We receive inquiries every day from clients who have no experience in the vacation rental industry. To make it as easy as possible for you, in this short article we will focus on the four main questions, the answers to which will give you clarity on how suitable your property is for advertising on platforms like Airbnb.
Question 1: Where is my property located? Although it is understandable and quite logical, we still need to stop and give a short and clear answer to this question. Centrally located properties have always been and will always be preferred. Put yourself in the shoes of a guest visiting the city for a few days - where would you like to stay? In the center, of course. Close to restaurants, shops, within walking distance of the most popular buildings and attractions. Another important factor for resort towns is the distance from the beach. If it is less than 1 kilometer (up to 10-15 minutes walking distance), then the property is significantly more attractive to guests.
ВBe honest with yourself and leave the sentimental value of the property aside. The Internet is full of examples of contemporary furnishings and properties in good condition, and while the word "luxury" is often bandied about, you can still objectively assess where you stand in terms of trends. When was it last changed the furniture, what are the floors, what is the joinery, what is the condition of the bathroom, how is the apartment equipped? Answer these questions honestly. Here, the condition of the building is not particularly important (if the building is an old, central building, but the apartment is welcoming and beautiful, then it is suitable).
If the property needs refreshing and replacing the equipment and some of the furniture in order to be successfully rented out, then again you need to be honest with yourself and consider this investment. If the TVs need to be replaced with a more modern version, the mattresses are in bad condition, the sofa looks bad, hobs are worn out or you need to replace an old cooker with a new one, then you need to think carefully about whether you are ready for this investment at the stage you are at. Alternatively, you can rent the property long-term for another year - two at a price acceptable to long-term tenants and collect the necessary funds for the purpose.
Question 4: Am I ready to trust a professional? Before you contact a management company and ask for professional advice, it's a good idea to think about whether you're ready to take it. The objective and honest opinion of people with experience in the field will help you achieve better results and make this business work. It is a good idea to contact a property manager before making any changes and investments to consult and make sure that you are not making unnecessary or unnecessary expenses and that you will invest your money properly.
