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Ways To Increase Revenue From Your Rental

Women discussing rental property

Cleanliness, hygiene, and safety are being prioritized in recent times like never been before. The Coronavirus still looms in the air, and people want to avoid crowded spaces. This situation is causing most travelers to opt for short-term apartments as their preferred accommodation post-pandemic. Therefore, now investors are increasingly interested in learning about short-term rentals and how these can be profitable revenue sources. Read below for know-how: 

Research on the right property for investing

The location where you build your rental apartment should be at the city’s heart or a prime location. 

Apartments in New York are located such that all the go-to activities and the city’s major attractions are accessible. Keep in mind the size of your room and the number of guests, family members that may be occupying your rental. The occupancy should be such that it should be providing a seasonal appeal all year-round. Before you start execution, check if any regulation applies to your rental apartment.

Amenities and good furnishings

Invest in good quality furniture. Keep ample amenities for each room. For instance, the bathrooms should have towels and toiletries. You can allot four pillows, quality comforters, linens for the bedroom, mixing bowls, spices, measuring cups in kitchens.  

Your rental should have the basic amenities that people will look for while looking for extras. Having Wifi is a must more often than not. After you have taken care of the basic amenities, you can provide added perks and luxuries to give your rental an edge over your competitors.

The rental should give a homely feel to the occupant that they can relax in. Stay mindful of the aesthetics and decoration of the house. Invest in curtains and apply them to suit the room. For instance, decorate a well-lit living room with a light-colored curtain and a bedroom with a heavy curtain for a cozy feel. If your rental overlooks the beach or the mountains, work on these room views. You can also have related pictures in the rooms instead of keeping the walls empty.

Price

Do not put the same rate for the rooms all year round, and pricing it too high or too low will cost you guests and revenue, respectively. So, it is important to decide on a competitive rate, considering factors that may influence the change of price rates.

Hire professionals

To begin with, you can connect with interior designers to design the property. 

After it is ready for occupancy, hire a professional photographer to photograph your apartment and upload the pictures across your listings, along with a crisp description of your rental. Make sure to highlight the main attributes. For instance, your rental may be at a driveable destination. 

Virtual 3D tours are even better than photographs at attracting guests. 

You can choose the website that you wish to list your rental on. Couple it with a blog. Marketing your property is a very important aspect of increasing revenues. Engage a marketing agency that will use SEO, PPC, ads, and other means to promote your content. From your end, to increase the reach of your property, use keywords that will bring up your ranking in the SEO results. Finally, make use of computers and experts to take care of the pricing of your property.

Conclusion

These steps will make you go with your apartment. Do not take it personally if there are guests who have not provided good reviews. Celebrate the good reviews and work on the negative ones. You may win the ones that provided the latter back.


More on this topic:

Bring In The Tenants: 8 Top-Tier Advertising Strategies For Your Rental Property

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