If you are thinking of moving into the rental property sector, there is obviously a lot to consider and as with any business, you have to crunch the numbers to discover your total investment, then look at what the current rental prices are and determine your expected return.
Crunch the numbers
Start with the cost of acquiring a suitable property and the legal fees that come with real estate purchases, then you need to make the property ready for occupation, which might involve building work. Once you know your total investment, you can then take the expected monthly rental to determine your return, and let’s not forget the significant liabilities that being a landlord involves.
The best way to run your business is to outsource everything to an established property management company who are experienced with Airbnb management in Newtown, which means they would handle every aspect from listing the property to building maintenance and everything in between. Using a leading property management firm ensures that your property is listed on all the best digital platforms, such as Airbnb, Expedia, Booking.com and TripAdvisor, plus they also deal with enquiries and facilitate the agreement.
As with all structures, regular maintenance is essential and the property management company has a team of skilled tradesmen to ensure that all is well with your investment. The property would be inspected at regular intervals and should the tenant require assistance, they can contact the management firm at any time.
When someone books a few nights at your property, someone must be there to greet them, which happens to be a serice offered by the property manager such as HomeHost, who will also clean the property after every stay, replenishing bathroom essentials and providing fresh, clean towels and bed linen. When a guest is impressed with the service, they will leave positive feedback and this makes your property even more attractive, which is great for business.
In the event you wish to furnish the property to ask for premium rent, the property management company would have a working relationship with a home staging specialist, who has a lot of top-quality furniture for sale or lease. They are also happy to advise you on every aspect of furnishing your property, making sure it is attractive.
To conclude, if you have an attractive property in the right location and enlist the services of a property management company, you will see a healthy income while your property appreciates in value.