Short-term rentals are becoming more popular lately, but you might be curious about what they are. So first, let’s define what a short-term rental is.
What is a short-term rental?
Short-term rentals, also known as vacation rentals, are fully furnished properties leased to guests for shorter durations, often on a nightly or weekly basis. This option is considered an alternative to hotels, gaining popularity in recent years due to the privacy and ample space they provide. Short-term rentals offer individuals the flexibility to explore different places without the commitment of a permanent residence.
For those who own a second home, hiring a short-term rental property management company can be a valuable partnership to efficiently operate and promote their business.
What is considered a short-term rental?
- Apartments/Unit: Compact living spaces within larger buildings, often found in urban areas and equipped with essential amenities.
- Vacation Homes/Houses: Entire homes available for short-term rental, suitable for families or larger groups seeking privacy.
- Villas: Upscale and spacious residences, often featuring luxury amenities such as pools and scenic surroundings.
- Cabins/Cottages: Rustic and charming dwellings typically located in natural settings, appealing to those seeking a getaway in nature.
- Townhouses: Multi-story homes with shared walls, providing a balance of space and a sense of community.
- Duplexes: Single buildings with two separate living spaces, suitable for smaller groups or families.
- Boutique Hotels: Smaller, unique hotels that offer a personalised and distinct experience for guests.
- Bed and Breakfasts (B&Bs): Cozy accommodations, usually in residential settings, providing breakfast and a more intimate stay.
Now that we know what short-term rental is, let’s talk about how to boost your income.
Create an appealing (but accurate) listing
Detailed descriptions accompanied by high-resolution images showcasing clean, well-lit rooms can significantly impact booking decisions. Investing in professional photography pays off, as Airbnb notes that hosts with top-notch photos tend to earn 40% more than their counterparts and can command higher nightly prices after upgrading their images.
Set up a competitive price
Find the right price for your rental by looking at the rates of similar properties in your area. Remain adaptable to modifying your rates in response to fluctuations in demand, supply, and changes over time. This approach ensures your pricing remains competitive and reflective of current market conditions.
Showcase your amenities
Attract more guests by showcasing amenities like complimentary wine, free Netflix, fully equipped kitchen, pool, gym, and free parking. These amenities not only contribute to positive reviews but also encourage repeat visits.
Create an informative guidebook
You can elevate your guest’s overall experience with an informative guidebook. This extra touch not only enhances their stay but also simplifies the process of exploring the local area. Your guidebook should have valuable insights, recommendations, and insider tips, ensuring that your guests can make the most of their visit and create lasting memories. From hidden gems to popular attractions, your guidebooks should aim to make navigating the surroundings a breeze. This will contribute to a more fulfilling and enjoyable stay for every guest.
Pay attention to maintenance and cleanliness
The biggest factor that affects what guests say about your short-term rental is how clean your place is. It’s not just about the rooms, bathrooms, and kitchen being clean; it’s also about the bed sheets, towels, and blankets smelling fresh and spotless.
Nobody likes to rent a place with leaky taps, chipped paint, smelly bathrooms, or a busted air conditioner.
Keeping spaces super clean and well-maintained is crucial for good guest reviews. Unhappy guests tend to warn others in their reviews about a bad experience with the property.
Marketing Strategies
Creating a good Airbnb marketing strategy can turn interested viewers into actual bookings. A smart plan will show you when and where to promote your holiday home, using a mix of online and offline methods.
The way you market your Airbnb depends on factors like size, location, and the type of space you’re renting. There’s no one-size-fits-all marketing strategy for everyone. Check out our proven Airbnb marketing tips
Aim to get more positive reviews
Good reviews are crucial for successful short-term rentals. What guests say can affect how much money you make. To get positive reviews, make sure everything is super clean, communicate clearly and friendly, and solve issues quickly. Ask guests for reviews and respond nicely. Positive reviews build confidence in future customers, make your place stand out on rental websites, and bring in more bookings, giving your income a temporary boost.
Get the right tools for your short-term rental
AirDNA
Airdna is a company that supplies data and analytics for the short-term rental market. They offer information on rental performance, market trends, occupancy rates, pricing strategies, and various other aspects related to short-term rentals.
Lodgify
Lodgify is a tool that helps hosts who rent out their homes for short stays. It gives them tools to create a website for their rental, manage bookings, and handle reservations. It includes features like managing the property details, allowing online bookings, and providing templates to make a good-looking website for short-term rentals.
Pricelabs
Pricelabs is a tool for vacation rental hosts who rent out their homes for vacations. It helps them set the right price by looking at things like how much demand there is, the time of year, local events, and what others are charging. Pricelabs uses special math (algorithms) to figure this out and automatically adjusts the rental rates. The goal is to help hosts make more money while staying competitive.
Consider hiring professionals
Property manager can help you handle the day-to-day operations of your rental property. Managing an Airbnb property can be rewarding, but it takes a lot of time and effort. Hiring a property manager can make things easier and ensure your rental goes well.
Increase your rental income – Reach out to us, and we’ll demonstrate your potential earnings with discoverbnb. Don’t miss out on claiming your free property assessment.
