Today in Austin, Short Term Rentals (STR) are becoming increasingly popular due to the tremendous growth of the city as a tourist destination and top place to move. It is a great opportunity for you to maximize your property and run a successful business.
Here are a few pieces of advice from “Austin Real Estate Photography” on how to make it great:
Location, location, location! Pick the area of the STR properties conveniently located. People from out of town may not have too much time to explore all quirky hidden spots. First, they want to familiarize themselves with the city’s iconic, most popular places, restaurants, clubs, and parks. Tourists and visitors may not have a car so the best way for them to get around is to walk! Enjoy the beauty of the Austin hikes, South Congress & Down Town views. If you can provide that aspect you’ll never run out of clients.
Design. Share your lifestyle. Let your creativity flow and make that house or the apartment the one you’d dreamed to live in since your childhood. Bring your personality in that space. Let them feel how unique it is compared to any hotel. Go do vintage stores, check online, and find some special elements to define your STR, and make it cozy. Art, funky furniture, pillows, and blankets. Bump some colors up!
Stock up on essentials. To help guests feel at home, consider providing amenities like soap, shampoo, toilet paper, bed linens, and towels. It can’t hurt to have extras on hand as well.
Add the finishing touches. Guests love thoughtful details. A house manual with instructions and tips can help orient guests. A bottle of wine or a small gift can also make guests feel extra welcome, but definitely isn’t required. Add a few thoughtful touches. One of the best ways to boost your reviews is by delighting guests with a few extra amenities, like breakfast foods or a nice coffee setup. From refreshments to pool toys, there are endless ways to take your space to the next level. Not sure what your guests will appreciate? Get the full guest experience by staying in your space for a night. You’ll be sure to identify an item or two that could be added to ensure your guests have a wonderful stay.
Highlight unique details. When writing your listing title and description, consider what makes your place special, such as a view or a pool. Also, note any aspects in your description that might be important for guests to know before booking, like stairs or parking.
Pricing. Evaluate the local market and compare the prices of other STR properties. The very first thing you need to do when determining short-term rental pricing is to calculate how much the property costs you to manage.
Consider large costs, such as: Mortgage, HOA fees, Insurance, Renovation, Repairs Etc.
And smaller expenses, such as: Listing fees, Cleaning services, Landscaping upkeep, Parking passes, Etc.
Once you’ve added up all of these expenditures, you’ll know the bare minimum to charge before adding in your profit percentage. As a ballpark, you’ll probably want to make sure you can get a 7-20% net return.
And, don’t forget to account for a reasonable vacancy rate of 25% just to be safe.
Ask a professional property manager to be sure.
But most importantly! Marketing! After all this hard work, how will they know you have such great taste and style in design, an eye for location, and sophistication in services? Only through photos can you show! So don’t hesitate and book us now. Call or email today!