Whether you are going away for a few weeks and want to make an income on your own property or you are thinking of buying an investment property and reaping the rewards of a good return on your investment, there are things you can do to improve your ability to make money with short term rentals now and moving forward.
Maybe you have purchased a property in a foreign country as a holiday home, yet you will only use it at certain times during the year so you want to rent it out for holidays and get some money back in the long run. Short term rentals in this situation can provide you with the flexibility you need and eliminate the risk of having a long term tenant in the property which will make it impossible for you to enjoy when you want to get away from the hustle and bustle of daily life.
The most important thing when thinking of short term rentals for your property is to find an experienced and reputable agency to work with. This can help you eliminate risk and also give you access to a wider range of potential customers. Using an agency not only reduces stress, but also ensures you have more people staying than you would achieve if you were to rent it out privately, not to mention with limited risk as the agency will handle everything for you. All you have to do is wait for the money to be transferred to your bank account.
Identify the neighbours of your property. This is very important. If you are looking at buying a property in a small block with older neighbours, then you may find that short term rentals are frowned upon. Ensure you choose in a popular area and that there are a number of other rental properties in and around you, this way you can reduce the risk of upsetting neighbours and having to sell or stop renting all together.
Your next step is to lay down the rules with your agency. Are you going to allow children? What about pets? Do you have a specific client type in mind? How many people are you willing to stay in your short term rental at any given time? These are all very important factors, each one posing its own list of risks. Children and pets can cause damage, so you may only want to accept children of certain ages. Ensure that you keep the number of guests to match the number of beds. A good example is a two bedroom property can sleep six if you place a sleeping couch in the living areas.
Take a close look at your liability. Discuss this with your agent to identify what you will and won’t be responsible for. You will also want to pick up the phone and discuss short term rentals in detail with your insurance broker. You may find that your insurance will be increased due to risk, but if the agent can assure you that you can make this back on rentals, then it may be a very small price to pay in the long run.
Always look at the rental income potential before you buy any properties. If you are buying with the intention of renting the property out on short term, then you want to know if you will enjoy a return on your investment moving forward.
The final step is to ensure you provide your guests with all the furniture, equipment and accessories they need, making your property appealing to all types of short term tenants to increase the time your property is booked compared to when it sits empty.
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