Repurposing Properties for Short-Term Rentals – Unlocking Profitability in Non-Traditional Markets

You might think the best way to make money from your property is via a long-term rental. However, the premium offered by a series of short-term rentals can make this an attractive option. Generally, short-term rentals can be anything up to six months but are more likely to be as short as overnight for a business conference, or a weekend or mini-break for a sole occupier, couple or family. Short-term rentals allow you to unlock greater profitability from your property, as long as you do a little repurposing first. Below we explain how to attract the highly lucrative market of holiday lets and corporate lets.

Think about the basics

Consider exactly what you want to offer and get the basics in place – from rental agreements to insurance – to allow you to make the switch to a short-term rental model. Consider how to operate. Are you going to offer serviced accommodation? Could you include additional information in your welcome pack, such as holiday tips or local area information which your guests might find useful? Think too about how best to market your property and whether to use a channel such as AirBnB. Note that, to help make your life easier, we can manage your short-term rentals for you, including AirBnB and corporate lets.

Look For Durability

You want to choose property in a location that has high demand. Will that be inner city or on the coast? How many people will it suit? Your property is going to be seeing an intense turnover of traffic. Despite fast turnarounds and volumes of tenants you will be expected to impress every time someone new walks in the door. Ensuring the durability of everything from wipeable wall paint to easy-to-clean, scuff-free flooring that helps you deal with the thoroughfare will help to minimise the maintenance required between lets.

Ensure It’s Easy To Clean

On a similar note, consider ease of cleaning. A pristine white sofa and a shiny stainless-steel freezer will prove irresistible for the sticky ice-cream-smeared fingers of a toddler in a seaside holiday let aimed at families so are definite no-gos. Equally, you don’t want your property to look grubby while your short-term tenants are staying simply because you chose a high-maintenance finish for that kitchen worktop.

Include Everything Your Target Tenant Might Need…

Once you’ve identified your target customer, you can be clear about what features and furnishings they will need and dress your property accordingly. Highlighting such features in your marketing – such as a generous desk space and dependable wi-fi for corporate tenants or a cot and highchair and general childproofing for a property that attracts young families – will also help you to attract more of your target market.

…And Then Add Extras To Impress

Guests will want features that make their lives easier. A large family group coming together for a weekend catch-up won’t want to be arguing over who is doing the washing up so will be grateful for a large-capacity dishwasher. A corporate tenant, meanwhile, might well appreciate a coffee machine to boost their caffeine levels before cracking on with work.

Choose Easily Replaceable Items  

Furnish your property with items that look good but don’t cost the earth and are easy to replace. Consider that items ranging from plates to glasses will get broken. It’s much easier to replace a standard white plate than an intricate or limited-design dinner service.

Ensure A Timeless Look But Include a Standout Feature

Do you need to redecorate to suit a holiday or corporate market? Go for a timeless look rather than something that might quickly date or go out of fashion. However, although you want a long-lasting, durable, easy-to-clean short-term rental property, the last thing you want is for it to look so bland that you don’t get any interest in it at all, or for your guests to be left feeling underwhelmed when they arrive. Consider ways of making your property a little unique – such as unusual artwork – so that it both stands out in your initial marketing and impresses on the tenant’s arrival.

No other agent in the area specialises in all these services: Serviced accommodation, AirBnB and corporate lets, single lets, HMOs, property sourcing, property management, and property refurbishment. Please get in touch for more details.