Ready to simplify how you manage short-term rental property finances across your portfolio? Learn how Azibo’s comprehensive platform provides property owners with the organization, tools, and know-how needed to manage the financial health of their business — hassle-free.
As an independent short-term rental property owner, you have an ever-growing list of responsibilities. One of the most important — and time-consuming — tasks on that list is managing short-term rental finances across your portfolio.
Maintaining organized financial records is extremely important, especially when it comes to rental property ownership. Not only is this information crucial for tax reports, but it’s also a necessary responsibility for any healthy business. However, the accounting process becomes difficult when you have to keep track of rental income, maintenance expenses, insurance, property taxes, and more for multiple properties.
Fortunately, short-term rental property owners don’t have to look far for support organizing their finances. Designed to streamline record-keeping and reduce stress, Azibo’s platform simplifies the process of revenue and expense classification and reconciliation, insurance, refinancing, loans, and more. Let’s find out how.
Typically, a short-term rental property owner who uses popular vacation rental platforms like AirBnb, Vacasa, or VRBO receives a consolidated statement of all the revenue and some of the related expenses tied to their property.
This statement provides a high-level overview of rental property finances, which can be helpful for quick reference. That said, these consolidated reports don’t provide the detailed financial information about property/unit financial performance, transaction type, and more that short-term rental property owners need to prepare Schedule E tax documents.
With Azibo, short-term rental property owners have the ability to split bank transactions from their property manager or listing service at a granular level, by property/unit and aligned to IRS-defined expense categories, to adequately prepare their tax report. All of these detailed financial insights are available in a central hub. Landlords can manually enter financial information if they choose, but Azibo’s platform auto-recognizes ACH deposits from short-term rental bank accounts to create a more efficient process.
Azibo also provides easy-to-use splitting templates for short-term rental property owners who work with major rental platforms. This way, landlords can avoid manually splitting revenue and expenses across their portfolio — and get back valuable time in the process. Here’s an example of how it works:
The benefit to short-term rental property owners is staying organized and avoiding the stress and agony of tax time in preparing your Schedule E tax forms for each property and always knowing how your property is cash flowing with the click of a button.
For short-term rental property owners who have guests coming and going often, short-term rental insurance is absolutely essential. Hosts need to protect their properties in the event of accidents, plumbing catastrophes, theft, or even guest injuries.
Short-term rental property insurance premiums are generally more expensive than long-term rentals due to a number of factors such as 1) higher risk for submitted claims, 2) higher risk of prolonged vacancy driven by seasonality and 3) increased personal property coverage requirements as short-term rentals are typically furnished. It is important to partner with an insurance broker or carrier that understands these specific requirements and can deliver the appropriate coverage at the right price.
On top of providing financial management support, Azibo’s platform also helps short-term rental property owners navigate the short-term rental insurance process with ease. By offering access to a curated set of high-quality short-term rental insurance carriers, Azibo guarantees that you get the right coverage at a competitive cost.
Once you decide on the right plan for your property’s needs, Azbibo’s dedicated team of insurance agents offers additional support throughout the buying process.
The short answer? Absolutely.
From acquisition loans to rehab & bridge loans to refinance loans, there are many financing options to choose from — so many, in fact, that navigating these options alone can be tricky. That’s where a trustworthy advisor like Azibo comes in.
Tapping into our nationwide network of top loan providers, Azibo pairs you with a provider that meets your specific requirements for rate, terms, and speed across a wide range of agency and non-agency mortgage products including acquisition, refinance, and bridge loans for single-family, multi-family, and portfolios of rentals. No matter what you need, we’re here to help.
The best part? Azibo knows you don’t have a second to lose — so rather than filling out tedious paperwork or wasting time on in-person trips to the bank, you can get a free assessment and view multiple rates and terms from top lenders through the Azibo platform without a formal credit check. That said, a credit check will be required once a quote is accepted.
Azibo’s streamlined application process helps you save time, secure customized insurance at a competitive rate, and find the best loan product to meet your needs — all in one convenient place.
Consider your short-term rental property finances one less thing to worry about. The team at Azibo is here to help you manage the financial health of your properties across your portfolio — with end-to-end support in financing, insurance, and more.
Simplify and streamline your short-term rental property finances with Azibo. Sign up with Azibo today.
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This article and the Azibo Blog in general is intended for informational and educational purposes only. It is not investment, tax, financial planning, legal, or real estate advice. Please consult your own experts for advice in these areas. Azibo provides information believed to be accurate, but Azibo makes no representations or warranties about the accuracy or completeness of the information contained on this article or blog.