More and more people are renting out their space on a short-term basis. If you’re thinking of doing the same, you can rent out your space — like a condominium unit — by the day. If you want to be successful, here are some tips to help you get started.
Make It Instagrammable
The first step to success is making your space Instagram-worthy. People who are looking to rent space on a short-term basis are often doing so for a special occasion — like a vacation or business trip. They want an experience that is unique and memorable. They also want their experience to be share-worthy on Instagram, primarily, and on all their other social media accounts. That sharing starts with the space they’re staying in.
Every corner of the space must look interesting in the photos and videos of your guests. This will make the space enticing. Upon inspection, would-be guests will already be visualizing the shots they want. Remember that every post they make stands as a personal endorsement for your space. That gives you free promotions that are even more valuable than advertising.
Take some time to make your space look its best. In addition to general cleaning and decluttering, seriously plan your design. If you cannot afford to hire an interior designer, scan social media and look at the rooms that people are posting. You can also search Pinterest for the most popular interior design looks.
After you have decided on the look you want for your space, find ways to achieve it with the least expense. Changing your unit’s plain walls will make a huge impact. For instance, currently in style for walls are stained or painted wood paneling or bricks. Installing the real thing will be expensive but you can use 3d textured wall panels instead. These look incredibly real but are peel-and-stick panels made of MDF wood that are quick and easy to install. They are also very affordable.
Once you have your walls looking great, it’s easy to add elements that will work with them. You can buy and refinish used furniture to give it a new lease on life. Make sure that the furniture you choose is not only stylish but also functional and comfortable. Finish up the style with the right curtains, bedding, and pillows. Put in some plants for an even more welcoming and photogenic vibe.
Think About What Amenities You Can Offer
Another important consideration is the amenities you can offer. When people are looking for a short-term rental, they need it to have everything they need for their stay. If you can provide amenities that will make their stay more comfortable and enjoyable, you will be more successful in renting out your space.
Some amenities you must be sure to include are:
- a TV, preferably a smart TV that has Netflix
- a small refrigerator with complimentary bottled water
- a microwave oven
- an electric water kettle
- an electric iron and ironing board
- microwavable containers
- dining ware
- hangers in the clothes closet
- a hair dryer
- a welcome basket with local snacks
If your unit can provide the following, you have an edge over other rentals.
- A mini-bar
- Access to a private pool or rooftop deck
- Access to a gym
These are just some examples. Think about what amenities would be most appealing to your target market and try to provide them.
Price It Competitively
Of course, you also need to price your rental competitively. With the right amenities and a great space, you can charge top dollar. However, if you are just starting out, it is best to charge on the lower end. This will bring in more guests to start you off well. Once you have some positive reviews, you can raise your rates.
It is also important to be flexible with your pricing. Seasonal rates are common in the vacation rental industry. You can also offer discounts for longer stays.
Advertise Your Rental
Once you have your rental unit ready, it is time to start advertising it. The best way to do this is by creating a listing on Airbnb. This will give you the most exposure to potential guests. You can also create a listing on VRBO or HomeAway.
When creating your listing, ensure that you use high-quality photos and videos. Write a detailed description that highlights all the features and amenities of your rental. Don’t forget to include the rates and any discount you are offering.
You should also list your rental on local classified ads websites. This will help you reach people who are searching for vacation rentals in your area. Finally, don’t forget to spread the word to family and friends. They may know someone who is looking for a short-term rental.
By following these tips, you can be successful in renting out your space by the day. You just need to be creative and competitive and market your rental well.