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How To Get Started With Short Term Rentals
June 13, 2020 by Anna Lucas
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Short term rentals have now become a viable investment option in the Philippines. Ever since the introduction of online vacation marketplaces such as Airbnb and Booking.com, renting your home to tourists has now become accessible to even small investors.
They have also become more attractive because of (1) higher potential income; and (2) ability to occasionally use the unit for personal reasons. However, some investors make the mistake of treating vacation rentals the same as long term ones. While short-term rentals may be more suitable for you, here are tips on how to turn your 515 Shaw condominium into a Short-term Vacation Rental.
It’s still all about LOCATION, LOCATION, LOCATION
The golden rule in any real estate investment is LOCATION, LOCATION, LOCATION. The same goes for your vacation rental. Condo units located in the heart of the city has more potential than those located in more obscure places. Your unit in 515 Shaw, Mandaluyong carries a lot of merits because it can be easily reached via public and private transportation. Conveniences such as groceries, restaurants, malls and even banks are also all within reach.
Get your Place Up-to-Par
With the steady double-digit increase of tourists in the Philippines, transient accommodations, including hotels, inns, and vacation rentals also increased. This means that you have more competition now. Therefore, it is not enough to just get your listing out there. You must provide furnishings to make your guests comfortable. Having nice interiors not only increases your rate but also increases the frequency of guests. Being able to accommodate more guests comfortably is also a plus for vacation renters.
To list or not to list in Airbnb (or other online marketplaces)
Listing your property in online vacation rental platforms is the easiest (and probably cheapest) way to advertise your property. These online platforms already have an established customer base that you can easily reach. Of course, you also have a lot of competitors in these marketplaces, plus they also have service fees.
On the other hand, creating your website makes you more creative, and allows you to put more information online. However, keep in mind that you will have to do your digital marketing to promote your site.
But hey, who says you can’t have both?
Price it Right
Before setting your rate for your property, remember to research other properties near you so that you can become competitive. Other factors such as accessibility, building amenities, and interiors can increase your rate. Fast wifi is always a plus. You can also give something extra like providing towels and soap/shampoo, or coffee and some treats.
Remember to also check the hotel rates in your area since they are also your competitors.
Take Good Photos…. but not too good
Attractive photos increase interest in your place. But do not make it too good that it is a far cry from the actual looks. If your photos are too different from your place, you will set up your guests to disappointment and you will eventually get negative reviews, no recommendations, and no repeat customers.
These are just basic tips to get you started in turning your Crown Asia investment into a Vacation Rental. Happy Investing!
#LiveTheGoodLife
#LiveTheLifeYouChoose
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