THE ULTIMATE GUIDE TO OWNING A Profitable Short Term Rental Property

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Do You Want To Earn More Income From Your Rental Property? Short term rentals may be the answer...

maisonnets.com maisonnets.com Introduction If you own residential real estate, then renting it out that meet your criteria, and try to lock them into a is a great way to earn a secondary income. 6 or 12-month lease.

Perhaps the most attractive thing about rental In more recent years, thanks in large part to , income is that it’s essentially passive, you don’t need the short-term rental market has seen a surge in to physically do anything for that revenue to keep popularity. But for most old school investors, who depositing in your bank account every month. are familiar with the “set and forget” approach to rental properties, this new approach provides an Of course you will probably need someone to unknown. With the unknown comes uncertainty manage the property, ensure vacancy rates are low and perceived risk. and organise any needed maintenance and upkeep. But compared to many other investment alterna- In reality, short-term rentals are not as tives, it can be very hands off in nature. risky as most people think. And in fact they pose a significant opportunity for those willing to The most common way to rent out your property take some time to understand how this evolving is to do so on what is considered a “long-term” market works. basis. You list the property, find suitable renters

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Why Would You Consider Short Term Rentals?

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The primary reason that short-term rentals are an bookings. Especially when you are first getting start- attractive choice for investors is that they have the ed. But once you’ve had some renters leave positive potential to earn you a greater return reviews on the bigger listing sites, vacancy rates on your investment. You can charge more for become less of a worry. your property when it is rented out on a nightly, or even weekly basis, compared to a typical long-term After a while results can start to snowball. You have leasing agreement. guests who enjoy their stay so much that they re-book, and the positive reviews people leave Let’s say you have a property that you rent out for make your place more popular to new renters. $500 a week. With short-term rentals you could easily rent that same property out for at least $120 With the right approach you can actually have your a night, and since weekends are busier and have short-term rental property booked out for months more people looking to rent, you can increase the in advance. This guide has been written to help you rate to $180 per night over the weekend. In this do exactly that – everything from attracting guests, scenario, your weekly rental potential skyrockets to to getting positive reviews, and then ensuring your $960. guests come back again and again.

Of course this is a very simplistic way to look at it – short-term rentals also come with unique challeng- es, such as high vacancy rates and inconsistent

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How Do You Attract Guests To Your Short Term Rental?

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The first step to owning a profitable short-term As well as listing your property on as many relevant rental property is to make sure your listing is fea- sites as possible, you can attract more guests and tured on the best rental sites available, so that it reduce vacancy rates by ensuring your listing is opti- attracts as many potential guests as possible. mised to impress your potential guests.

Most property owners will list their rental property For example, your photos are the first thing that on Airbnb, and leave it there. But in fact there are people will look at when they click on your listing. many leading global and niche booking With the high-quality cameras available today even platforms that can get your listing in front of on smartphones, there’s no excuse for anything but more people. Some of these include: Airbnb, Stayz, crystal-clear, professional-looking photos. that Booking.com, HomeAway, , TripAdvisor, highlight the best parts of your rental property Agoda, Hotels.com, FlipKey, MrBnB, HotelBeds, VRBO, , Hotels Combined to name a few. Your headline and description are also crucial to your rental’s success on these listing sites. Show off In order for you to get more bookings, you have to your property’s biggest selling points in its headline. list your property on multiple sites that all have a targeted audience of their own. For example, some The best short-term property listings are profes- sites specialise in properties by the sea, whereas sional, compelling, beautiful to look at, but also others focus specifically on the market. You authentic in their delivery. need to decide which ones are right for you.

maisonnets.com Which Leading Booking Sites Should You Be Listed With? maisonnets.com Airbnb TripAdvisor Airbnb is an online community marketplace that connects World's Largest Travel Site. 435 million+ unbiased traveller people looking to rent their homes with people who are reviews. Compares 200+ sites to find the best accommoda- looking for accommodation. tion prices. Stayz Agoda Over 1,200 locations around Australia and Oceania, Stayz Guaranteed lowest prices on hotels, hostels, resorts & vaca- remains one of Australia's leading accommodation booking tion rentals. 1,272,360 hotels worldwide, over 1,500,000 websites. reviews. Fast and secure with the lowest rates! Booking.com Hotels.com The world leader in booking accommodations online. Each Offers a one-stop shop source for accommodation pricing, day over 1,200,000 room nights are reserved on this platform. amenities, availability and also specialises in providing travellers This site attracts visitors from both leisure and business with accommodation during sold-out periods. sectors worldwide. Flipkey Home Away Find amazing deals, authentic guest reviews, and a comprehen- HomeAway is the world’s leading online marketplace of vaca- sive selection of more than 300,000 vacation rentals around tion rentals, with sites representing more than 625,000 paid the world. vacation rental home listings in more than 145 countries. They Hotelbeds offer short term home rentals as an alternative to hotels. Hotelbeds contract, connect and efficiently distribute a differ- Expedia entiated portfolio of 100k+ properties to leading industry partners including online travel agencies (OTAs), retail agen- Expedia is one of the world’s leading travel companies, with an cies, tour operators and airlines. extensive brand portfolio that includes some of the world’s most trusted online travel brands.

maisonnets.com maisonnets.com Misterbnb Misterbnb helps connect the global gay community by Listing of vacation rentals, apartments and guest houses, enabling gay men to earn money from their spare space and owned by friendly locals across the world. affordably travel the world feeling welcome anywhere they go. VRBO Holiday Letting Vacation Rentals by Owner Holiday Lettings advertises 600,000 privately owned holiday cottages, villas and apartments in 150+ countries worldwide. Trivago Trivago compares more than 1.3 million hotels/B&B’s from Apartment Apart over 200 booking sites daily, on their mission to be every Europe's largest independent apartment operator. traveller’s first and independent source for finding their ideal hotel at the best price. Atraveo Hotels Combined Large holiday rental market on the internet for holiday apart- Compares all the top travel sites ments & holiday houses.

Ctrip Tourico Holidays

A leading provider of travel services including accommoda- Tourico Holidays is the world’s fastest-growing travel distribu- tion reservation, transportation ticketing, packaged tours and tion company. corporate travel management.

maisonnets.com maisonnets.com Flat4Day Homelidays Flat4Day is the leading network of vacation rentals, holiday Homelidays connect owners who rent their residences with homes, furnished apartments and villas in Europe, Turkey and millions of French and foreign holidaymakers who are looking the Middle East regions. for spacious, intimate and authentic accommodations. HouseTrip Vacation Rentals HouseTrip is one of the largest vacation rental websites in the Best-in-class reservation tools and maximum exposure, allow- world. An ideal alternative to hotels, a HouseTrip stay means ing you to get the most value from your vacation home. authenticity, privacy, value for money, and flexibility. Budget Places One of the world’s leading online marketplaces for private BudgetPlaces.com specializes in finding affordable nightly rates accommodation. With over 350,000 properties in more than in some of the most popular destinations in the world. Their 150 countries, Wimdu offers travellers authentic and afford- listings can be found in 700 different cities worldwide and they able accommodation. generate over 200,000 online reservations per year. Abritel Only-Apartments Leading specialist in holiday rentals in France, linking home- Only-apartments has acquired over 20,000 apartment listings owners and real estate agencies with holidaymakers around in 206 countries around the world. Its goal is to offer guests the world. the best prices and widest selection of apartment rentals for FeWo-Direk short and medium length stays.

FeWo-Direk brings holiday house owners and vacation house Ostrovok holidaymakers together. Their Hotels Supply Team is the biggest in Russia. They work with dozens of partners to get you maximum exposure.

maisonnets.com Splendia Cities Reference maisonnets.com The Cities Reference network has a variety of furnished vaca- Splendia properties are selected for their luxury status and tion apartment rentals to suit guests needs. distinctive character. They only accept the best.

GoHolidayLets

Wuking Advertising service platform for owners and agents of holiday properties all over the world. They are also an accommoda- Purveyor of accommodation in more than 600 tourist desti- tion search facility for Holidaymakers. nations and cities worldwide. StopSleepGo Rentals Combined Online vacation accommodation service that offers different Rentals Combined is the business and vacation rental expert. and unique places to stay for travelers of every budget and They have over 670,000 quality rentals that are instantly taste. Their aim is to provide the best selection of private bookable and are always managed by professionals. accommodations across the globe. MagicStay Vacagent

MagicStay is the first apartment rental platform that is exclu- VacAgent is a B2B vacation rental online reservation system sively dedicated to business tourism. for travel agents, property managers, and online portals. They consolidate an extensive selection of different channel man- Tripping agement and property management systems.

Tripping.com is the world's largest search engine for vacation BookApart.com and short-term rentals. With over 10 million properties in They deal in the rental of apartments for long and short 150,000 destinations around the world. terms. Their headquarters are located in Warsaw, but their coverage is international.

maisonnets.com Tripvillas Eholiday maisonnets.com Assortment of Holiday Homes and Homestays. Owners The undisputed leader among online accommodation make additional income and Travelers get to stay in large services in the Polish Internet market. spacious family homes in some of the most beautiful places in the world. VR Guest Hostelworld VR Guest is the fastest growing global booking site for vaca- Hostelworld Group is the leading global hostel-booking tion rentals and resorts having already expanded to 67 coun- platform with Hostelworld, Hostelbookers and Hostels.com tries in under one year of business. in its portfolio operating in 19 different languages.

Hotwire Handiscover Hotwire is a major website and app for discount hotels, cruis- Community based Holiday accommodation-booking website es, rental cars and vacation packages. They have partnerships dedicated to people with physical disabilities. At the core of with hotels in virtually every country on earth. Handiscover lies a unique classification system, which allows users to select accommodation based on their level of physi- Egencia cal disability. Egencia puts travellers at the heart of business travel, continu- ously supporting them with solutions that are engaging and Dormis effective. Online booking website where you can list or find rentals

Perfect Visit across the Mediterranean area for a short term.

Perfect Visit is Netherlands’ leading independent serviced apartment agent with access to over 5,000 serviced apart- ments throughout the country.

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How Do You Prepare Your Property For Short Term Guests?

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If you have locked in a string of guests to rent your least make sure they’re locked up securely. The vast property, the next step is to prepare the property majority of renters are great people who just want for when those guests arrive. to have a fun time on their vacation, but there’s always the chance of someone taking advantage of No one wants to stay in a dirty rental. you if you’re too trusting. So vacuum, mop the floors, and dust the bench tops. If you’re not very good at cleaning, hire a Finish your preparation by writing a cleaning company to handle it for you. It’s better to guidebook for your guests, which you can spend a little extra money now to have profession- send them after they book your place (or leave it als handle it than to waste your own valuable time on the coffee table with a handwritten note). The on something that isn’t your specialty. guidebook includes any important information that they should know about the rental to make their You also need to look around the property for any experience better. potential hazards. This could include loose wires, broken railings on stairs, or anything else that could You’ll want to include the Wi-Fi information, result in an injury. instructions on using any appliances and electronics, and phone numbers for yourself and anyone else Figure out what you’re going to do with any valu- who they may need to reach, such as an emergency ables you currently have at the property. It’s best to contact or an on-site manager. You can also add a take them elsewhere, but if that’s not an option, at section with fun things to do in the area.

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How Do You Help Your Guests Feel At Home On Their Stay?

maisonnets.com Finding renters is a good start, but you need to After you’ve given your tour and answered any make them happy and willing to spread the word if questions that your guests have, it’s time to let them you want to have a successful rental in the be on their own so they can start enjoy their long-term. vacation.

Providing a first-class experience from the moment A small gift in the guest room is a nice touch on top a guest contact’s you, makes it more likely that they of your personal connection. Chocolates or a bottle will leave you a positive review and tell other of wine work well for this. people about your property. Don’t underestimate the power of word-of-mouth marketing How you communicate with your guests before, when it comes to the short-term rental market. during and after the rental period greatly contrib- utes to their overall perception of the rental Coordinate with your guests to make sure that you experience. This means being prompt with replies, are there when they arrive. Be friendly, introduce offering help at every opportunity, and generally yourself, and offer to take their bags. Take them making the renter’s life easier during the through the home on a short tour so they know whole process. where everything is and feel comfortable. The way you treat your guests plays a large role in how com- fortable they feel, so be polite and open with them.

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How Do You Reduce Vacancy Rates And Keep Your Property Booked Out?

maisonnets.com As well as listing your property on as many relevant sites as possible, you can attract more guests and reduce vacancy rates by ensuring your listing is opti- mised to impress your potential guests.

For example, your photos are the first thing that people will look at when they click on your listing. With the high-quality cameras available today even on smartphones, there’s no excuse for anything but crystal-clear, professional-looking photos. that highlight the best parts of your rental property

Your headline and description are also crucial to your rental’s success on these listing sites. Show off your property’s biggest selling points in its headline.

The best short-term property listings are profes- sional, compelling, beautiful to look at, but also authentic in their delivery.

When it comes to re-booking your property, you The first couple of times you do this, it may seem want to make sure you give yourself enough time like a mad dash to get your place ready again. After between checking out your guest, and checking in that, you’ll get into a routine as you know exactly the next renter. This way you won’t be too rushed what to do before new guests arrive. in preparing the property. One sure sign that you’re doing your job well as a The most important thing is cleaning up, which host is when you have people rent your place means taking out the trash, cleaning up any mess multiple times. Not only is this good for your that guests have made, and washing the sheets. income, but it also shows that you’re keeping your Again, if this isn’t your forte, you may want to hire a guests happy. cleaning company to turn up. The other side of re-booking is to make sure that Refill any amenities that your new guests will need you are feeding positive experiences with guests to use. If the guest room has a mini-fridge, make back into that optimised property listing online. sure it’s stocked with drinks and snacks. Refill soap Follow up with guests and encourage dispensers, check that the shower still has shampoo, them to leave a review on the booking and if you decided to include gifts for every guest, site in which they found your property. Every little add a new gift to the room. bit of credibility counts when it comes to maintain- ing a low vacancy rate with your property.

maisonnets.com Could You Possibly Do All Of This Yourself? More and more short-term rental hosts are choosing to set up rentals that they hire someone to manage offline. This works in a similar way to the traditional approach to property management...

DO YOU WANT THE ADDITIONAL INCOME BUT NOT THE HASSLE OF MANAGING A SHORT-TERM RENTAL?

Outsourcing your short-term rental management is an excellent way to take some of the work out of being a host. It helps you create a personal experience for guests without physically being there the whole time. The added value of using a professional service for your short-term property management, like MaisonNets, is that we are actively listing properties just like yours every day on over 50 booking platforms at once, increasing the likelihood of your property being rented on multiple sites. This will mean lower vacancy rates and a significantly higher yield in the long-term.

We only curate properties that meet a certain criteria. So if your property is in a great location, has a modern look and feel, is very quirky, or brings personality and comfort to the table, then click the link below to see if it is a good fit...

Check To See If Your Property Is Eligible

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