Are you planning to have a 3-month-long vacation? Are you going to visit your overseas family members, leaving your property vacant for a couple of weeks? Have you ever thought about how your property could fund your upcoming trip? There is a great solution to the financial problems that arise as you plan your vacations.
The Opportunity of the Sharing Economy
The sharing economy presents a great opportunity for you to monetize your space to provide funds that you can deploy to help with your needs. We are all aware of the positive impacts that vacations and rest can provide, but all too often, the prospect of having to spend scarce money in order to go on a great trip can deter us from taking vacations.
Financial Benefits of Short Term Rentals
When you go on vacation, you have to pay for food, travel, pet sitters, etc. These costs can add up quickly. Listing your apartment with a company like Airbnb or getting renters can help to defray some of these costs. In some cases, you might even be able to cover the cost of your vacation and then some.
Exploring New Adventures
By renting out your apartment on a short-term basis, you can generate funds that would help you go on a backpacking adventure in Europe or a tour in Southeast Asia. Join the thousands of individuals who are taking advantage of the empty space in their homes when they travel.
The Practicality of Renting Out Your Property
When you travel, the landlord does not pause the rent. Neither does the bank stop collecting the mortgage. Thus, it makes sense for you to rent out your apartment when you are on vacation.
Best Practices for Letting Out Your Property
Here are some best practices for letting out your apartment or property for a short-term rental:
Use Professional Property Management Services
Save yourself from stress and headaches by using a professional management company, particularly one that specializes in short-term rental management. Their specialist knowledge and experience will allow you to focus on earning cash. Successful short-term rentals go beyond just making a listing; a professional firm will help with the subtleties of managing the rental process.
Setting a Competitive Price
If you choose not to use a management firm, ensure that the price you set is competitive based on the type of apartment and its location. If the price is too low, you’ll leave money on the table. If it is too high, you may struggle to get bookings for your listing. Consider your home’s value, utilities, as well as your time and energy when setting the price.