Renting your investment property as a serviced apartment can be a great way to maximise return, particularly if you live in an area with a shortage of hotels and short-term rental properties. This article will provide information to help you get started in this business.
- To start renting your property as a serviced apartment, it will need to be fully furnished. Take an honest look at any current furniture you have, as tired or dirty looking furnishings and fittings will lower the nightly rate you can achieve. Upgrade your linens and towels to matching sets using affordable sets from department stores.
- If you need to upgrade any furniture, consider looking at good quality second-hand items for hard items like bookcases or tables. It's worth buying your soft furnishings (such as beds) new as these can have absorbed odours, stains or bedbugs from their previous owners. Consider upgrading bathroom cabinets and any damaged kitchen cabinets or splashbacks at the same time if these are in bad condition.
- Once you have installed the furniture, take a range of photos of the property, with multiple pictures of each room. Ensure that the pictures are flattering and well lit.
- Before you start marketing your property, brainstorm the attractive features of your apartment. These can include large rooms, new beds, proximity to amenities, public transportation or tourist sites, WiFi, unique local shops in the area and anything else you think might be useful for people to know. Include any features that the tenants will have access to as well. For example, if your building has a swimming pool or gym, include shots of these. Work out how many people can comfortably live in the property as well as whether you will be happy to accept pets. (Accepting dogs and cats can open you up to a whole new market of short-term renters!!)
- Start to list your property on a number of sites to maximise your audience. If you are close to a university or hospital, see if you can list your property on any noticeboards they have for sabbatical stays as well. Review your asking price against other similarly located and sized properties, and offer peak and off-peak pricing around your most popular times to maximise both returns and occupancy.
- Specify how much bond you will need to take and how often you will be coming to service the apartment, as well as what level of servicing you will offer (full cleaning, light cleaning or simply changing the linens). Feel free to ask potential tenants for rental references from previous renting experiences.
If you are looking for a serviced apartment of your own, contact a company like Executive Living for more information.