If you were anything like us years ago, you might have gotten a little lost in the world of letting – with options like short-let, medium-let, long-let and flexible letting, it can be easy to get confused.
But a decade later, we now consider ourselves the property let experts and have even founded our own company (Hello Guest), to help homeowners everywhere get the most out of their properties or second homes.
To begin, what is flexible letting?
Flexible letting means combining different kinds of let that allows you to maximise occupancy rates and earnings throughout the year.
Examples of flexible letting include:
- Holiday letting for a few nights
- Allowing longer stays or visits up to three weeks
- Taking on corporate reservations for several weeks
- Multiple month tenancies
What’s so good about flexible letting though?
Hosting your property on sites like Airbnb and Booking.com can provide your family with a substantial second income that can help you increase your returns.
Flexible letting leads to increased revenues simply due to the fact that shorter stays attract higher nightly rates, and travelling business guests are often happier to pay higher prices for the taste of home comforts.
Longer-term bookings may guarantee generated income over the winter and spring months, where demand for short-lets quietens. The added flexibility here allows you to enjoy and reap the rewards of both letting worlds.
The beauty of flexible letting is that it’s FLEXIBLE
The proof is in the name, flexible let’s provide homeowners with better flexibility – so if your circumstances change, you’ll have better control over your home.
- Need your home to live in? Move back.
- Trying to sell your home? Earn rent in the meantime.
- Have guests in town? Use your second property as you see fit.
Very few homeowners use this strategy
Letting your own property and managing everything in between can be a difficult task and it often means that homeowners miss out on savvy techniques to make the most out of their assets.
Many homeowners tend to stick with just traditional longer tenancies, whereas some make the permanent move to just holiday letting. Perhaps because it’s more straightforward?
Combining the two letting systems is an innovative strategy that ensures your earn potentially earn the maximum revenue your home could attract.
Those forward-thinking enough to notice this gap in the market may feel a bit overwhelmed knowing how to get started – but that’s where property management companies like us get involved.
We’ll do it all for you in one monthly fee; whether it’s keeping your home clean and safe, or communicating and vetting holiday guests.
But is there really a need? What about the current demand?
There’s a new increasing demand for mid-length bookings as the popularity for short holiday lets in the UK soars.
We can see the evidence of this also showing up in hire companies like Zipcar, who see an increasing demand for their assets on a part-time basis.
The economy has also changed with the rise of flexi-hours that allows people to work flexibly and from anywhere in the world. And how people are using accommodation has changed too – people like to move around, so the traditional 12-month locked in tenancies doesn’t work for everyone anymore.
Potential customers include; travellers, work placements, those on training days, longer-term, travelling tourists, friends visiting friends, family visiting family, students, digital nomads, adult-gap year people, those moving houses and those rebuilding their primary residences.
WAIT, sourcing more bookings, cleaning and communication more often takes extra work
Don’t dive just straight in – all of the components needed to offer short lets and holiday lets requires a lot of extra work – and whilst there is a significant payoff, there needs to be a level of honesty of what additional input you can put in.
We recommend using an Airbnb host partner, like us, who can do all the hard work for you. We’ll help build listings, research pricing and ensure you target and attract the right audiences at the right times.
Opting for letting agents like Foxton or Savills, who have strong name recognition and experience may be more expensive, as well as a lack of a personal touch and a slowness to adapt to a short-let market. They have limited resources they can use to manage guest communication and check-ins, unlike Hello Guest, who specialise in Airbnb-style lets.
We do it all – short and long-lets across the UK in prime locations like London, Edinburgh, Bristol, Dublin and many more.