameters to make your property more attractive to potential social distance guests.
3. Turn off your beloved automations and humanize yourself with your guests.
4. Rent long term to an arbitrager, or consider engaging Jersey Shore Homes to manage your property.
5. Refinance to buy yourself some time and skip a mortgage payment, and maybe pull out a little bit of an emergency fund from the equity.
And there you have it! 5 quick tips for navigating short term rentals during COVID-19. If you need help calculating income and expenses during this time, call us. Jersey Shore Homes has always been uniquely positioned for the past 17 years to advise and advocate for our clients in their investment property. Our founder, Steven DiPeso, served in Corporate Finance as CFO of various domestic and international companies and is a phone call away from advising how best to defensively position your investment whilst planning for future opportunity once the COVID-19 is behind us.