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It’s easy to see just how much of an impact short-stay rentals have had on the local renting market. With people rushing to take part in the ever-growing Airbnb market, homeowners across the country and beyond have increased their rental returns from 20% to, in some cases, upwards of double that. With that said, not every home is going to be as suited to the short-stay rental market as others, which can cause issues if managed incorrectly. At OptiNest, we select the right models for homeowners, ensuring that they make the highest possible returns out of their properties all season long.
Different areas tend to attract different interests or clienteles. Given that Covid-19 has dramatically changed people’s renting behaviours, local/interstate short-term renting has since picked up enormously due to limited overseas travelling options. Residential suburban areas tend to attract longer stays and are less impacted by peak seasons, which in turn bring stable income to property owners. Touristy areas like city downtown area or holiday home areas along the coastline have constantly been attracting short stays at a higher nightly rate.
As long as your property is located in the convenience of public transportation, shopping districts, hospitals and schools, or is simply surrounded by spectacular views, it is short-term stay rental friendly.
Yes absolutely! Given that we provide full-service Airbnb host management for property owners across the country, we naturally have a lot of clients that aren’t within the same state as the property they’re looking to have managed. Having an Airbnb property management service take care of the day-to-day operations makes managing an Airbnb from a distance far easier, and you can have peace of mind knowing that your investment is in safe hands.
We only charge one ongoing management fee of 18% plus GST. An one-off listing fee will apply which can vary, depending on the readiness of your property. In order to get your property ready for short-term rental, the listing fee usually covers professional photography, initial cleaning and linen drop off, and lockbox set-up fee. No other hidden fees whatsoever.
There are three proven ways of filtering out irresponsible guests that we do to tackle this problem.
Complete positive guest profile
Firstly, instant bookings will only be taken when a guest has a completed profile with profile photo, and positive host reviews in the recent times. However, we don’t say no to all first timers. They will need to provide the valid reasoning/occasion of the booking is made for, and the detailed information on other guests staying, and show us the wiliness of looking after the property with all due care, and respecting the neighborhood. Booking requests will be accepted accordingly.
Minimum night stay set up
Secondly, minimum night stay for weekends and different type of properties will be closely monitored and set up according to public/school holidays and all other peak seasons. It largely disinterests party goers and avoids potential damages that those guests could bring to your property.
Thorough routine walkthrough upon each guest departing
Upon guests departing, we do a thorough walkthrough for your properties and look for damages. Any damages found will be identified and raised to the relevant guest for reimbursement. However, we do recommend you to take out your own separate insurance to cover you for damages that cannot be recuperated from the guests or Airbnb.
Airbnb allows hosts or home owners to have more control over who they would like to host. It also offer its own Host Protection insurance which provides hosts with primary liability insurance coverage, meaning it generally applies first, regardless of other insurance policies a host may have. We also list on other multi platforms such as booking.com, Expedia, Tripadvisor and Homeaway, etc. Those platforms attract mostly international tourists who don’t mind to pay a higher price for their stay. However you won’t have the flexibility of choosing your preferred guests. They are a great add-on to your property rental income.
In saying that a successful short-term letting usually offers home owners a significant rental boost by 30-60% over time, it isn’t going to double or triple your existing long-term rental instantly. It takes time to build up the momentum and positive reviews for your listings, which in turn would lead to an exponential rental income increase.
There isn’t a definite answer to it. Long-term rental is more of a traditional way of leasing, which offers great stability and security in your rental income, and doesn’t require you to invest too much upfront. However, you will be locked in to a contract where rent and end-of-lease time will be fixed for a prolonged period. You won’t be able to do anything about a delinquent guest or have any control over your property within the lease period.
Short-term rental on the other hand, gives home owners the flexibility of utilising their own property anytime they would like, or sell off their property when they are ready, as there is no lock-in contract with short-term rental. Higher nightly rates are also more commonly seen and charged onto guests when your property is being managed on a short-term basis, which in turn boosts your rental income in a short period of time, especially during peak seasons or holidays. Tax benefit is also one big thing that entices home owners to short-term rental. Purchases made to furnish your investment property, as well as items such as appliances and repair costs can be claimed as a tax deduction.
At the end of the day, you could easily convert to long-term lease if short-term rental isn’t working out for your property. However you will never know the rental income making potential of your property if you never try.
No you don’t have to. No lock-in contract. However, we suggest to give it at least 2 to 3 months to see if it is working out for you.
While some recognised sharing economy platforms provide some form of cover or guarantee for hosts renting their property to guests. For example, Airbnb offer a Host Guarantee as well as Host Protection Insurance and Experience Protection Insurance, which may protect hosts for some loss or damage caused by guests. However it doesn’t necessarily cover you for all instances of property damage incurred during a guest’s stay.
Examples of what may not be covered under covers or guarantees provided for hosts by some recognised sharing economy platforms include:
Thus we would recommend hosts and home owners to take out short-term rental insurance where you can to have that peace of mind.
Guests do. Home owners don’t need to worry about that. Cleaning fee would consist of labour, linens change-over and consumables restocking.
GST doesn't apply to residential rent. You're not liable for GST on the rent you charge, and you can't claim any GST credits for associated expenses.
However, you may need to pay capital gains tax (CGT) on the rental income you make out of your investment properties. Hence, you will need to keep records such as:
Once you have submitted your inquiry on our website, one of our area managers will be in contact to get to know your circumstances more on the same day or the following business day. An inspection with us will be arranged to prepare your property ready for short-term rental. Once we have signed the contract, a photography shoot and/or a comprehensive furniture packaging can be arranged if needed. Your property is usually listed on the short-term rental platforms within the next 3-5 business days.
Are you looking to receive professional Airbnb management services across multiple listings? Leave it to us! As a leading full-service property management company, we know how to manage multiple Airbnb listings with ease, so no matter how many properties you have, the team at OptiNest has you covered.