{"id":22409,"date":"2018-09-05T01:00:36","date_gmt":"2018-09-04T15:00:36","guid":{"rendered":"https:\/\/realestatetalk.com.au\/?p=22409"},"modified":"2018-09-05T01:00:36","modified_gmt":"2018-09-04T15:00:36","slug":"main-differences-between-short-term-and-traditional-rental-options","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/main-differences-between-short-term-and-traditional-rental-options\/","title":{"rendered":"Main Differences Between Short-Term And Traditional Rental Options"},"content":{"rendered":"

Take a look at the main things to consider before making a decision to switch to short-term rental for your investment property.<\/p>\n

Airbnb, HomeAway and other short-term rental booking websites have disrupted the accommodation sector. Who would have said, 10 years ago, that paying to stay at a stranger\u2019s place would become a thing? These platforms changed not only the way travellers book accommodation but also how people rent out their properties.<\/p>\n

\"\"<\/p>\n

Short-term rental has become an interesting option for property owners that want to maximise their rental returns and make the most out of their properties.<\/p>\n

It\u2019s important for property investors to consider the differences between residential tenants vs short-term guests. Guests travelling on holidays or for business have completely different requirements compare to residential tenants. Let\u2019s take a look at some of these differences:<\/p>\n

– Location<\/strong>
\nResidential tenants will look for the same features and facilities that home owners find attractive, that means, properties that are close to school areas, supermarkets and parks. Short-term guests prefer to be in properties with easy access to public transportation or downtown tourist attractions.<\/p>\n

– The listings<\/strong>
\nWith short-term rental market becoming increasing competitive, it\u2019s important your listings stands out from the crowd. Descriptions need to be highly descriptive and informative, and professional photography is a must! Residential tenants are
\nrequired to book an inspection before signing a contract, so listing is not as crucial to the success of leasing as it is in the short-term rental market.<\/p>\n

– The booking process<\/strong>
\nThe advantage of having your property advertised on booking platforms, such as Airbnb, is that you have a good overview of the profiles of people that are looking to book your property. However guest screening can be a time-consuming task.
\nFor the properties we manage here at MadeComfy, we offer guest screening service, which is a process of vetting guest profiles from their reviews. Short-term rental guests expect the booking and onboarding to be faster and smooth while residential tenants, on the other hand, are used to a lengthy process of tenancy approval.<\/p>\n

\"\"<\/p>\n

– Property management<\/strong>
\nTraditional rental options often come with a hands-off approach for the home owners at lower rental yields – currently average at around 4%. Short-term rental, on the other hand, offers much higher earning potential – up to 11%, as you can increase or decrease nightly rental rates according to the demand and seasonality. However, with a high turnover of people in your property, key exchange, cleaning and maintenance inspections will constantly be on your list of tasks.<\/p>\n

– Communication<\/strong>
\nTimely communication with guests is another really important duty of a short-term rental host. You have to be open to communicating through booking platforms or even Whatsapp in a timely manner to make sure your guests are having a pleasant time at your property and are not struggling with things like connecting to the Wifi.
\nFor long-term tenancy, direct communication with the tenants will be minimal.<\/p>\n

If you are interested in benefiting from higher rental income that the short-term rental market can bring you but it sounds like a lot of work, MadeComfy can manage it end-to-end for you so you don\u2019t need to do a thing. Get in touch with us to find out more!<\/p>\n

Do you want to know how much you can earn from short-term rental?
\nUse our\u00a0property investment calculator<\/a>\u00a0to find out.<\/p>\n

Originally published by :\u00a0https:\/\/www.yourinvestmentpropertymag.com.au\/property-management\/main-differences-between-shortterm-and-traditional-rental-options-252967.aspx<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Take a look at the main things to consider before making a decision to switch to short-term rental for your investment property. Airbnb, HomeAway and other short-term rental booking websites have disrupted the accommodation sector. Who would have said, 10 years ago, that paying to…<\/p>\n","protected":false},"author":176692473,"featured_media":22410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13,25,31],"tags":[70],"class_list":["post-22409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story","category-sponsored-channels","category-your-investment-property","tag-featured"],"yoast_head":"\nMain Differences Between Short-Term And Traditional Rental Options - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/main-differences-between-short-term-and-traditional-rental-options\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Main Differences Between Short-Term And Traditional Rental Options - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"Take a look at the main things to consider before making a decision to switch to short-term rental for your investment property. 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