How investors can cash in on short-term rental opportunities

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Short-term and vacation rentals are increasingly becoming popular and allow property owners in Australia to earn up to 30% more than they would for a traditional long-term rental.  Private investors and property management companies have been buying homes and entire buildings in some of the most popular areas of Australia with short-term rentals in mind.

If you already have a property or are thinking of buying one to turn into a short-term rental here is how you can cash in on the opportunities.

The power of having the right tools

The increase in tourism across the major cities of Australia has increased the demand for short-term accommodation as opposed to hotel stays. Multiple website listings for short-term rentals are difficult to set up and manage.

Website management tools have been designed to help with the initial listing of one or more places on multiple websites and then continue to offer support with scheduling bookings, updating listings and even maintenance.

You need to list your property on most of the popular online travel and accommodation platforms so that you can ensure that you have enough bookings throughout the year to cover the cost of not having a full-time tenant. Agoda, Airbnb, Booking.com, Expedia, and TripAdvisor are some of the most popular and with a good management tool you can set up a listing on all of these in less time.

These management tools give property owners global insights, automation and the latest technology required to run their listing efficiently. They also offer security tools, energy efficiency tools, and dynamic pricing solutions, while they also keep property owners up-to-date with regulations.

Ensure your short-term rental has a competitive edge

The aim is for prospective guests to prefer your property over others in your area and you also want returning guests.

Streamline the running of the short-term rental

Property management and support tools help to simplify the day-to-day running of the property in a cost-effective way. This allows more time to focus on the most important issues, which are ensuring that the guests have a memorable stay.

Be different from the competition

Brand your enterprise by offering guests something different to your competitors. This could be anything that will make the holiday stand out for your guests. It goes without saying that one of the most important is customer service. Be accommodating to guests who may arrive later because of a set-back during their journey, even offer to fetch them from the airport if it is so late that their car rental company has closed, and most important, always be available to them during their stay to answer queries and help them with any issues.

Remain competitive by using data

Research will help you find the right price to charge a night, and also what the minimum number of nights for each booking should be. The data from your research can be used as leverage for a higher income.

Focus on the guest experience

Add value to your guests’ stay by offering them an exceptional experience and better service than they are likely to receive from others (including hotels) in the area.

The importance of feedback and reviews

Good reviews are important for new guests and show that the guests who stayed are likely to return. Encourage feedback so that you can also iron out any small issues.

Ongoing excellence is rewarded

Some of the best ways to continue receiving 5-star reviews and returning guests are:

Up-to-date information

The property information must always be up-to-date on all the websites. It is important that you prevent double bookings or showing that the property is not available when it is. A management tool is best used to prevent these types of situations.

Keep up the communication

Guest communications across all booking channels need to go through a centralized system so that you can be in touch with them as protocol and guest expectations dictate. 

Cleanliness and thoughtful treats

The property must be spotless when new guests arrive and cleaners need to have a schedule or be notified with an automation tool so that they know when arrivals and departures are.  Always leave a welcome note with a few thoughtfully chosen treats for guest arrivals.

These tips will ensure that your short-term rental will continue to provide you with a steady income and be a valuable business investment.

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