If you own a property, do you rent it out on short-lets or let it stand empty? If you’re not sure of the answer, here are five reasons why I think renting out your property on short term basis is the better choice:
You can earn more money renting out your property on short term rental than on a long term rental.
You can earn more money renting out your property on short term basis than you could by letting it stand empty.
You can rent your property to more people, meaning that the same number of potential guests are able to come and stay at your property more often.
You will be able to charge higher rates per night than if you were renting out the space on a long-term basis.
Renting out your property on short term basis gives you more flexibility than a long term rental.
- You can rent out your property for as long or as short a period as you want. If you’re only renting out your property so that it’s not sitting empty, then why would you want to tie yourself down to one tenant for an extended period? You may have plans to let family members stay with them every now and then. Or maybe you want to take some time off from the stress of running a business and need somewhere quiet where no one will disturb your relaxation. With short-lets, there are no rules about how long someone stays in a property-you can just change the listing whenever it suits your needs.
- You set the prices! If a customer wants something extra such as maid service or access to laundry facilities-it’s entirely up to them whether they pay extra fees (and if so what those fees should be).
If you don’t want to deal with the day to day of management of short-lets, you can hire someone to do it for you.
- You can hire a property manager to manage your space. This way, they take care of all the bookings and guest relationships, which frees up your time so that you don’t have to worry about checking on bookings or calls from guests.
- If you prefer not having someone else in your space looking after things, consider getting a cleaning service that will come once every week or two weeks during their business hours (typically 8am–5pm) and clean the house before new guests arrive.
- Hiring a property management company will give them access to more resources than just one person would have on their own. This could include accounting help from an accountant who specializes in renting out properties like yours as well as legal advice when it comes time for renewing contracts with tenants/guests/landlords etc..
With each new guest, you have the opportunity to make more money.
As you get more and more guests, you will start to see your income grow. This is because each guest can bring in more money than the last one. As a result, it becomes much easier to make a profit when you have an established short-term rental business as opposed to just letting your home sit vacant for long periods of time.
By charging higher rates for longer stays and by providing better accommodations, you’ll be able to charge more per night for each guest who stays with you on Airbnb than with traditional rentals. This allows you to make extra money off of each trip as well as increasing your overall profit margin.
You’ll meet new people from all over and get the chance to show them around your favorite town.
You may find that you meet some interesting new people when you rent your space out on short-term basis. People from all over the world love to travel and explore new places, so it’s likely that they will be more than happy to stay at your place while they’re in town. You’ll get the chance to show them around some of your favorite spots, as well as share some of your favorite restaurants and local attractions with them. This can be a great way for you and your guests to bond over their mutual love of traveling! In addition, if they like what they see during their stay at your place, who knows? Maybe you’ll end up making some great friends.
You don’t have to let your property sit empty when you could be earning money by renting it out
- You can rent your property out for more money than a long term rental.
- You can rent it for a shorter amount of time, which will allow you to make more money in less time and be able to find tenants faster.
- You can also get more flexibility in terms of how often the property is rented out and who rents it. If you want to rent it out on Airbnb, there are no restrictions on how often or who stays there!
Conclusion
In the end, you should go with what makes sense for your property and lifestyle. If you’re looking to make some extra money while keeping some flexibility in your life, then renting out your place on short-term rental basis might be a great option. If not, then maybe long term rentals are better suited for you. Either way, be sure to think carefully about what’s best for both parties involved and speak to our agents for assistance before making any decisions.
