Thanks to the explosion of Airbnb, there is growing demand in the short-term accommodation market, with lots of money to be made if you have the right property.
Does your property have what it takes to be a successful short term rental?
Location is key
“Location, location, location” is one of those tired old cliches we would all be happy to retire, but when it comes to short-term accommodation, location is key. The best properties for short term rental are ideally within no more than a 10 minute walk to amenities like restaurants, cultural and tourist attractions, markets, parks and cafes. Things to do, places to go, coffee to drink - all very important to your guests.
Is your property more isolated? While isolation on its own is not a total dealbreaker, isolated properties need to go the extra mile in terms of their uniqueness, charm and amenities. Does your property have the level of “wow factor” that can make up for its lack of proximity to restaurants, bars, cafes, attractions and parks?
The atmosphere of your neighbourhood is also really important when assessing the suitability of your property for short-term rental success. What is the general vibe and character of your neighbourhood? What do the neighbouring properties and streetscape look like? Does the neighbourhood have a propensity for noise or disruption? No matter how gorgeous your individual property is, the surrounding area needs to feel like a safe and pleasant place for your guests to visit.
Charm and character
This is where the individual character of your property can shine. Guests are no longer satisfied with cookie-cutter accommodation, and are looking for something unique. What makes your property special? Heritage properties, architecturally-designed buildings, fantastic views or amazing gardens and landscaping can make your property stand out from the crowd, attracting guests who are looking to “wow” people with their holiday photos. Never underestimate the power of “The Instagram Factor” when it comes to short term rentals.
Size and utility
Your property doesn’t need to be massive, but it needs to be to be comfortable. Generous living and dining zones, a good kitchen, effective heating and cooling options and spacious bedrooms are attractive to guests. Secure off-street parking and a good-sized garden are also highly desirable. As a general rule of thumb, there should be a decent sized bathroom for every three guests that the house can accommodate. Last but not least, excellent WiFi. Your guests will consider that an essential utility, as important as clean running water and electricity. Maybe more important...
Another thing to think about is the accessibility of your property, and whether this has the potential to hinder access to guests who have mobility issues or physical impairments. Are there a lot of steps on entry to your property? Is the property serviced by level, safe pathways? How many storeys does your property have? What kind of floor surfaces are in the main living and dining areas? Are the bathrooms and toilets located on the entry level? Does the bathroom have a walk-in shower? While these things do not rule out your property for short-term rental, they can impact on its earning potential if accessibility is an issue.
Furnishings and styling
If your property is already furnished, it’s time to cast a critical eye over what your interiors look like and whether they will be appealing to potential guests. It’s fine to have your own personal style, but it’s important to appraise whether your furnishings and interior decor are going to photograph well and offer the experience that your guests are looking for. Expert help in this area is a worthwhile investment that will pay for itself - there is an art to styling properties, and a good stylist will work with your existing furnishings while also incorporating new pieces, so it doesn’t have to cost a lot.
Operational costs and potential earnings
If you’re thinking about engaging a property manager to manage your short-term rental, they will also take into account issues relating to operational costs and potential earnings. They will assess whether the potential earnings from the property are sufficient enough to warrant managing it, while also offering the owner a decent return on their investment. Also, is it practical for them to manage the property, and be close enough to go back and forth to the property on a regular basis to take care of tasks like cleaning, gardening and maintenance?
Is your property a candidate for short-term rental? Let’s chat.
So your property is a suitable candidate for short-term rental, but you’re not sure what the next steps are. If you’d like to discuss engaging us to manage your property on the short-term market, don’t hesitate to get in touch to schedule a free consultation. We’d love to chat with you about the short term rental market in the Macedon Ranges, and to assess your property’s earning potential.