The concept of short-term rental market is neither new nor mind-boggling and the reason is simple. This segment offers up to 50% more rental yield as compared to long-term residential rental properties. Continuously increasing in popularity, there is no surprise as to why short-term rental is a better option, especially for properties located in prime areas of Dubai.
Does the short-term rental concept entice you? Are you ready to invest in buy-to-let properties and let them on short-term basis? The short-term rental market seems like a great opportunity in disguise to help you earn more. However, before you jump on the bandwagon – make sure, you have the right approach and understand all the industry tips and tricks to effectively manage your property and short-term rental services.
Here are four tips to help you successfully manage your properties and maximize your returns.
Hire a professional short-let property manager
If you want maximum exposure for your property, you need to be active on multiple short-let property channels and platforms including Airbnb, booking.com or VRBO. In this scenario, you must hire a reputable short-let management service providing company to handle your listing, or be ready to experience the grind.
You will have to dedicate your days to manage the responsibilities including creating online listings, booking guests, coordinating check-ins on multiple channels and professional cleaning and property maintenance after every check-out and before every check-in.
Create an attractive property listing
A picture paints a thousand words and a professionally shot photo of your property will create an instant impression in the minds of potential guests looking to move too. It is the first chance for guests to help them decide about your property, so don’t undervalue the importance of hiring a professional photographer to capture your property in the best light. Complement the photographs with informative, comprehensive and detailed description of your short-let property. Do not forget to keep updating it from time to time.
Offer hotel-like services without compromising on the comfort quotient
Make your guests feel at home through small and meaningful gestures. Providing perks for your guests can turn the average booking into a great stay, and the best way to do that is by providing real value. The free parking, a well-stocked kitchen, complimentary welcome meal, Netflix access, local guidebooks, finest crockery, professionally-cleaned bed lines and towels and other amenities go a long way to drive repeat visitors.
Focus on good communication
If you want to reap higher benefits, focus on how to communicate politely and effectively with your guests. Property management is a stressful job but full of opportunities. Ensure that each guest has a good experience by employing the necessary communication skills and guidelines. Make a lasting impression on guests by being clear and fast in communication and make your property as descriptive and informative as possible. Be sure to upload clear, quality photos and include information on details that make your guests’ stay more comfortable.
Only then, the guests will be happy to leave positive reviews about your hospitality and property. By growing the number of your reviews, you will be growing the number of your bookings!