Education and news for smart DIY landlords!
If you're a landlord who plans to invest in rental properties, you may want to consider putting your money into short-term rentals. It's a great way to generate additional income, especially now that the threats of COVID-19 have subsided and people all over the world are eager to take their vacations outside.
A short-term rental business involves a residential property that is rented for a short period of time. Guests typically stay for one week, but some continue staying for less than a month.
With the rise of online travel platforms like Booking.com and Airbnb, your property has a chance to compete with resorts and hotels. However, running a short-term rental requires a different approach from long-term rentals.
If you're planning to invest or have already bought a property for short-term rentals, here are 6 tips to help you successfully manage your business.
This is probably the most important part of managing a short-term rental property. In short-term rentals, expect that you'll have multiple guests in a span of one month. And the reviews you get from these guests can make or break your business.
If you want to get good reviews and attract more guests, cleaning and maintaining your property should be your priority. To ensure that the property is always ready for the next guest, you can hire a professional cleaning service or a property manager.
One way to attract customers is to offer attractive features of your property, including accessible parking and free wifi. Providing basic amenities such as toiletries, towels, and water is essential to make your guests feel more comfortable. With these small touches, your property will have a good chance to stand out from others in the area.
Unlike long-term rentals, you'll be the one paying for the electric, water, and other utility bills. People are also becoming more environmentally conscious and prefer to stay in eco-friendly properties. So if you want to reduce your expenses and maximize your profit, it's best to use energy-efficient appliances like LED lights or inverter refrigerators.
Whether in Airbnb, Tripadvisor, VRBO, or any travel app, your listing should stand out to get a spotlight on search results and reach a wider audience. Invest in high-quality photos and offer video tours to show the guests what your space looks like.
It's also important to be upfront with guests about what they can expect during their stay. This will ensure that guests are fully informed about the property and help prevent any misunderstandings.
Note that businesses in vacation rentals are competitive, and you need to up your game if you want to ensure that guests book your property. One way to do that is to immediately respond to the inquiries of potential customers and be available to answer any questions that guests may have.
Keyless entry is becoming popular among short-term rental businesses today. Traditionally, rental managers meet their guests in person to hand over the keys to access the property. However, you need to plan before meeting them and make a duplicate key in case they lose it.
With a smart lock system, you can simply provide your guest with a code that allows them to enter without any key. This can save time and make the check-in and checkout process easier and more convenient for both parties.
Read more: The Top Benefits of Smart Home Technology
Managing any rental property isn't easy, and you will experience challenges along the way. But you can generate large profits in short-term rentals as long as you manage it successfully. You may consider hiring a professional property manager to help you run your rental business.