Owners of multiple properties are advertising more and more on Airbnb – according to the Residential Landlord Association (RLA), it increased by 54% in 2016-17. Users wish to stay at a property on Airbnb over staying in a hotel due to the increased choice, whether it be from a shared room to the entire property.
The advantages do not just stop at guests – hosts and home owners can make 50%-100% more on the short-term let marketplace. In London, the average long-term monthly rent for a two bedroom flat, according to Pass the Keys property management service and home.co.uk, is £1,972. When you compare this to an average short term rent of £3,690, it is no wonder that property investors are turning to short term letting in order to boost their yield.
The increased flexibility of short term letting allows homeowners to fill out voids in their property calendars when there are no long-term tenants, or to stay in the property themselves if they plan on solely letting their property out to holiday makers and for short term stays.
The downside to short term letting is that if the property is not properly managed, it would not receive many bookings resulting in a lower income for property investors. If homeowners are using short term letting as a solution to a regular income, this would become damaging to the host. Likewise, if a property receives too many bookings and becomes double-booked, homeowners will have to find a solution for their guests or cancel on them, amounting to numerous negative reviews. Allowing short term property management companies to take care of all of this, allows you as the host to sit back and relax while your short letting agent writes your Airbnb listing, checks-in guests, cleans the property for each new traveller, vets each guest, and optimises the listing to get you the best price per night for your property.
Pass the Keys is one of few UK official Airbnb co-hosts, meaning they are trusted by Airbnb to manage your property. They serve ten cities, and are continuously expanding. Using specific in-house technology, Pass the Keys can manage your property smartly and maximise profits for property owners. The company not only prepares your listing, but manages guest requests and has a 24 hour support line, allowing you to receive the best possible income from your rental property, without the extra hassle.