Short-term rentals in the UK are becoming increasingly popular with both domestic and international residents who see the many benefits this type of accommodation offers.
There is a wide variety of uses for short-term lets, from people taking domestic breaks to people travelling the UK to weddings, celebrations, travelling for conferences, etc. Landlords with suitable properties can take advantage of a booming industry and potentially generate a significant income via short-term lets. However, much like long-term leasing, for short-term rentals, you need to follow some rules and regulations to ensure everything is legal and above board.
This post will uncover some tips and tricks for landlords looking to maximise their investments by renting out their properties short-term.
Decor Is Vital
How you decorate your property needs to be in keeping with the type of clientele expected to attract, the property usage, and the location. Let’s say you have a country cottage and you want to market short-term luxury stays; your standard of finish and the decor items used to furnish the property will need to be of a higher quality and spec than, say, a city centre apartment aimed at people needing, a place to crash for a night or two while on a long journey and having a quick stopover. Identify your ideal client base and then build the decor around this.
Use A Letting Agency
While managing short-term rentals yourself can be cost-effective, it can also be time-consuming and stressful. A letting agency can be an invaluable resource, making your life as a landlord much easier. Different companies will offer different services, but if you want someone to take over handling bookings, requests, repairs, and maintenance, then looking into short term rental management can allow you to be more hands-off while still bringing in people and bookings to generate an income.
Marketing Is Key
Are you looking for professionals visiting your area for meetings, conferences or training to make bookings? A more businesslike approach via channels such as LinkedIn or through the Business-to-Business (B2B) sector could be a better idea than on travel websites, which are more predominantly aimed at those looking for breaks away. However, marketing is vital regardless of your audience, and being able to market in the right ways and on the right avenues should be something you focus on as a priority.
Communication Is Vital
Short-term means a fast turnover; it means little time to convey information, and quickly delivering essential facts and details about bookings, rules, requirements, etc., is vital. This means you need to improve your communication and ensure it is clear, concise, and direct. From managing bookings to responding to queries, answering questions, resolving issues, etc., you need to be able to effectively communicate all required information to facilitate a smoother experience and maintain a professional standard.
Becoming a short-term landlord can cause just as many issues as long-term rentals. However, this option allows you to generate an income without maintaining long-term tenants. While it can be highly lucrative, especially in high-demand areas, it can also come with risk. These tips can help you move forward and make your short-term rental successful.