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Airbnb, HomeAway, Booking.com, Wimdu… All these new companies show that the Sharing Economy is in progress and attracts more and more people. This market allows every consumer in the world to earn extra money with their home. However, it is not that easy… We know that their home is almost the most important thing. Putting your home on short-term rental can be a hard choice! That’s why we have established the five main rules you need to help you decide whether or not to put your home on short-term rental.
#1 Check the laws of your local short-term rental market
Every city has its specificities concerning short-term rental. In London, “there are currently thousands of properties advertised on websites for use as short-term accommodation” (gov.uk). The government tries to include the sharing economy in their politics to give more flexibility and accessibility to facilitate hosts to put their houses in short-term rental. They want hosts to be able to “temporarily let their homes, without the disproportionate burden of requiring planning permission”.
The main rule to know in London is that you can only rent your house up to 90 days per year.
At City Relay we are on hand to offer advice on all of the local regulations to provide full peace of mind to all of our hosts!
#2 Screen your guests
The notion of trust is of utmost importance when you want to put your flat on Airbnb, Housetrip, Stay City Relay… You want to know who your guest is so you don’t end up with a ruined apartment. There are many ways to check your guest profile. You can verify your guest thanks to their Facebook profile and previous reviews. You can also call them to be sure that they are trustworthy. Then if you don’t want to do all these procedures (because it takes a certain time), it exists services like City Relay, a reception desk for short-term rentals, which allows you to benefit from Hospitality Professionals who take care of your flat and will verify the profile of the potentials guests.
#3 Set some ground rules
You can do whatever you want with your house: Be a total maniac (but your house won’t attract many guests) or be too lax (but you take some risks)… To optimize your rental you have to strike the right balance. You should add these eight house rules to your Airbnb listing:
- Extra guests
Are visitors or extra guests permitted? How many? What are the procedures for approval, if any?
- Smoking
Is smoking allowed, and if so, where?
- Off-limit areas
Where can guests not go? Any possible penalties?
- Eating areas
Can people eat in all areas of the home?
- Cleaning procedures
Where does trash go? Should they clean the dishes?
- Gatherings or Parties
Are parties allowed? Max size? Approval? Any extra deposit?
- Quiet hours
Are there any? If you are leasing out a dedicated unit, consider your neighbours and follow the norms to avoid any complaints from neighbours.
- Pets
Are they allowed? If so, what size? Any extra deposit?
#4 Pick the right price
One of the most common questions we have heard so far from hosts is: How do I pick the right price? Setting a price can be hard but you could get reliable information from checking out the competition and other listings in your area, travel trends, and the interest people have in the amenities you offer.
But if you want to optimize your pricing and occupancy, we have our algorithm that updates your pricing daily to give you the smartest pricing possible and the best occupancy rate whilst remaining compliant with regulations!
#5 Promote your property
Find the best platforms to have the most efficient visibility. City Relay will advertise your property on more than 50 channels and manage your reservations.
We can help you with the many challenges of being a host. City Relay is a dedicated Reception Desk providing front desk services: check-in, luggage storage, cleaning, laundry, price & listing optimization, guest support & communication and maintenance. We provide the very best guest & host management services in London. Becoming a host is quick and easy, simply click the button below and fill out your details to view your property’s earning potential!
