Overseas Landlord Success: 70% Occupancy Rates Within 3 Months

A property owner was in a unique situation – they needed to move abroad but they didn’t have enough time to list their London property for letting. Apart from the time constraints, they were looking for a specific letting strategy that would allow them to occasionally return and stay on their property.

Find out how they explored the short-term letting model and how City Relay helped set up their property to achieve immediate rental returns and an almost 70% occupancy rate within 3 months of letting.

Challenge:

With their upcoming move abroad, the property owner had limited time to list, market and manage their property for letting. Since they wanted the option to use the property occasionally, they couldn’t lease their property to long-term residents.

This made them consider short-term letting. It allowed them to rent their property and block dates for personal use. It was also ideal since the property was near public transport – a good location for travellers.

But this option raised another issue. Short-term rentals are fully furnished and rely on visual appeal to attract bookings. The property owner didn’t have the time and expertise to improve their property’s interior design. Without a visually appealing property, how can they maximise its earning potential?

Solution:

City Relay stepped in with a solution that addressed the client’s need to generate rental income while maintaining the ability to use the property occasionally.

Among the key steps City Relay took included the following:

Onboarding and Listing: City Relay onboarded the client’s apartment in April and immediately listed it across multiple platforms. They ensured high visibility to attract more guests.

Dynamic Pricing and Letting Strategies: Through dynamic pricing tools, City Relay optimised the booking rates of the rental property to maximise the earning potential. This was combined with strategic letting strategies to maintain high occupancy rates even through off-peak seasons.

Comprehensive Property Management: City Relay provided end-to-end property management services that included guest communication, marketing, cleaning and maintenance, compliance and many more.

Flexible Property Availability: By using flexible letting, the property owner could block out dates that allowed them to stay in their property – without compromising the rental income potential.

City Relay also gave the property owner access to their smart proprietary platform so they can view their property’s performance in real-time. Despite living abroad, they were able to monitor the rental property’s income and expenses.

Results:

As a result of the partnership between City Relay, the client enjoyed several wins:

40+ nights booked within the first month (valued at £11,799)
Average of 68% occupancy rate per month
Average nightly rate of £292

The data they got from City Relay’s tech platform also allowed them to make strategic decisions to improve the performance of their rental property – leading to better growth in the coming months.

Conclusion:

By partnering with City Relay, the property owner enjoyed a tailored approach that gave them the very thing they needed before moving abroad: a profitable rental property and a flexible schedule to permit personal use. The efficient onboarding and design process, professional property photography and wide-scale marketing efforts helped them enjoy significant revenue within the first month of working with City Relay.

This shows City Relay’s expertise in maximising a rental property’s occupancy rates and rental income. It gave the property owner assurance that their property would be in good hands. Not only will it be profitable, but City Relay will make sure the property is well-maintained and completely compliant with local rules and regulations.

If you’re inspired by the incredible results, explore the benefits of flexible letting. With dynamic pricing and market expertise, City Relay can boost your rental property’s occupancy rates and earning potential.