We’ve heard from many hosts who want to continue hosting right now and what are the best rental options. Things are changing quickly, and we’ve noticed some hosts are starting to think strategically about ways to adapt to the shifting landscape.
Helloguest offers a flexible letting model which is a combination of short-term, medium-term and long-term rentals to maximise your revenue. The industry as a whole has made a significant shift because of COVID-19 so it is paramount to maximise returns and minimise voids.
Different property management companies have different strengths and weaknesses. Traditional long term letting agents have strong recognition and significant experience in the long-let market. But estate agents have been slow to adapt to the growing short-let market. Some Airbnb management companies can be much better to deal with short-term letting, but these are often not set up to service longer term lettings.
At Helloguest we deliver the unique element and concept of an integrated system providing short/medium/long term let’s. We can take care of everything when it comes to different types of rental accommodation from listing your property, making it clean and ready for guests to welcoming them and ensuring a pleasant stay throughout.
Each is described below and has its benefits and risks depending on different variables.
- Short-term lets: a segment of the market typically from 1 day to 30 days and is popularised by platforms such as Airbnb, Booking.com, HomeAway etc.
- Mid-term lets – a growing segment of lettings from 1-6 months, often corporate stays for work projects
- Long-term lets – the traditional letting arrangement, with contracts for more than 6 months tenancies
Short-term lets are generally aimed at guests visiting for leisure or business. Rental income can be higher on average in comparison to longer term stays and takes advantage of high seasons. Short lets include higher wear and tear and require a certain level of technical knowledge to manage listing, booking channels, payments, pricing, guests, housekeeping and maintenance. If you are managing it yourself it takes a considerable amount of time and availability.
Mid-term lets suit business professionals or people with temporary projects or extended stays to visit. There is growing demand for these types of stays as people move towards more flexible working arrangements. The income can be mixed but it does mean limited wear and tear.
Long-lets normally have an initial fixed term of at least 6 months where the rental income is fixed. It has the benefits of a stable income every month and lower maintenance. The cons can include very limited flexibility and can have empty months or significant void periods between tenants.
Traditionally booking and rental platforms targeted each of these rental segments. However as demand requires greater flexibility, the booking platforms are evolving to support guests wanting to stay for different periods of time. For example home sharing giants like Airbnb have been closely monitoring this sea of change towards longer-term local stays. In fact, Airbnb recently announced some major changes to its tone and positioning.
HelloGuest can help rent your property on a short-mid-long let basis depending on your requirements. We believe in an integrated approach that will maximise your returns and minimise your void periods.
Contact us to find out more information about our short/mid/long term letting model and hosting management services.