5 Tips in Short-Term Renting for Lessors
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by Ice Artificio
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Sep 21, 2017
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General
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Short-term renting is becoming increasingly popular. With the rise of services like Airbnb, and yours truly, Rentpad, a homier experience is now available to renters who only need rented space for days or months at a time instead of going to hotels. This also opens up opportunities to home or condominium owners who want to create extra revenue for a property they may not be using for some time.
The tricky part in renting for short periods is that the turnover period is short, not having processes in place can cause chaos or delays between the lessor and the lessee. That means reduced potential income and a number of disappointed customers or potential clients.
Always be Available
Answer queries as swift as possible. People looking to rent short term are usually in a hurry unlike long-term tenants who carefully consider options before committing. Quick responses can spell the difference between a sale and a missed one. Having different options to communicate is also a good plus. And since it will be realistically difficult to answer everything all the time, it pays to have a partner or someone you trust who can answer on your behalf. Just make sure you have all the information available. Templates can also help save a lot of time.
Have a Checklist Ready
A short list of what items to inspect during check-in, check-out ensures you do not forget anything. Before checking in, you can check if the lights are all working properly, do water heaters work, if there is gas for cooking, water for drinking, to ensure that the tenant will have a pleasant experience. Upon check out, you can conduct similar if not the same checks to see if everything is in order.
Take Photos of the Unit
These are not just for advertising your place but to make your check in and checkout process faster. Take a photo of the unit including the renter as proof that it was taken during their stay. As the units are usually furnished, take note of important items in the house and snap pictures so you can easily compare how it looks upon checkout. Having photographs available means someone else can conduct the checkout process without you.
Post A List of House Rules
List out the things a lessee can and cannot do inside your home. It can also include amenities they can enjoy or appliances they can use. Sometimes some tenants may be too shy, making their stay not-so-comfortable. Others may have too much fun. Outline a list of Dos, Don’ts and reminders to help them around the unit. Include certain scenarios like fines for lost keys or who to contact if they have any questions.
Hire a Cleaning Partner
When you are only occasionally renting out your place, it is practical to do the cleaning yourself. But for quick turnovers, getting a cleaning partner who knows what they need to do makes the process easier and ensures that its always an expertly done cleaning job. Consistently renting your place will inevitably incur additional charges, you can even include cleaning services as part of the fee and/or give your short-term renters the option to get cleaning done similar to a hotel’s housekeeping.
Create a Short and Easy to Digest Contract
Having a contract is important. But during short term leases it can be bothersome to both the landlord and tenant. We cannot stress enough how important a signed piece of document is – to protect yourself and people who rent your place. A solution would be to create a one-page concise contract including important details minus all the wordiness.
Have the Option for Long Term Renting Easily Available
This may or may not work for everyone but definitely explore and compute if this option is better for you as a landlord. Quick, short-term leasing is a better way to get to know your tenant rather than just the viewings. You’d know exactly how they occupy and maintain a place in the short term. If you do think that long term renting is available for you, be ready with a contract or at least your price and terms so a tenant can know that it is a viable option – should they ask.
Ask for Reviews
Of course, reviews help create your online brand and reputation. Ask them for a review right after they check out so you can get a fresh insight on how their experience was and where you can improve. You can even throw in a 5% discount on their next visit as an incentive for leaving a review.
The quick nature of short term renting can be overwhelming especially if you have multiple places for rent. With a system in place, chaos can be reduced, and happy user experiences can be assured.
The tricky part in renting for short periods is that the turnover period is short, not having processes in place can cause chaos or delays between the lessor and the lessee. That means reduced potential income and a number of disappointed customers or potential clients.
Always be Available
Answer queries as swift as possible. People looking to rent short term are usually in a hurry unlike long-term tenants who carefully consider options before committing. Quick responses can spell the difference between a sale and a missed one. Having different options to communicate is also a good plus. And since it will be realistically difficult to answer everything all the time, it pays to have a partner or someone you trust who can answer on your behalf. Just make sure you have all the information available. Templates can also help save a lot of time.
Have a Checklist Ready
A short list of what items to inspect during check-in, check-out ensures you do not forget anything. Before checking in, you can check if the lights are all working properly, do water heaters work, if there is gas for cooking, water for drinking, to ensure that the tenant will have a pleasant experience. Upon check out, you can conduct similar if not the same checks to see if everything is in order.
Take Photos of the Unit
These are not just for advertising your place but to make your check in and checkout process faster. Take a photo of the unit including the renter as proof that it was taken during their stay. As the units are usually furnished, take note of important items in the house and snap pictures so you can easily compare how it looks upon checkout. Having photographs available means someone else can conduct the checkout process without you.
Post A List of House Rules
List out the things a lessee can and cannot do inside your home. It can also include amenities they can enjoy or appliances they can use. Sometimes some tenants may be too shy, making their stay not-so-comfortable. Others may have too much fun. Outline a list of Dos, Don’ts and reminders to help them around the unit. Include certain scenarios like fines for lost keys or who to contact if they have any questions.
Hire a Cleaning Partner
When you are only occasionally renting out your place, it is practical to do the cleaning yourself. But for quick turnovers, getting a cleaning partner who knows what they need to do makes the process easier and ensures that its always an expertly done cleaning job. Consistently renting your place will inevitably incur additional charges, you can even include cleaning services as part of the fee and/or give your short-term renters the option to get cleaning done similar to a hotel’s housekeeping.
Create a Short and Easy to Digest Contract
Having a contract is important. But during short term leases it can be bothersome to both the landlord and tenant. We cannot stress enough how important a signed piece of document is – to protect yourself and people who rent your place. A solution would be to create a one-page concise contract including important details minus all the wordiness.
Have the Option for Long Term Renting Easily Available
This may or may not work for everyone but definitely explore and compute if this option is better for you as a landlord. Quick, short-term leasing is a better way to get to know your tenant rather than just the viewings. You’d know exactly how they occupy and maintain a place in the short term. If you do think that long term renting is available for you, be ready with a contract or at least your price and terms so a tenant can know that it is a viable option – should they ask.
Ask for Reviews
Of course, reviews help create your online brand and reputation. Ask them for a review right after they check out so you can get a fresh insight on how their experience was and where you can improve. You can even throw in a 5% discount on their next visit as an incentive for leaving a review.
The quick nature of short term renting can be overwhelming especially if you have multiple places for rent. With a system in place, chaos can be reduced, and happy user experiences can be assured.
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