Renting out your property as a short-term rental is an excellent way to supplement your income. But this lucrative business opportunity comes with its own problems. There are several factors that a short-term rental property owner should consider before renting out. This will prevent future problems while renting the property and save you a lot of stress. The important points that you should keep in mind while renting out your property include:
List on multiple popular websites
Many short-term rental property owners make the mistake of listing the property only on one or two websites. This dramatically reduces the reach of your advertisements. But if you list the property on multiple popular websites, it will help you to reach out to more potential customers, increase your bookings, and boost revenue. Make sure to keep your listings on trusted websites. Keep a calendar to organize your bookings to avoid the issue of multiple bookings on the same day. There are also numerous websites that help short-term rental property owners manage their bookings.
Representing the property incorrectly
The main focus while making a listing should be attracting guests. You should do this by providing accurate and extensive details regarding the various features of your property. Include good quality photographs accentuating the positive aspects of the place. Remember to showcase unique features of your home that can easily attract the attention of prospective renters, like game rooms, decks, or interesting other amenities. You can also get the help of professional photographers to take good quality aesthetic pictures that can dramatically improve the attractiveness of the place. You should also make sure to not include any incorrect information about the property. This can lead to negative reviews and badly affect your business.
Optimize the space in the property
It is not necessary to have a lot of space in your rental property, but you should know how to effectively use the available space. Do not leave any space empty. You can give purpose to each corner of the house, like drawers under stairs to increase storage space or corner reading nooks for extra sitting space. If you have a backyard with ample space, you can convert it into a cozy space with fire pits and picnic chairs. All these unique features will attract the attention of potential renters and help you get more bookings.
Follow your local regulations
Your local authorities may change the rules regarding renting properties from time to time. Make sure you are informed of all the latest regulations to avoid fines or other penalties. You should also be informed about other important information regarding renting out short-term rental properties, like permits, taxes, guest allowances, and much more.
Properly price your property
Both overpricing and underpricing your property can affect your bookings. If you have overpriced your property, you may not get bookings since people will not spend extra money without the features. If you have underpriced your property, people may be reluctant to book it, fearing that the property may have some undeclared issues.
Renting out a property is a good way to earn some extra income if you diligently manage the various aspects of it.
At Nest Host we take care of everything in order for you to gain the most profit with no hassle. Visit nesthost.ca/short-term-rental-management to learn more about our services.