Three Things to Know Before Renting Your Home Short-Term

Ayvio Marketing

24 January 2020

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Traditional or Short-Term

If you’re looking at rental properties, there are typically two ways to do that. You can invest in a long-term rental like a traditional year-long lease. This method is the “traditional” way of renting – you find tenants that will sign long-term with your home, and then they live in it for however many years they want.

 

With the introduction of Airbnb, there’s another way to rent. These “short-term” rentals because people typically rent these properties for a few days at most. Short-term rentals are attractive options for people, though, because they can earn significantly more than traditional rents. A home in an in-demand area might fetch $2-3k per month with conventional renting, but on Airbnb, it might get $200 a night (which is about $6k a month).

 

The substantially higher profits have made many property owners look into short-term renting as a way to make money. If you’re looking at putting your home on Airbnb, here are three things you should know first.

 

It Can Be More Work If You Go It Alone

 

Depending on how you rent your home on these platforms, you might be spending more time managing your property. You’ll need to clean your home and re-make it in-between visits. You’ll also have to deal with handing the new guests the keys for each stay. By contrast, with traditional rentals, they sign the lease, and then you give them the keys and walk away.

 

However, if you partner with a hospitality company like Ayvio, they will take care of all of this for you. They come in, clean, and provide your guests with a stellar experience so you can sit back and relax.

Best Practices

There Are More Sites Than Airbnb

 

Airbnb is undoubtedly the most popular site for renting a home for a few days. However, there are other sites like Vrbo. If you want to maximize your rental income, you’ll want to list your home with all these different sites as well. A prospective renter may be browsing Vrbo for a night away, and that night happens to be one that you couldn’t book through Airbnb. Maximizing your income involves multiple listings on multiple different sites!

 

If You Want To Maximize Returns, You’ll Also Need To Adjust For Local Events.

 

To maximize revenue the most, you’ll want to calibrate your prices for events that are happening around the area. Is your home near a football stadium? There’s a good chance that when a game comes to town, you’ll be able to earn a lot more for your property than when there isn’t a game going on. Calibrating your prices will help you achieve maximum income and enable you to maximize your home’s value.

 

A Partner Can Help Guide You Through These Issues

 

Ayvio, a hospitality company, works with partners all around the globe. We provide world-class experiences for both owners and guests. Our sophisticated technology manages your listing across multiple platforms and adjusts pricing for weather, games, and other events to ensure that you are always achieving maximum returns. Our partners love the performance and the fact that we can transform their homes into world-class experiences!

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