Diving deep into the considerations every homeowner should mull over before venturing into the short-term rental domain.
By: Brad Greiner, CEO of Open Air Homes and OpenAiRE Brokerage
Before you jump on the bandwagon of short-term home rentals, it’s vital to understand that this venture isn’t just about generating extra income; it’s about ensuring compatibility between your expectations, your home’s essence, and the guest’s expectations.
While it might seem like an easy endeavor, opening your personal or vacation space for short-term stays requires a certain level of adaptability and detachment.
To aid potential hosts in making an informed decision, we’ve curated a list of signs that may hint you’re not quite ready:
1. Emotional Attachment: Your home is your sanctuary, and you’re overly protective of it and all of the furniture items in it.
Example: You designed every square inch of your home, and you’re fearful of people touching your prized possessions.
2. Mismatched Furnishing Expectations: You’ve furnished your home from budget stores but expect luxury rental rates.
Example: Your living room boasts a set of basic IKEA sofas, yet you hope to charge guests the same rate as homes with Restoration Hardware couches.
3. Valuable Keepsakes: Your home houses sentimental items that you can’t part with, even temporarily.
Example: You cringe at the thought of strangers using your grandmother’s vintage tea set, which you keep on display in the living room. You ask your guests to make sure to not use them instead of storing them away for safekeeping.
4. Erratic Availability: Your calendar is only open for very short periods of time, making it almost impossible to secure rentals.
Example: You vacate your home for guest bookings on random weekends, resulting in you having to prepare your home each weekend rental by putting away your personal items.
5. Over-Expectation: Hoping that all renters will treat your home as you do can and will lead to disappointments.
Example: You expect every guest to water your indoor plants daily, only to return and find them wilted.
6. Over Involvement: You’re inclined to oversee even minute operational details, despite hiring a property manager.
Example: Even with a property manager in place, you insist on overseeing even the smallest of tasks that relate to proper customer service.
7. Vendor Control: Relinquishing vendor communications to your property management company seems daunting.
Example: Despite your property manager’s capability, you still want to be the one to call the plumber or gardener every time a service is needed. Or you demand that your typical weekly cleaner does the turnovers, even though they have only ever been a personal cleaner instead of a hotel-quality, home turnover cleaner.
8. Neglected Maintenance: You are not financially prepared to fix the maintenance items that will arise in your home.
Example: The AC has been making a rattling noise for months, but you’ve postponed its repair. A guest’s stay during a heatwave becomes uncomfortable due to its malfunction and demands a significant refund.
9. Amenity Control: You wish to offer personal bathroom amenities instead of adhering to property management standards.
Example: Instead of using your property manager’s recommended toiletries, you provide your own large bottles from Costco to save money. Guests complain that they’ve been previously used, and your reviews suffer.
10. Design Ignorance: You’re unwilling to acknowledge the increasing importance of home aesthetics in this competitive market.
Example: While minimalistic and contemporary designs are trending, you hold onto the outdated heavy drapes and clashing patterns, making your property less appealing to the modern traveler, resulting in a lower nightly rate and lower occupancy.
In conclusion, embarking on the short-term rental journey can be rewarding, but it’s paramount to evaluate if your property and mindset align with the industry’s demands.
At Open Air Homes, we prioritize consistent quality, and it’s our belief that every home should match our defined standards to guarantee positive guest experiences. If you’re contemplating this venture, assess your home and personal preferences against these points. Success in this realm isn’t solely about listing your space; it’s about delivering an unforgettable stay.
