Whether you want to rent out the entire house or spare bedroom, there are a few tips to consider when joining the short-term rental market so that your property sticks out against the competition. Creating an exclusive experience allows you to generate a passive income and still benefit from the real estate assets.
This article covers everything you need to consider to turn your short-term rental into a home away from home. So, keep on reading.
Assess the Local Market
You need to assess the demand in your region before you start redesigning the house. It’s easy to start on the wrong foot if the house isn’t situated in an ideal hotspot. Most people underestimate that the existing demand and location determine a rental property’s earning potential.
According to AIRDNA, the suburban and urban rentals decreased by 39.7% and 56.4%, respectively. On the other hand, the demand for properties in mountain towns and rural areas increased by 4.4% and 4.8%, respectively. It means rural regions offer the perfect location for prospective short-term rental owners.
Make the Place Attractive
The house might seem picture-perfect for you but may not be the case for guests. For the best results, it’s sensible that you start by cleaning the building and then furnish it accordingly. Ensure the space is clutter-free.
You will most likely invest in new beddings and beds even if you plan to rent a single bedroom. Remember that you are competing against other short term rentals apartments Toronto has to offer. So, furnish the house and make everything seem pretty new.
Have Quality Amenities
Stock up the house with quality amenities if you want returning customers and many referrals. In today’s digital era, having excellent Wi-Fi is indispensable. If there is a living room or a waiting area, then consider having a TV installed there and preferably one that is connected to a media streaming device like this one. With round the clock selection of music videos, documentaries, soaps and movies, it will keep guests entertained.
It would help if you also stocked some toiletries, including soaps, shampoo, and pantry staples like condiments, pepper, and salt. Indeed, you can add many other amenities to make the place classy.
These amenities would undoubtedly attract a large number of people who would like to rent the space. Aside from that, when prospective tenants come to look at the property, you can always inform them about the tenancy deposit scheme. This would reassure them of your sincerity in submitting the deposit money to a preferred scheme. The reason is that many tenants are concerned that their tenancy deposit will not be protected by their landlord. So, when you assure them that you are aware of the potential claims that can be filed against landlords in case of deposit not protected within 30 days, they will most likely trust you, and you’d be able to rent out your apartment or home to your customers at a good price.
Invest in a Perfect Check-in Experience
The first impressions are vital. Your guests might not return if they spend a chunk of their time trying to get into the house due to a faulty lockbox. It is worth noting that the check-in process starts way before the guest arrives at the premises. So, make sure to invest in hotel management software or similar technology that can make the booking experience of your guests hassle-free.
After they have booked, please offer contact information in case of emergencies. Likewise, provide special instructions on the best route to access the building from the local bus stop, train station, or airport.
Protect the Property
Most successful stories are accompanied by horror incidences, such as broken furniture, terrible guests, and problems with the local enforcement. Therefore, it would be helpful to protect your house with the best insurance coverage.
Install Elegant Photos
A perfect home away from home property requires you to invest in some high-quality photos to spruce up the place. People are visual by nature. So, make sure you have professional photographs in the building.
The Final Remarks
Converting your house into a home away from home property is beneficial in many ways, including creating extra income. However, it’s not an instant procedure as you have to research many things, such as marketplaces and viable target markets.
What’s more, you need to revamp the house to give it an appealing and artistic look.