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Short-term rental properties are gaining popularity with companies like Airbnb. The appeal of staying in a local neighbourhood and experiencing more of the actual city and its many hidden gems is becoming increasingly popular with travellers and vacationers no matter where they’re from.
Turning your property into a short term rental using Airbnb can reap serious profits, but how should you get started? With Mareka Properties affordable property management in Toronto you can feel reassured we have your back. Being one of the best condo property management companies we have the expertise to help you get the most out of short term rentals.
First and foremost your property has to qualify to be used within Airbnb’s system to start your short term rental business. From baseline things like being structurally sound, to having all electrical units in working condition, and having the home compliant with local fire code and regulations. For most homeowners, especially ones within a condominium or apartment this should be of no extra worry because your building would have met all these requirements to even have residents and tenants in the first place.
But for stand-alone homeowners, this might be the perfect opportunity to double-check everything and make sure everything is in the right condition before moving ahead and having worse problems down the line. A quick meeting with professionals from plumbers to inspectors can help verify your home’s quality and avoid issues down the line into the renting period.
One of the biggest selling points towards short term rental sites like Airbnb is that people can experience the local feel, if they wanted the feeling of a hotel they could easily find one of many around to check in to. Whether or not your property has been lived in as a home people like to feel like it has to be more comfortable and immersed. Consider decorating your home with various local things that visitors from out of the country, or even just out of town, may find interesting and different as compared to their own home town. There are many different angles to play into this, go all out and target a specific demographic of potential renters or keep it easy and neutral to appeal to everyone, the choice is yours!
Of course, included in this is cleanliness, especially after you start renting its important to have a period in between each renter to make sure everything is ready to go for the next one. No one wants to arrive at a home that is significantly different than what was advertised all because of the past renters. Small things like cleaning the sheets, clearing out and restocking the fridge, cleaning leftover dishes, emptying trash cans, and clearing debris can greatly improve the feel of the place for the next renters to come by.
The listing is the first thing people see when looking at renting so it’s important to include all the information people will need and showcase inviting images. Include things like perks of your space such as; indoor gym, near shopping centers, included wi-fi, free parking, etc, and include any requirements or restrictions (i.e., non-smoking, children, pets, number of guests) you might have as well to be upfront.
If setting your rates and how to price your unit is a concern, Mareka Properties can help you determine the most appropriate rate for you. We also provide property management services so that you can set your space up for success.
Contact us today to get the most of the new short term rental market and start making a profit!