There are many factors that influence the price you can achieve for your short-term let with location being prime! Guests are looking to be in on the action whether that is prime tourist spots or business parks, they are looking for a space that is convenient. Properties in highly sought after areas will achieve a high return on investment but location is not the only factor that can affect the return on your investment.
If you are renting your property out short-term then you already know the income potential available to you - up to 30% more than an annual lease. But how can you maximise this and get the most out of your short-term let?
We’ve come up with 5 tips to increase the revenue of your short-term let
When looking to achieve a high short-term let yield, the way you furnish the property is key! Instead of throwing in mismatched essential items, think of a theme which will flow through your property. You want your guest to feel like they are in a home from home and not in a thrown together property! Try to stick to the same colour scheme throughout but stay neutral and stylish. A pop of colour is great but can at times be overpowering.
It’s a great idea to add soft furnishings too, a rug can transform a room as can blankets, cushions and throws. These items can be affordable and will add a warm touch to your short-term let. Lamps are also very important if your property doesn’t have a constant stream of natural light throughout the day.
If you have an outdoor space, add furnishings! This creates a whole other space for guests to enjoy. A BBQ outside (if applicable) adds a whole new dimension to your short-term let - everyone loves a BBQ!
Make your property stand out from the rest! If the kitchen and bathrooms are slightly dated, it could be in your best interest to spruce them up a bit. This doesn’t need to break the bank - you can make a drastic change to the appearance of a kitchen by painting the cabinets! This can make it look fresh and stylish.
A bathroom upgrade is a little more costly but can be worth it in the long run! Guests appreciate a clean space that isn’t over complicated or cluttered so think about fresh colours and storage to minimise the items on display. If this is currently out of budget, think about regrouting the tiles - this can make a huge difference!
An upgrade to a floor can entirely transform a property and make it more homely. If the floor tiles are cracked, old or a questionable colour, an upgrade could be in order. You can also make your property stand out by adding a feature wall encouraging some character into the space. Simplicity is good but character can often attract a higher price.
A sofa bed in your short-term let can increase your price greatly as it allows more guests to stay in your property. You may only have one bedroom, so a sofa bed transforms your short-term let from a couples retreat to a family space or a holiday with friends!
To kit out your place and have guests eager to return, include popular tech comforts such as 4k TVs, gaming systems, Netflix subscriptions and a full cable lineup to pick up all the sports networks.
Client reviews are so important and can be make or break for most guests! Your property marketing pictures can look outstanding but if you have mediocre or bad reviews, this can sway many guests to choose another property.
By adding the above features to your property, you can encourage more positive reviews.