Managing rental properties in Melbourne can be a lot of work. The short term rental market here is competitive and the cost of maintaining your investment property can be fairly high. So to make things easier for you, we’ve put together 8 tips to help you increase the amount you’re earning and maximise the return on your investment.
1. Invest in your listing
Having professional photographs and setting the scene in your property are going to have a huge impact on the quality of your listing. You want people to be attracted to your listing and it needs to stand out from the rest, and hiring a professional photography service can help you achieve this even on a budget.
2. Look for a tax deduction where possible
A great way to save money on your Airbnb property is to seek tax deductions when possible. This can include furniture depreciation, cleaning fees, property management fees, repairs and also professional photography.
3. Consider your return on investment (ROI)
When you invest in your Airbnb property, it’s important to focus on how much return you get for every dollar you invest. Contact Optinest to find out how much you could make from your Airbnb property by learning to optimise your budget and take an ROI-centric approach to your investment.
4. Support for pets
While making a property pet-friendly involves a bit of extra work, you can often charge additional fees and attract more tenants if you support them.
5. Focus on property styling
Styling your property will make a huge difference in how your property stands out. Hiring an interior designer to help is well worth the money and will help attract a larger audience. It’s far more effective than trying to style the property on your own, especially if you have no design knowledge.
6. Modernise your property
If it’s within your budget, try and modernise your property. Include modern amenities, appliances and a solid internet connection to attract more guests. Some additions we can suggest are air conditioning, a WiFi router, a large television, a modern washing machine and a range of cooking appliances.
7. Make your property suitable for short stay and long stays
Allow your property to be rented for both short stay and long stay tenants. This will help your Airbnb listing appear to more people. Offer discounts for long stays to encourage people to pick you over the competition.
8. Be proactive with Airbnb management
Whether it’s Airbnb cleaning or repairing things that your previous tenant reported, be proactive with your management. A Melbourne Airbnb management company could help you manage most of these concerns, such as contact vendors as needed. It’ll save you a lot of time and ultimately help maximise your return.