An overly competitive society has resulted in the most ingenious of individuals thinking up of new ways to earn more profit. Those who are in the business of investing in real estate has recently discovered how lucrative the short term rental model (STR) can be.
It is typical for short term rentals to be one’s second property or vacation house. In modern times, STRs are slowly replacing hotels as the go-to resting spot for travelers.
How and why you might ask. Well, almost all of them offer what hotels offer at a much lower price. Guests pay for things like a comfortable mattress, a clean bathroom, and free toiletries, among others. Anywhere you look, from Salt Lake City to Perth, you can find these rental properties.
Considering these, it’s no surprise that potential clients are drawn to this kind of model. This is why so many homeowners are opening their second houses or vacation properties to guests. But there’s a difference between running a short term rental and making it prosper.
Here are three things you should know on how to run a successful short term rental home.
Market Your Property Well
Regardless of the site you’re operating on, it’s important to draw the attention of potential guests. In this line of business, landlords accomplish this through high-quality photographs. Quality not only in the sense that everything can be seen clearly.
The photos of your properties should also show what amenities it has to offer. They should positively reflect your rental, but also doesn’t embellish it. Being upfront with your guests will save you from reviews implying you’re not an honest business person.
Dedicate Yourself to the Business
Similar to other business ventures, short term rentals require attention so they can thrive. No business can run, much less succeed, if the people operating them don’t devote plenty of their time and effort.
This can be done in many ways, one of which is keeping a close eye on detail. STRs lead to less wear and tear on properties, but they still need maintenance.
It’s crucial for landlords to make sure every amenity is in proper working condition. Additionally, the property should be thoroughly cleaned in preparation for the next guest.
Aside from rental upkeep, landlords should also be effective in communication. STRs are interpersonal. You’ll encounter different people, and you have to make them all feel welcome. Moreover, you have to be available to help them should any problems arise.
Create Individualized Experience
The short term rental market is likely to grow in the coming years. This has drawn the attention of homeowners who want a taste of this profitable venture. As a result, there is an abundance of properties for guests to choose from.
This can cause some difficulties for landlords. For a business to boom further, you have to offer something your competition doesn’t. This can be better amenities or local support in terms of potential activities to add to itineraries.
Effective communication and better response times can also contribute to the success of your business. Tenants might encounter problems during their stay. They would more prefer a landlord who is quick to offer a solution than an absent one.
Business requires tenacity and grit, and STRs are no different. If you wish to succeed in this line of work, it’s important to keep all of these in mind. It’s so you can properly operate your business and keep guests satisfied.