Suppose you want to invest in short-term rental properties and you have a few million in your account. Let me first give a thorough explanation of the business.
As a starter, this company entails renting out a one- or two-bedroom apartment that has been furnished to contemporary standards are in tact and then you can advertise.
Finding An Apartment : First of, you need to make sure that you find a newly built or couple years old building in a serene environment. get apartments that is worth relaxation, close to the city, has proximity to some landmarks if any, a well secured environment. this will make sure your clients are secure at all times.
Furnishing : You just cannot paint the apartment the old way. you need to invite an interior designer to make the apartment inviting, attractive, luring to clients. Because during ad placements your video of the interior of your apartments should be appealing to potential customers and would fetch you lots of traffic. Choosing a Furniture should also be a nice thing when you have a special plug for it. Your electronics should be top-tech. and there should be room for game area ( something like a snooker board or a chess corner. these things makes your apartment interesting. Luxury should be your language. You should also consider arts, because this is the best way for the apartment to scream luxury.
Steady light is advisable. so you might want to throw in some Solar installation to make the place liveable, you do not want customers to be in the dark. you also want to have a staff that handles light for you, maybe alternate power supply like a generator. this will aid in making the business a success.
Adding a WIFI, is as attractive as a naked woman, This option will make business owners patronize you a lot, people want to go to a place where they can relax and also access the internet for work or pleasure. people want value for their money so they want all the options they can get.
Cleaning : Of course the apartment must be sparkling clean, always, because it is the best thing to do when you are expecting clients, you do not want clients patronizing you to give you bad rating, it is bad for business. Cleaning is paramount as is maintenance.
Maintenance: This is one of the most important part of running this business. Maintenance could be in the washroom (toilet) electronics, gas and ovens, furniture, interior like paints. doors and windows, you must make sure the place is always looking like it was build the same day.
Security: Trying, to make this business successful, security is paramount. You do not want your customers complaining of theft and buglary.
CCTV is also important in key areas in your apartment. like the sitting room the balconies and the kitchen. You do not want to put this in the bedrooms. ( not right). The reason why CCTV is important is this, most clients tend to make a mess , steal a property or spoil some amenities. You can hold them accountable with video proofs if something like that happens. also add a home phone for easy contact. in case of emergency.
You can also employ security if you are up for it. They watch the apartments and check customers when they check out. very neccessary.
Pricing : Pricing solely depends on the area and you services. minimum of money that can be charged by short let owners is 75K. But remember that this business is competitive, so you might want to take good consideration on your price and pricing policy.
You can add in your pricing policy, Cleaning fees, extra groceries if the customers want. internet fees, Cable fees. etc. these will increase your fee per night and will help in cash flow and capital build up and hence foot the expenses of hiring cleaners, technicians and plumbers in the future.
Advertisement. : If you are at this stage, that means you have made your apartment a success and no it is time to start hunting for customers. You can start by using social media platforms like facebook, Instagram and twitter among others. Placing ads is very neccessary if you want to reach a wide range of customers within a month. you should definitely have accounts on social media platforms on the name of your short let business. hence your budget should be flexible for placing and running ads. etc.
Conclusion: Making money is no easy feat, But people who have made money should also endeavor to stay rich , and to stay rich you have to put you money to work. Investing in short-Let Properties is a good way to ensure cash flow fast after investing tangible amount in it. investing in stocks also ensures wealth. Investing in online businesses is a good way to get a market share in the sector.
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