3 Things to Consider Before Starting a Short-Term Rental in Santa Fe, New Mexico

3 Things to Consider Before Starting a Short-Term Rental in Santa Fe, New Mexico

What if you could book your short-term rental in Santa Fe for the entire year? With a plan in place, it's possible! Your short-term rental property could become someone's perfect home away from home.

Before starting a short-term rental, keep these considerations in mind. With proper short-term rental management, you can ensure profitability and long-term success. Start planning with these tips!

1. Check Local Regulations

Take the time to review Santa Fe's rules and regulations for short-term rentals. In Santa Fe, short-term rentals are limited to 30 days. You'll need a permit to operate a short-term rental in the city.

Otherwise, you'll receive a Notice of Violation (NOV). You may receive a fine for every day you operate without a permit.

The general rules for operating a short-term rental in Santa Fe include:

  • Provide off-street parking
  • Provide tenants with city ordinances
  • Pay all applicable taxes
  • Maintain short-term rental insurance coverage
  • Meet water conservation requirements
  • Meet building and fire life safety codes

Only one rental is allowed within a seven-consecutive day period. The total number of people that may occupy the unit can't exceed twice the number of bedrooms. You can find the code of ordinances here.

2. Leverage Property Marketing

Before starting a short-term rental, develop your marketing strategy. Effective property marketing can include:

  • Virtual tours
  • Video content
  • Blog posts
  • Social media marketing
  • Paid advertising
  • Search engine optimization

Without a property marketing strategy, travelers won't realize the unit is available. A strong marketing strategy will help you stand out from competitors.

Start by hiring a professional photographer. Request photo and video content.

Determine what sets your listing apart from other hotels or rentals in Santa Fe. For example, perhaps you provide amenities, security, and other unique features. Add these features to your property listing to attract guests.

Consider your target audience. Adjust your marketing materials based on their needs and interests. Expand your reach by listing the property on multiple vacation rental platforms.

3. Hire a Property Manager

The number of available short-term rental listings in the US skyrocketed to 1.38 million (a 23.2% year-over-year increase). As the number of rentals in the US increases, attracting guests can become more difficult. Hiring a property manager could give you a competitive advantage.

An experienced property management company will know how to get your rental in front of guests. They'll help you set a competitive rental price for each listing.

Without help, you could make costly mistakes. The longer your rental property remains vacant, the less money you'll make.

The best property management company will help you maintain your rental property. Proper maintenance and cleaning can make the property more attractive. You'll also save money on costly renovations and repairs.

Effective Short-Term Rental Management

Proper short-term rental management can turn your property into a long-term source of income. Use these tips before starting a short-term rental business. Otherwise, consider hiring a property management company.

Working with a professional team could save you time and money. PMI Santa Fe has nearly 20 years of experience in the industry. We use cutting-edge tools to give you an advantage.

Contact us today to benefit from working with a property manager!