If the global pandemic has led to finances becoming tighter for you this year, you’re likely looking for ways to bring in some extra cash each month. One way to do this is by renting out a spare room on a short-term basis with the help of short term rental property management company.
You might, for example, list the space on Airbnb or another platform. If this idea appeals, here are some tips for getting set up and maximizing returns.
Do Your Research
Don’t jump straight into find a room for rent on a rental platform without first researching. Investigate the various spots where you can list your space (there are many) and understand what’s involved in each. Find out the fees charged for the service, the types of customers targeted, what to include on listings, and how you can get your ad sitting higher in search results. Also, look into the rules and regulations involved with the platform and how payments work.
To decide if this kind of rental will work for you or not, learn the average prices people charge for similar rooms in similar locations. Subtract the platform fees from this and add on the costs for your time and money to get the space set up, plus regular cleaning costs if this is something you’re going to outsource, to determine if the numbers make sense for you. There’s no point going to all the effort of designing a beautiful room if you won’t get enough money back from rentals to justify your costs.
Plus, don’t forget to find out if you’re legally allowed to rent out your room, based on local council and other regulations. Investigate insurance matters, too, as you’ll want cover in case any guests hurt themselves while at your property.
Decorate in a Neutral, Minimal Way
Although you’ll want to have a particular type of customer in mind when designing your short-term rental space, you never know exactly who might book or what might appeal to different people. As such, it’s a good idea to stick with neutral color palettes when decorating.
Keep things simple in the shades you paint your walls and the flooring choices you make, as well as furniture pieces. You can add pops of color and more texture and interest through soft furnishings like rugs, cushions, drapery, artworks, and other accessories.
Don’t clutter up your guest bedroom with too much stuff, either. People need space to move about and sit their belongings and want a calming, restful zone to retreat to. Avoid using the area as somewhere to store your excess clothes, gym equipment, or other bits and pieces. Only put the bare minimum in the room, and it will look bigger and make guests feel more at home.
Focus on the Bed Set Up
Anytime someone stays with you, they want to have a good night’s rest. The bed set up you offer them must be excellent, then. Invest in a new, quality mattress that’s supported by a strong base, rather than using a bed you’ve had for years. One of the big things people complain about on short-term rental websites is uncomfortable sleeping arrangements, so nip this potential issue in the bud ASAP. It also pays to add an allergy-friendly, organic mattress topper to your bed to increase plushness.
Don’t skimp when it comes to bedding, either. Buy lovely new linen made with a high thread count and in breathable fabric that’s soft to the touch. Give your guests a few different pillow options to choose from, too, so they can find the best option to suit their body type and the way they sleep. Plus, add plenty of quilts or blankets during the winter months, as some people feel the cold more than others.
Include Practical Extras
To ensure you receive the best testimonials possible from consumers, go the extra mile. Include all the practical extras you like to find in a room when you stay elsewhere or that you’ve read in your research people often look for. Some of the most popular inclusions are a Wi-Fi code, a hairdryer, some essential toiletries, and a desk to work on.
Add adequate lighting, including a desk or bedside lamp, plus enough storage space. Provide plenty of hangers and somewhere to sit a large suitcase. It also pays to leave guests a folder with a list of nearby amenities and attractions, a map of the area, and some restaurant recommendations. Consider providing a bathrobe and slippers for guests, too, and some snacks.
Setting up a room that’s perfect for short-term visitors takes some time, effort, and monetary investment. However, if you go about the process strategically and with plenty of care, you should start earning a handsome return in no time.