There’s no denying the overwhelming benefits of technology in our lives. As Techvestor’s CEO and co-founder Sief Khafagi reviews, emerging technologies have completely changed the short-term rental market for both renters and property owners alike.
New proptech offerings have simplified the way that travelers find bargains that are best suited for their needs and wants while also allowing property owners to maximize their return by filling up their calendars with the highest rates possible.
While all of this technology is great, property owners need to understand that it’s not a replacement for real estate fundamentals.
“Technology is a great tool that all short-term rental property owners should look to leverage,” Techvestor’s CEO Sief Khafagi explains. “However, this should not be done at the expense of the solid property foundations that have continually shaped the industry’s success.”
Below are ways you can focus on the fundamentals of real estate in the short-term rental market.
Create an Amazing Listing
Since your short-term rental will be found online, you need to make sure that you create an amazing listing that will attract people. This includes a catchy headline, a great property description, and, most importantly, attractive photos.
Fully explain the property to the best of your ability, so travelers know what to expect. In addition, make sure that everything in your listing is accurate. If it’s not, it will likely lead to negative reviews, affecting your ability to rent your property in the future.
Offer Features Renters Desire
With so many properties for rent in the short-term market, your property must stand out from the others, which is especially important if your property is in a city or vacation destination.
A great way to do this is to add features and amenities that others might not have. This could be as simple as a fully stocked kitchen, high-quality linens, guidebooks to local attractions, and even complimentary access to Netflix and other streaming services.
While these features and amenities aren’t likely to be the main focus of your property, they could be differentiating factors if a traveler is deciding between your property and another similar one.
Keep a Clean and Tidy Place
One of the biggest challenges in the short-term rental market is the quick turnaround time from one renter to the next. Sometimes, you only have a few hours between when one renter checks out and the next one checks in.
The quick turnaround time highlights the importance of hiring a cleaning company that’s always on call, or a property management company that will handle the cleaning and ongoing maintenance of your property.
“Travelers don’t care about how little time you have to turn around your property. They want -- and deserve --- a clean and worry-free place,” Techvestor’s Sief Khafagi said. “Make sure that your place is fully cleaned and disinfected and that there are no issues such as leaky faucets or broken appliances.”
These items may be basic -- and not nearly as exciting as emerging technologies -- but they are what have consistently made a difference in the short-term rental market for years, and will continue to do so for years to come.
About Sief Khafagi
Sief Khafagi is an entrepreneur, real estate investor, and co-founder of Techvestor, a remote proptech company. With more than a decade of experience in real estate and technology, Sief Khafagi and his team use industry-leading data insights to scale their short-term rental portfolio alongside their investors.