Following on from last month’s feature on maximising on your investment, here we look at some other tips and tricks to turn your rental property into a gold mine.
You’ve invested in a property to earn an income through short-term letting, but there are many way to make your investment even more valuable. Previously we talked about buying in the right location, adjusting your pricing to suit the season and how to become a super host. Now, we’ll look at some other ways to squeeze more out of your property investment.
You’ve registered your listing and added great images, but you may have forgotten one vital thing- the way your listing actually looks. Furniture is one thing and grandma’s old sofa, or mom’s second-hand crockery might have saved you a few bucks but the old adage, “you’ve got to spend money to make money” rings true here. Think about clothing retailers- they use clever tricks to hook their buyer’s in and you can do the same. Consider who your market is and then furnish your place to suit their needs. If you find most of your guests have kids then ensure you put kid-friendly additions in and make it as physically safe as possible (think sharp table edges and open plug sockets), or perhaps you’d like to encourage more business travellers so why not supply the Nespresso machine with one or two free coffee pods thrown in to sweeten the deal? Think beyond the four walls of your property and try to target your market with the most attractive listing for their needs. It also might pay off to pay a professional or semi-professional interior photographer to come take a few snaps for you.
Be a Human Host
Aren’t you tired of never being able to get a human on the other end of the phone or email? Don’t forget the human element is part of your business development arsenal. Be proactive, be engaging, be approachable and be present. Your guests want to know you care and it’s likely your guest will have questions so quick turnaround is key. Don’t leave them hanging on the end of a line. Understandably your guests may be several time zones away and getting back to them speedily may be a challenge but clever planning could mean you spend most of your day fielding the enquiries you can and then allot a few hours in the evening to respond to queries from across several time zones. It also wouldn’t hurt to take note of what time most of those enquiries come through and build your day around that.