Should I rent out my home on a short term let basis?

Short Term Let My Home

If you have a property, a flat, house or any shared space in London you will already know how valuable space is in the capital. The demand for letting on a short term basis has significantly increased from both people visiting London for tourism/leisure and also for work or to visits friends. This is projected to continue growing as London remains a major attraction and place to visit.

The recent post Brexit drop in the pound has made visiting London an even more attractive for travellers from abroad. All of this means that strong demand has meant that many property owners are successfully letting out their places on a temporary basis with good returns.

Its great for guests as well since they typically pay less than for a hotel while staying in a much nicer place with much more space & amenities giving better value. So its understandable why its growing in popularity as an alternative accommodation to more traditional options such as hotels.

The challenge for hosts is how to go about making the property available for short term letting. The basic steps are getting the property listed on a suitable website, getting it ready for guests and managing it.

1. Where do I list my property for short term letting? Airbnb is the leading site in the market, has invested considerable resources to make it simple to use for both hosts and guests. There are many other websites also available, such as TripAdviser and HomeAway.
2. Getting the place ready will mean creating a listing and preparing the space to receive guests. Most of this is common sense such as creating suitable spaces for guests and ensuring that there are adequate amenities to support their stay.
3. Managing it is probably the most challenging part since it involves meeting and greeting guests, on-going guest communication, calendar management and cleaning/linen management, all the aspects involved in provide the actual physical service.

Whether you do all or part of above very much depends on your personal circumstances. Doing it yourself is very time consuming and requires being available at all times to communicate with guests and ensure the place is well managed.

Thankfully there are now many service providers who can help with taking away the burden of actually managing the place leaving you to get on with your other activities or enjoy your time away. This is where we come in at Hello Guest to provide a full service you can rely on for Airbnb management London as well as all the requirements for your property managed on a short let basis.

If you are interested further in these services, please don’t hesitate to contact us on hello@helloguest.co.uk

New Years Resolutions – Airbnb Management London

Airbnb management London & New years resolutions?! What, oh yeah those things, about as traditional as Christmas turkey, so whether you went for a Heston Blumenthal hand fed turkey (just kidding!) or just headed down to Aldi with the growing masses, its likely our finances are a looking a bit less ‘Oh ho ho ho’ and more like ‘Oh no no no’..

So what to do – scratch your head (thats for sure), drink more (mmm not advised), talk to someone (good idea!), so what are your friends talking about?

‘I rented my place on Airbnb!’ And..well the guests didnt have all night rave parties, were actually quite nice and I made some good money.

Airbnb has moved on from its conception when it was more about the idea of people opening their homes to have guests come to stay with them. Most of the properties listed now dont have the hosts staying there and provide for guests obvious benefits vs staying in a hotel, namely nicer places with more character, bigger spaces, more facilities like a kitchen and much better value for money.

Its not just Airbnb, there are other sites and they having been growing going from strength to strength as more people try the experience. The good news is the UK government is supportive of the new sharing economy and last year in March scrapped an outdated subletting law limiting the number of days they could be let for short stays.

Whether you go away for regular periods, longer holidays or its fully available, there is an opportunity for an extra source of income. So your news years resolution could be try out Airbnb if you have some space available.

If like most people you may not have the time or interest to get things set up and managed on sites like Airbnb, there is a shortcut to use a growing number of experienced Airbnb management London companies such as HelloGuest.co.uk to make it happen. as a growing number of people travel and rent their homes using sites like Airbnb, the ecosystem for providing services has developed considerably making it easier to manage.

If you would like more information about help getting set up on Airbnb and Airbnb management London, please contact us at HelloGuest.co.uk

 

Airbnb London Management & Information for Renting

Airbnb management and renting your London property have hugely evolved and expanded very quickly over only the last few years proving to be a great source of additional income and making more space available in London for rent. As well as facing a shortage in short term space to let, London is also a top touristic destination, so the more we can utilize unused space the better.

Under the governments sharing economy drive there are new proposals to further support Londoners letting out their homes, flats or even a spare room on a short-term basis.

The very unique feature of Airbnb management is that it allows the tourists visiting London to live just like a ‘local’ rather than staying in bland over-priced hotels.

Even during the London Olympics in 2012, thousands of properties were rented out through Airbnb property management for a few weeks to providing extra space and also during other popular events such as during the Wimbledon Tennis tournaments.

A typical UK Airbnb host can earn as much as 2,822 pounds a year by renting their property for just 33 days. For guests residential homes provide a much cheaper accommodation and better value than the average hotel, bed and breakfast or guesthouse.

Airbnb provides a way to relatively securely and conveniently rent out a person’s home while they are away or traveling which ofcourse is a welcome way for hosts to help cover their travel or living expenses in London.

Airbnb has established a strong presence and foothold in all the areas of London and the surrounding area. In fact Airbnb is not limited to zones 1 & 2 in London but reaches out beyond Greater London. In 2013 alone, it was estimated that Airbnb generated a massive US$824 million in economic activity in London and the UK and has supported close to 11,600 jobs.

Almost 80% of the Airbnb hosts in London rent out the home that they currently live in and in turn utilize the money to support increasing costs of living and expenditure.

Airbnb also supports and nurtures innovation and entrepreneurship throughout the country by supporting hosts who are self-employed or even freelancers. For people with flexible lifestyles & working schedules in London this is an ideal opportunity to combine this with renting out your home to support your living expenses or even support a lifestyle with greater financial freedom.

Tourists in the UK tend to stay longer while visiting UK as there is so much to explore and normally spend much more time in UK than in most other counties. On an average, a tourist to London stays for about 4 nights and which amounts to $1,496 per visitor.

Staying in expensive hotels for a prolonged period of time may not be practical and affordable for many travellers. This is where Airbnb comes in.

Airbnb London provides an authentic, local and unique experience living in a real English home with the big plus that it works out to be a lot more affordable than staying in classic commercially rented accommodation.

So you can see how Airbnb from a financial perspective is beneficial for both hosts as well as guests. Staying even in an average hotel will cost much more while offering less in terms of space and amenities to use during your stay, such as use of the kitchen to cook at home rather than expensively having to east out all the time.

Most Airbnb properties in London are also located close to the main hotel areas which in turn are close to the tourist spots or conveniently located with good transport links to get around and explore the city.

Airbnb is giving tourists better and cheaper options to enjoy the wonderful city of London as well as providing an economic boost to the residents at the same time.

Please get in touch with us at HelloGuest if you would like to explore renting out and having your place managed on Airbnb or you are just seeking supporting services.