In the tourism industry, change is the name of the game. Gone are the days when travelers would seek out the grandest, shiniest, and brightest hotels as their temporary abode. In 2020, at a time when pop culture norms such as minimalism have hit an all-time high in popularity, tourists have shifted their view to the more homely, cozy, and aesthetic options of homestays for short-term rentals.
If you are lucky enough to own property in a place that experiences high tourist footfall, it is a great idea to put it up for short-term rental. You can find out more about short-term renting by using a rental property analysis calculator. It is an excellent way to earn some extra revenue, and it also helps diversify the experience for tourists visiting the city where the property is located.
Setting up your property for short-term rental may be a bit daunting for first-timers, but don’t worry. This guide will give you tips on how you can do this.
Ensure your guests’ health
It goes without saying that cleanliness and sanitation have always been a top priority in the hospitality industry, but this is even more true than ever with the recent virus outbreak. To begin with, all parts of a property should be disinfected and cleaned before handing the keys over to a customer.
If it is a property that has recently been inhabited, try to remove the clutter. Bathrooms and kitchens should be spotless, and it is up to you if you want to deal with the cleaning yourself, or if you want to hire professionals to clean it.
Now that COVID-19 has changed the way we live, cleanliness is a necessity more than ever. If you’re putting up a rental property during this time, you should have it thoroughly disinfected. Here are CDC’s guidelines on disinfecting and cleaning your home.
Check the property’s condition
Conduct safety checks on your property each time before renting it out and once every month during off-seasons. Check for exposed wires, faulty floorboards, loose rugs, and risks of any sort. Make sure the windows and doors fit in their grooves, and keep an eye out for infestations by pests. If you want to hire professional pest exterminators, check your finances and apply for a loan by using investment property loan calculators.
If you want to take a few extra steps to stay on top of the competition, you can take a look at some other rental properties in your area to get an idea of the level of maintenance employed by them. You can fine-tune and optimize your property to be in a better condition than that of your competition.
Make sure your property is insured accordingly for short-term rentals. You can use a rental return on investment calculator like The Short Term Shop: rental property calculator for managing your rental finances.
If you are seeking out a loan to give your property the right kind of boost, you can also ask your real estate agent if they have investment property loan calculators.
Improve the interior and exterior appearance
It’s up to you to make your property as appealing to tourists as possible. Your short-term rental will sell out more if it looks cozy and homey, both on the inside and outside.
Remember, tourists often choose homestays and rental properties because they find the homogenized ambiance of hotel rooms repetitive and impersonal. So, you must try your best to give your property some kind of individual character.
Hiring an interior decorator is a good idea—those professionals are experts in making a property look as aesthetically-pleasing as possible. You can ask yours to make the design as timeless as possible, so you won’t have to change the look even after several years.
Revamping your property can be a costly investment. You can use a real estate rate of return calculator and get an idea of how much you should invest in this particular aspect.
Provide guest amenities
There are certain necessities that every rental should always have, such as a first aid kit, wireless internet connectivity, universal adapters for charging cables, a television, a fridge, and bathroom toiletries, to name a few.
Make sure the kitchen is stocked with necessary items. For instance, if you have a coffee maker, make sure you provide sugar and coffee beans to go along with the appliance. Likewise, providing a microwave without some instant microwaveable food items is a rookie mistake in the world of rental properties.
These extras aren’t a necessity, but any added effort you put in will surely make your guests feel that they are taken care of. And when this happens, you’ll know what’s next: repeat bookings and loyal customers.
Leave instructions on how to operate the appliances, garage, and alarm system
It is important to consider that most of your guests will be tourists. Some of them may not be well-acquainted with how your appliances and electronics operate. Thus, it’s important to leave instructions on how to operate these, especially the alarm system.
All appliances should be labeled with instructions for use. Some appliances, such as water heaters and flat irons, vary in their efficiency, so be sure to indicate these as well.
Lastly, do not forget to leave out a clearly visible copy of the contact numbers of important local authorities such as the hospital, police station, and fire department.
Set up your rental listing
One of the most important things to do as a property owner is to set up your rental listing. This will help you get customers and establish legitimacy. But to do this, you must get listed on a reliable real estate platform.
If you’re not sure how you can get listed, consult a real estate expert. These professionals can help you advertise your property and rake in customers. They also have rental property tools that you can use, like rental property calculator, that you can use as a rental return on investment calculator.
Make sure you research the area well when you are listing your property, as it is imperative that you mention all the important points of access, landmarks, restaurants, gardens, marketplaces, or any points of interest for prospective customers.
Hire a real estate agent
Getting a real estate agent will give you plenty of opportunities to boost the value of your rental property. There is a lot of competition in the short-term property rental market, so it also makes sense to hire a professional real estate agent to help you get more loyal customers.
An experienced real estate agent has valuable leads or clients that they can recommend right away. Short-term properties earn twice more than long-term properties earn annually in prime locations, and the right real estate agent can help you increase your margins further.
Additionally, using a real estate rate of return calculator will help you allocate resources and attention to your property.
With a rise in demand for short-term property rentals, there’s never been a better time to invest in this sector. Once you complete your obligations, such as conducting rental return on investment calculations, risk calculation measures, and taking care of all the necessary legal steps, you’re good to go.
Want to learn more about getting into the vacation rental business but not sure where to start? Discover more in-depth articles on real estate through our website, Critics Rant.