TOP 6 - how do I get the best price for a rental? 06.03.2020

TOP 6 - how do I get the best price for a rental? 06.03.2020

TOP 6 - how do I get the best price for a rental? 06.03.2020

Short-term rental is becoming more and more popular in our country, and according to official data, tourists use flats and apartments for rent not much less frequently than hotel rooms (43-56%). In the case of the largest Polish agglomerations, short-term rental apartments account for up to 70% of the supply! What's more, premises intended for rent constitute as much as 15.3% of the total, and in the largest Polish cities just a dozen or so days are enough to make the income from rent for the day equal to the income from long-term rental (for example, for Kraków it is 11, and for Warsaw 14 days ).

It is worth noting that this form of rental can be competitive for hotels - even if you set a low price for renting an apartment for days (e.g. 60 PLN per person), we can earn up to 1680 PLN in a week, when we make it available to a family of four.

Therefore, short-term rental is becoming more and more profitable for landlords. Let's check what should be done to get the best rental price and thus enjoy the highest revenues. Here are 6 proven ways!

First of all - Choose the right location
Renting apartments for a week or two is usually an option for vacationers who want to relax and enjoy various attractions. Therefore, it is worth providing them with the best location - the highest prices are achieved by those premises that are located near the city center, near tourist attractions or in extremely beautiful surroundings that impress with landscapes. The more attractions, the nicer and cleaner the higher the rental price will be.

Second - Make it comfortable
If you want to benefit from short-term rentals, you must ensure that it has a high standard. Renovate the premises, take care of modern and elegant equipment, including furniture and appliances (TV is the basis), as well as take care of a comfortable kitchen and bathroom. The more modern and designer the apartment is, the more your guest will be willing to pay for it.

The equipment of the apartment is very important, and tenants especially appreciate the additional amenities. I am talking about, for example, a ski storage room or a ski equipment rental, free Wi-Fi, a set of cosmetics in the bathroom, a fireplace and many other elements. All this will allow you to get a higher price for renting an apartment, and also affect customer satisfaction.

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Third - Revenue Management
Revenue Management is a method used in the hotel industry that will allow you to accurately determine the income and costs associated with renting and thus determine the appropriate price per night. What's more - you will be able to optimize prices based on the current market situation and stock market movements, interest in the apartment and occupancy - this in turn will allow you to get the highest possible revenues.

If you want to effectively optimize prices, use the proprietary Revenue Management methodology, which we offer in RentPlanet.

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Fourth - Advertise
The more people know about your offer, the more will be able to use it. This in turn, it will make your apartment much more often rented, which also has a significant impact on the rental price. It is worth using appropriate, valued websites on which you can place your ads, set up a website, use social media and search ads.

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Fifth - Take care of opinions
By providing high-quality services and providing the right conditions for your stay, you create a good image of your apartment. This translates into tenants' opinions, which they will leave in various places on the Internet. The better, the more interest in the apartment, and consequently ... the higher the price. Of course, it also works the other way - a low-rated accommodation will be less attractive, and this may force you to reduce the price of short-term rentals. Remember to always respond to reviews! Not only thank you for the positive review, but also respond to the negative assessment. In this way you will show your guests that you care about their satisfaction.

Sixth - Get help from specialists
If you want to get the highest price of renting an apartment, use the help of specialists who will prepare the premises, take care of its promotion, and help you to handle reservations and the guests themselves. Home staging, proper marketing, as well as professional advice are not only a way to earn more, but also to satisfy tenants and save time. You are relieved of many tedious duties and you will be able to better focus on your everyday matters. If you want to know more about this topic, please contact RentPlanet!

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