The Airbnb revolution has widely changed perceptions of short lets, opening up a potentially lucrative market for buy-to-let investors.
For landlords, short lets can command around 30% higher rates than long-term rentals, subject to the relevant consent.
Many landlords may need to request permission from the local council, some of which insist on a three-month minimum rental term, while some properties may have a 90-day limit per year.
It is also worth pointing out that with leasehold properties, the building’s freeholder may seek to restrict short lets in the building to reduce the noise and disruption for other residents.
Also check that the property is adequately insured for short lets. An off-the-shelf home-and-contents policy is unlikely to provide sufficient cover for the additional risks.
Airsorted, which offers a dedicated property management service, offers the following short-term property rental tips:
Location, location, location. Whilst you can’t change where you live, you can boast about its transport links. Properties within 1km of a tube or train station have on average a 16% higher occupancy rate.
A photo tells a thousand words, but a professional photo will sell your property. Smart looking pictures that show your property to its potential will pay off… literally. Those using professional photographs earn 17% more than those without.
Speed is of the essence. Guests want a responsive host that can answer any queries in advance or during their stay quickly. In fact, speed of response is key to achieving the coveted ‘superhost’ status. This can be a time-consuming task, which is why many choose to outsource this to a host management company like Airsorted.
The guest experience is everything! Once you’ve got your guests through the door, it’s important to remember that your guests are on holiday. Little touches of hotel glam, or warm and personal notes can improve the overall experience.
There’s more out there than just Airbnb. Whilst Airbnb arguably made part-time property rental famous, there’s plenty of websites you can list your property on to ensure you have a high occupancy rate, such as HomeAway, Expedia and Booking.com.