How to Prepare Your Home as a Holiday Let

Written by Posted On Thursday, 02 July 2015 00:35

Everywhere we turn, the peer-to-peer economy is expanding; from trip booking applications to websites that allow us to rent out our own home without a real estate professional. Entire mortgages are being paid with websites like these – and we thought we’d show you how to get in on the home let business. Keep reading!

Home letting is big business these days. And it couldn’t have come at a better time; for many, home letting has turned a dire economic situation into a godsend.

What is a Holiday Let?

When one rents out their home or property to another individual while they’re not using it. This can be done all year ‘round with additional properties, or you can rent out your home while you’re on vacation.

Why is Everybody Doing It?

It’s simple; letting a property while you’re away is an ideal revenue stream for those who travel long-term or have multiple properties. It allows you to cover your mortgage while providing some level of financial freedom. And best of all, you’re building an asset!

How Do I Prepare My Home as a Holiday Let?

1. Choose a Market Place

Before you physically prepare your home for a holiday let, you will first need to find an online marketplace to list it in. For example, you can try Stayz.

Once you choose a marketplace, shop around at the “competition” and get an idea for what sort of features are popular, how others are taking attractive photos, and the price that similar properties are being listed for.

2. List Your Living Space

Once you’ve done a little research, list your own living space for others to view and explore. Studies show that if your listing is more detailed, you are more likely to attract a larger number of paying guests.

Your House, Your Rules

Keep an eye on the website from time to time to answer questions about your listing with a quick turnaround time. You may want to jump to number 3 before taking photos!

3. Prepare your Living Space

In order to prepare your living space for your guests, you’ll need to think a little like a hotel room cleaner. We suggest the following;

  •    Tidy up and try to view your living space through the eyes of a stranger; we have a way of glossing over carpet stains and drain gunk when we know we won’t be having company for awhile
  •    Safeguard your valuables or move them offsite
  •    Make any small repairs that are needed, from a leaky faucet to a dead light bulb
  •    Focus on hospitality; from cream and sugar for coffee and the coffee maker that brews it – to setting out an extra set of towels or linens—anything that helps your guest avoid rummaging through your cupboards looking for something they need
  •    Be available; should anything go awry or your guest have a simple question, find a way to make yourself available
  •    Rate and be rated; remember, most holiday let organisations have some sort of review system for both guests and hosts, so be mindful of that as the smallest gesture can expand your holiday let’s profitability

4. Choose How You’d Like to Be Paid

Some holiday let listing services will handle payments for you and deposit them into your bank account, while others will provide additional options such as PayPal or Stripe. Explore your options and set up bank accounts to work with them in advance so there are less hoops to jump through when you’re trying to get paid.

5. Engage with Your Guests

Most experiences with house letting are quite positive however if you ever get the urge to pull the plug – you’re usually allowed. This is a great question to ask your holiday let organizer, should you get a bad feeling about a prospective guest.

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