Airbnb – a disruption to hotel industry that has been the hot topics of many discussions. There have been numerous articles writing about the pros and cons of using Airbnb; But is it actually wise and advantageous to rent out your property on a short-term basis? Are you optimizing it to make the most out of it? Here are 5 benefits of renting out your property on a short-term basis, brought to you by the HomeHost team.
1. Opportunity to increase prices during peak periods to maximize your income.
New Year, Easter, Queen’s birthday, Christmas – these are just some of the holiday periods that demand for short-term rentals soar. Everyone is visiting and needs a place to stay! Or maybe you’re traveling at that time and will leave your apartment empty for a reasonable amount of time. Now you’re missing out the opportunity to make the most of the holiday seasons. At HomeHost, we adjust prices for you based on the holiday seasons and our expert knowledge of how much your property could fetch. In addition if you’re leaving for a holiday, you could also rent out your house and generate some income while enjoying your time overseas. Wouldn’t that be a win-win situation?
2. Flexibility of tenant selection
So you have 3 prospective tenants: a bunch of backpackers, a family with young children, or a couple with big dogs
If you rent your apartment to the backpackers, they could throw house parties and potentially damage your furniture. You may even get in trouble if they are constantly disruptive to your neighbours. On the other hand, you’ve also heard about the nightmares of what children can do to a house – drawing on walls and floors, playing with fragile objects. It’s not even fun thinking about it! And then there’s the couple with pets. Big dogs that are not well trained could bring about massive damages – from chewing up couches to scratching wooden surfaces. None of them seem ideal.
Now, short-term property rental means there may be a bigger audience looking to have a comfortable holiday. At HomeHost we screen guests on your behalf before allowing them to stay, so you can have a peace of mind of the type of people living in your house. And of course, should any issues ever arise, there are some insurance clauses on airbnb that protect you.
3. Massive time savings of not having to schedule meetings with agents, negotiations and paper work.
Long-term property rental can be a hassle – especially when you need to consider who you’re really renting the place out to. Your tenant may try to bargain – which you’re not too keen on because you already think you’re offering a great deal. On top of that you still have to see to getting paperwork done – or dealing with hefty agent fees. Not the most ideal way hey.
4. You save money by not having to pay for agents and advertisements to get your property leased.
Think about all the money you can save from advertisements that failed to reach the target tenant you have in mind. If you don’t get the correct tenant, you could have massive damages done to your house at the end of the lease. If you keep waiting around for a long-term tenant, you lose out on potential income. It’s a lose-lose situation. At HomeHost we only charge when your property has been successfully rented out. No sign up fee, non obligatory consulting sessions and we are happy to see how we can maximize rental for your property.
5. You can move back in anytime.
Your residential property at has suddenly soared in price and it’s a great time to sell it – but you’ve rented out your apartment to someone for a year. Or you decide to move back home early due to unforeseen circumstances. Where should you go then? Short-term property rental gives you the flexibility to move back in anytime you like! Moreover, you can plan whenever you wish to lease it out and block out dates where you’d need the place for yourself or someone else. And if you’re a busy traveller – HomeHost does EVERYTHING for you. You can entrust full property management with HomeHost – from liaising with your guests to cleaning up and replenishing essentials.
Have questions or want to know how much money your property can generate? Leave your details for a free, non obligatory consultation.