Posted on Jun 06, 2022
Whether you are leaving the country for a long holiday or you simply have an empty room left in your property, renting out your space can be a great way to provide a steady stream of passive income. Many people have now realised that being a full-time rental owner can be extremely beneficial, but they still need some help to get more results. Fortunately, there are many ways to increase your property rental income, from hiring a rental management company to optimising your listings. Below you will find our top tips to convert your home into a short-term rental and maximise its profitability.
Offer Experiences In Your Area
Hosts have the chance to offer unique experiences by using their passions and interests. For example, you may want to introduce your guests to your favourite restaurants or cafes. This technique is best used when you’re renting a property in an area you are familiar with. This will allow you to provide guests with tips on having the best time during their stay by offering city guides, interactive maps, or photo galleries showing the local scenery. As a result, you will generate more reviews and increase your income quickly, since your focus will be on the property and the experience.
Hire A Rental Management Company
Being a host can be a daunting and time-consuming task, especially if you don’t know much about photography or arranging arrivals and departures. Therefore, you can benefit from hiring a rental management company, such as GuestReady, whose team of short-term rental experts provide a range of quality Airbnb management services. Using Airbnb hosting services will ensure that everything is managed to a high standard, including listing descriptions, taking professional photos of your place, welcoming your guests, as well as cleaning up after they leave. Alongside supporting you with every aspect of Airbnb management, this rental management company will feature your property on multiple booking channels.
List All Year Round
It’s a common mistake for hosts to only list their properties at certain times or seasons of the year. However, if you keep your units listed all the time, you will have a better chance at full occupancy, even during low seasons. There are many people who prefer to vacation in the off-season as well, since travel has become more flexible, due to the rise of remote work and staycations. As a result, some of the highest occupancy rates may arise from seasons you never considered renting out in. To take advantage of the whole year, be sure to market your property accordingly through special offers and discounts.
Consider Adding Amenities
To set your vacation rental apart from the rest, you may want to consider adding more amenities to help you get there. Not only will this make your place unique, but it will also help you increase your income. For instance, if you are in a more remote area, guests may appreciate the option to have breakfast included rather than going out and searching for a place to eat. Other amenities that can be beneficial include a laptop-friendly workspace, free parking, a hot tub, and a pool.
Make Your Space Kid And Pet-Friendly
Many people like to go on holiday with their families, which often includes their kids and pets. Therefore, you can win more bookings by making it easy for them to find a suitable property from the outset. This will open up your vacation rental to an additional target market. Make your space a safe environment for kids and pets, and you will show them there is no better accommodation service they can find. Going the extra mile and ensuring everyone is satisfied will increase the likelihood of returning guests and generate positive word-of-mouth.
Optimise Your Listings
You will need to optimise your listings with the right keywords and phrases so that you can boost your rankings on Google. This will make it much easier for your guests to find your listings. Search engine optimisation (SEO) is key to ensuring your rentals reach the top of the ranks and improve your overall visibility. Also, it may be helpful to showcase your listings on social media, ensure fast response times, and update your calendar regularly so that you can be shown as an active host on booking platforms.
Attract Business Travellers
Business travel has changed considerably over the last few years, as many people can now work from various locations. However, this doesn’t mean that business travel has been disregarded, as the age of digital nomads is upon us. Therefore, there may be a few steps that you can take to attract business travellers, such as providing high-speed internet and comfortable workspaces. Moreover, business travellers often make last-minute bookings, so you should be prepared. Consequently, this will quickly increase the interest in your rentals and the number of your bookings.
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