So, you know the basics of managing rental properties. You’ve spoken to all the right people and took on all the advice to help you understand the basics involved to help you get through it. But wouldn’t it be better to manage a rental property successfully rather than just getting by? Here at Cavendish Peaks, understanding the basics is just the beginning. We believe managing rental properties can only be done one way, and that is the right way. This month I’m going to give you the top 10 tips for successfully managing rental properties, so grab a cup of tea, get comfortable, and let me talk you through it step by step.

Where to begin, well, let’s start from the top.

 

Tip 1 – Secure yourself a property and get it in good nick

I know it seems obvious! But sometimes, we can get ideas into our heads without first covering the basics. Find yourself the right property, and be sure you can have any work that needs doing completed. Remember, this property will be rented out, so securing it and getting it in good repair is critical and will save you a lot of time and effort in the future, trust me.

 

Tip 2 – What are your expectations?

You’ve got the property, the work has been completed, so what are your expectations? Before your property is listed, it is essential to set up your rental costs. Our home property management team is on hand to help you with this. Rental fees need to be carefully researched and calculated. There is no point taking the cost of the mortgage and some bills and then adding 20% (this is how some residential and home property management companies reach a figure). Instead, a more accurate and fair price can be achieved through research and asking the right questions.

What is the average income in the area? Although this seems irrelevant, it is a crucial factor that needs to be taken into account. Your property sits within an area, so it is vital to keep it realistic and consider the surroundings.

What is the average rental price? Again this is another valuable piece of information for managing rental properties as it will help you come up with a baseline price rather than just picking numbers from the sky. Rightmove and Zoopla can be a great help in finding the most up-to-date average rental prices.

What is the size of an average family in the area? I can hear you saying it. “Why does that matter”? Well, it’s simple. Considering the size of an average family gives an insight into what kind of area the property is based. These statistics can then be used when advertising and provide some much-needed information to potential renters.

What makes the area unique? Be sure to list all the qualities of the area. Does it boast beautiful views? Are there train and bus lines allowing for an easy commute? Does the property offer off-road parking? What is special about the local bars, restaurants, and attractions? These questions will enable you to charge extra, so they are worth taking the time to research.

 

Tip 3 – What do you want from a tenant?

The simple answer to this question would be a reliable and trustworthy individual, but when we look into this question a little deeper, there are many different answers. Remember, it is illegal to discriminate against tenants, but you will have a better chance of finding the perfect individual(s) if you consider these few simple characteristics. Our home property management team is specially trained in ensuring only the most relevant and legal questions are asked.

Set a minimum income cap – This should be based on repayment costs and the costs of living.

Employment requirements – Do you prefer your tenets to be employed to ensure payment security?

Credit checks – This is not an unacceptable request. Credit checks have to be done to secure a mortgage and most things today so asking a tenant to complete a credit check is not unreasonable if you prefer to have that extra bit of guarantee.

How do you feel about smokers? – The best property management companies are a definitive no on smokers, so this is entirely your choice but remember the number of smokers in the UK is declining, with only around 14% smoking today. In my opinion, saying no is always the best option. It reduces the risk of discolouration to decor, prevents your property from smelling of smoke, and, most importantly, ensures the safety of your property and its tenets.

Have they rented a property before? If not, this does not mean they are not suitable tenants. It could simply mean they have chosen you as their first residency. If they have rented properties before, many residential property management companies will ask for references from previous landlords.

 

Tip 4 – Advertising

Now that everything is in order, we can begin advertising! We will post your property anywhere that is suitable. The more exposure, the better. Some sites may charge for you to advertise, but it will be worth it in the long run. As they say, you have to spend money to make money. Advertisements can be posted online, in newspapers, and on social media. The possibilities today are endless.

 

Tip 5 – What makes them a good tenant?

Now, this can be a tricky one. How do you know this individual will be a good tenant when you don’t know them at all? There are several things that you can and cannot ask today when interviewing potential tenants. Luckily our home property management team has the knowledge and experience to know what is acceptable and what isn’t. As a company, we believe in some cases, a rental questionnaire is the best start. All the questions are pre-written and can help to avoid deterring from the right question. Questions to avoid involve; race, personal information, disabilities, and family size, as these questions could cause a great deal of offense. However, questions about employment status, references, any requirements they may have, and any former landlords are entirely acceptable when asked correctly.

 

Tip 6 – The contracts

We will ensure you have a contract that is fair, legally binding, and up to date. Your contract will include all terms and conditions, costs and payment dates, details on maintenance and eviction process if the worst should happen. Although it is possible to write this agreement up yourself, I highly recommend hiring one of our professionals to do this for you to ensure any details are not missed. We can provide this service within a package tailored to you. Once an appropriate contract has been drawn up, this can then be reviewed with your tenant.

 

Tip 7 – Keep in touch

So that’s it there in! But that doesn’t mean we should just leave it there. Visiting the property a couple of times a year (being sure to give plenty of notice in writing) can be beneficial to both the home property management company and the tenant. Our visit will allow them to discuss any maintenance that needs completing, repairs, faults, and generally just allowing for a catch-up and express any concerns they may have from the tenant’s side. From our side, we can check the state of the property, ensure all aspects of the property are being taken care of, no damages have been incurred, the tenant is not subletting (this is a lot more common than you would think), and your tenant is just genuinely happy and content all on your behalf.

 

Tip 8 – Collecting rent

Nobody likes to chase anyone for payments, so ensuring we have a correct and secure rent transfer system is crucial. This can be done in many ways, including standing orders and cheques, but whichever you choose is entirely up to you. If the cost of rent needs to be raised, we will be sure to give your tenant plenty of notice in writing. Enforcing a late payment fee can be highly beneficial. Although it sounds harsh, it provides the incentive not to allow rent to go unpaid for any period of time. This is your business, after all. We will ensure the late fee policy is clearly stated within the contract from the very beginning.

 

Tip 9 – Eviction

This word sends shivers down everyone’s spine, including mine. But unfortunately, these things happen. As much as an individual dosnt want to be evicted, in some instances, this is the only solution, but that dosnt make it any easier for the landlord. Being familiar with local laws on eviction is hugely beneficial and will prevent you from running into any complications. We will ensure we give official notice and the eviction is filed through the court as this will prevent you from running into any problems. Do not accept any payment while the eviction is being processed. Taking payment could cause issues for the whole process, and be sure not to break any rules.

 

Tip 10 – Finding the best property management companies

So that brings us to tip number 10. What do you need to look for when choosing a residential property management company? You need someone reliable, enforceable, and yet is easy to approach and communicate with. They must take on the responsibilities, the burdens and be genuinely passionate about what they do. They must have the best connections in the industry that will save you time and money while maintaining positive and good relationships with vendors at all times.

Managing rental properties can be highly stressful and time-consuming. You must be on hand 24 hours a day to handle any issues that may arise. Cavendish Peaks ensure we are on the same page as our clients, from everything to tenant selection criteria to handling any matters and issues. With a vast amount of experience under our belts, we know what is needed to manage rental properties and manage rental properties successfully, making us one of the best property management companies to date. Get in touch today today on 0114 437 2473.

In this month’s guide, I’m going to talk you through all the do’s and don’ts of short-term rental management, managing short-term rentals, and the key factors to help you achieve not just successful but positive short let management results. I will also include several tips and tricks here and there that I feel will benefit you and help you thrive in the world of short-term rental management.

What is Short Term Rental Management?

So, let’s start at the beginning. What is short-term rental management? With popularity growing around platforms such as Sykes Cottages, Booking.com, and of course Airbnb, it is no surprise that the demand for short-term rental has skyrocketed over the last few years. Previously, the minimum stay on a property was limited to 7 days and five days in some rare cases. Today, individuals can book a stay for as little as one night, making short-term rental precisely what it says on the tin, rentals for only a short amount of time.

Short-term rentals also offer a different type of property. Gone are the days when property rentals only consisted of hotel rooms or apartments. Today, properties differ from small one-bedroom apartments to whole houses. Some even offer the option of outdoor spaces such as tents and teepees. Properties are now advertised on a “you get what you pay for basis.” Meaning that if you pay £15 per night, you expect to have £15 per night facilities. Making us less surprised when we walk into a property that hasn’t been renovated for the last 15 years and is in need of some TLC and updating; however, nowadays, we completely understand that we get what we pay for.

The Do’s

When opting for short-term rental management, always seek out the advice of a qualified and knowledgeable professional. They will help you weigh up the pros and cons in fine detail while ensuring you understand the benefits and risks. It is best to go into a business venture with as much information about the financial and legal implications as possible. Even if you think you know it all, it never hurts to know just a little bit more!

Always consider your location. Think about when you first bought the property, or if you are buying the property to rent out to short-term guests, be sure to find an area that will be a perfect match for you and your guests. After all, it is your property, don’t forget! Is it close to the town center? Is there a train station or regular bus routes nearby? If opting for a quieter, more peaceful location, is it suitable for those wanting to unwind and relax but maybe partake in some outdoor activities? Once you have found the perfect property in a prime location that can offer exactly what you and your future guests require, be sure to showcase these qualities. Don’t be shy! The more people know about your short-term rental, the better!

The Don’ts

Now for the don’ts. You wouldn’t buy a car without first doing some basic research. This is no different. Don’t be tempted to post your listing without first doing the proper research. Choosing a verified and credible website to showcase your property will make the difference between it becoming an ultimate success and its flopping and essentially failing.

Positive guest reviews should not be underestimated. As with most things now, everything can be reviewed and researched through the click of a button. Ensuring your guests have a positive and enjoyable stay with help you to thrive. Happy clients make for happy reviews. Keep everywhere clean, fresh, and tidy, and don’t be afraid to do some research into amenities that most guests look for in a listing. This can vary from easy access to public transport to something as small as having a hairdryer on site. Racking up as many 5 star reviews as possible depends on you providing what the people want. Don’t give anyone a reason to leave a bad review.

Never lie! No one wants to be told they’re staying somewhere with high-speed, super fast broadband to arrive and be greeted by the age-old dial-up technology. If you don’t offer it, don’t list it. Having someone scroll past your property for lack of amenities is better than them posting a bad review because you stretched the truth.

The Advantages of Short-term Rental Management

Short-term rental property management offers a wide range of advantages. Short-term rental allows you to rent out your space to different individuals every day of the week, offering a great deal of flexibility and ensuring a steady and guaranteed income.

Short-term rental gives you the opportunity to rent out your own home or second home without the usual minimum six-month rental contract. Making short-term managing rentals much easier for you to allow yourself some time in the year to visit and stay in your property. Also, if you travel a lot, it can be worrying leaving a property vacant for a number of weeks or even months; however, short let management means someone will be staying at your property, making it less of a target for thieves and vandals. Another positive to short-term rental is the maintenance of the property itself. Rather than the property left for prolonged periods, guests are able to stay and make regular use of the boiler, appliances and keep everything ticking over, making it less likely to deteriorate. This can be especially beneficial in the colder months as regular use of hot water facilities can prevent pipes from freezing and bursting.

Having regular lodges while your property is unoccupied also deters away rodents and pests. Around 82% of homes in Britain have all experienced having at least one unwelcomed mouse within their home, so it is not uncommon. However, if a property is occupied, regularly cleaned, and has plenty of human activity inside, pests and mice are less likely to nest within the property and move on to vacant and empty spaces.

Having a clean and ventilated property is critical when renting out a property, so it is essential to have someone on board who is confident, efficient, and above all else, trustworthy when it comes to managing short-term rentals. Properties have to be cleaned between each client; this is basic 101 of short-let management. The property needs to be inspected for any damage, vandalism and above all else needs to be kept to a high standard of hygiene while staying in line with current health and safety guidelines. Luckily we can take care of all this, ensuring you have one less thing to worry about.

Short-term rental is also a great way to meet new people and discover different walks of life. Although you may never come face to face with each other, there is still a great deal of communication that goes on, and receiving constructive criticism can help you improve what you offer to others in the future. So keep in mind that constructive criticism is not always negative.

The Disadvantages of Short-term Rental Management

Although there are many advantages to short-term rental management, it doesn’t come without its disadvantages, like most things in life. Don’t let this deter you! I am simply just pointing out these few negativities to make you aware of what to keep an eye out for.

Now, although renting out your property short-term will guarantee you an income that will essentially pay for the property and enable you to benefit from a profit, it is worth considering the costs that will still be incurred. Electricity, gas, water rates, wifi, etc, will still all likely be used by your guests in your absence, so it is essential to consider these costs when opting for short-term rental and how some individuals will use more hot water or watch the T.V more than others.

When inviting strangers into your home, you are more at risk of your property becoming damaged, towels going missing, or in rare occasions some disturbance being reported. Ensuring you have iron-clad contracts in place and knowing your rights is half the battle if the worst ever does come to happen. Also, being sure to be up to date with all health and safety regulations, fire regulations, making sure the property is safe, i.e. no loose carpets on the stairs, etc, and keeping it free from leaks, drafts and hazards can be challenging to keep up with, however, for the safety of you and others, it is 100% worth it.

Managing short-term rentals can be challenging at times, but with the right help, advice, and assistance, we can help you achieve, thrive, and even enjoy what the world of short-term rentals has to offer and all of the benefits. Get in touch today on 0114 437 2473.

In this Airbnb hosting guide, I will explain the different aspects of renting out your space, starting with how we can help you to become an Airbnb host, the possible challenges a host faces and how we can help you to overcome them, the advantages, and how we can help you to be the best host you can be. I’ll also throw in some Airbnb host tips and help along the way.

What is an Airbnb host?

We all love nothing more than to get away for a few days and enjoy other parts of the world. Accommodation is high on the list of priorities when organizing a holiday, but instead of the corporate and clinical places we usually stay, wouldn’t it be nice to stay somewhere that’s a home from home? There is a host behind every overnight stay, and I don’t mean the one who stands at reception waiting to greet you with a smile. I’m talking about a real person just like you who can give you the details you need to check-in and feel at home. Depending on the experience requested, the level of interaction guests have with hosts varies. This can range from eating dinner together to not seeing each other at all. While anyone can be a host, some people lack the available time to be a suitable host. Here I will share how we can host professionally and responsibly on your behalf, providing a tailored experience for your guests.

How we can help you become an Airbnb host – Registering your space

Becoming an Airbnb host is quite simple, though it requires registering your property on the Airbnb website. It is important the details are accurate and correct. A questionnaire about what kind of place you are listing needs completing, including things such as whether your space is a house, apartment or even a unique space, and how many guests your place is suitable for. We can fill this out efficiently and accurately on your behalf. We provide as much accurate information as possible – your guests will not thank you for bending the truth. It’s important to state how much space the guests will have when they arrive. Will they have the whole place, a private room or a shared bedroom? Guests need to know whether areas are communal or private, so again, be honest. Also, it should be stated if any of your personal belongings will be inside the property if it is not set up primarily for guests. Next is how many guests your space can accommodate and how the sleeping arrangements will work.

How to become an Airbnb host – Showcase your space

Now all of the important questions are out of the way our next step is to showcase your space! Have you ever sold a property before? The same principles apply. Make sure the area is light, fresh, and clean. All beds should be made and make the space as clutter-free as possible. Be sure to capture as much detail as possible – this can be anything from the view out of the window to the quirky decor. We can help you to capture good quality photographs which will help your listing stand out and create the effect you desire. Many hosts hire a professional cleaner, however our service includes cleaning between guests to provide peace of mind. Hiring a professional will help you keep on top of things and will pay off in the long run.

How to become an Airbnb host – Airbnb hosting help

Don’t forget to get familiar with your local laws. Some cities have stringent rules on becoming a host, while others are a lot less strict. These policies are often part of the city’s zoning codes, so be sure to do some research before you go live.
Determining a fee for your Airbnb guests can be difficult, but a simple solution is by looking at listings similar to yours that are close to your area. The competitor listings should be of similar size, with a similar number of bedrooms and bathrooms. We can advise an appropriate fee to help ensure your property is competitive in your local area to lure your guests in with your affordable prices while still making you money. Decide on a reasonable cancellation period, which will be stated clearly on your page.

Airbnb hosting guide – A guide to being the host with the most

We all like to make people feel welcome when they enter our home, so when your home also becomes your business, how can you be sure to offer the same standard of welcomeness on a regular basis? Here is how we do it.

First things first, communicating with your guests before they arrive for their stay is vital. As their Airbnb host, they rely on you to be honest and trustworthy about the area in which they are staying, the home, the facilities, and most importantly, yourself. Being direct with your guests from the off makes for a good relationship. Managing people’s expectations makes for happy guests. We can take care of communication with your guests in a friendly and professional manner.

Provide flexible check-in and out times. Everyone has run into some sort of delay when traveling. However, we cannot control this; offering more flexible arrival times will allow your guests to travel stress-free, meaning they will arrive full of cheer and excitement. Flexible check-out times are always appreciated, meaning guests can leave as stress-free as when they first arrived. And we aren’t afraid to welcome new faces, we have had lots of positive experiences in greeting guests.

It’s always nice when you arrive somewhere and see a simple welcome note or tea and coffee facilities, so be sure to do that little bit extra for your guests. It doesn’t have to cost. Providing extra blankets when it’s cold or the option of a fan if it’s hot goes along way. We ensure everything is set out how it should be in order to set those important good first impressions.

Provide plenty of information on how to use electrical equipment, ovens, etc. It will be a great help to your guests. Offer some details on the area, should they want to venture on a walk or need to visit a local supermarket. Remember, always provide details of the nearest A&E department, doctors, vets, and dentists just in case your guests should run into any bother.

We will make sure the home is up to the advertised specification and clean before your guests arrive. When we hand over the keys and some information, we will always be ready to greet your guests at the door with a smile and be helpful with anything they might need. As part of effective communication with your guests, we don’t forget people will want their own space and be allowed to enjoy their holiday at their speed.

This Airbnb hosting help will enable you to get off on the right foot with your guests, but there is one major factor that must never be overlooked – cleanliness. Having a clean home is vital when having guests.

Airbnb hosting help – Risks on being an Airbnb host

As exciting and friendly as being an Airbnb host is, it is not without its risks. As with running any business, health and safety must be critical when hosting. If you notice the hinge on one of your cupboard doors is becoming loose, or that bit of carpet on the stairs is beginning to lift, get it fixed! Leaving small things like these is the difference between your guests leaving happy and your guests leaving injured. Renting your home to strangers can be a risk, but it can be a safe and pleasant one if done correctly.

The benefits of becoming an Airbnb host

While we have spoken about the risks and worries of becoming an Airbnb host, there are also some fantastic benefits. An Airbnb guest can use any habitable room in your home. Some hosts now even rent out garden space with tents. You will discover that everybody is different and they all choose to stay in various styles of accommodation whether it be; a single room, double room, loft, basement, whole house or as we said even a tent in the garden and with hosts not having to pay anything for posting their listing on Airbnb it is just one of the many benefits.

Hosts can set their own prices and fees for guests and state what is and is not included in these fees. Hosting offers a great deal of flexibility. You decide when your property is available and when it isn’t, allowing you to have more time for yourself and your family.

There’s a lot to consider when becoming an Airbnb host, but there is equally so much you can get out of inviting people into your space. Everyone deserves to have a pleasant stay wherever they go, and ensuring you provide this will help you excel in the Airbnb hosting world.

So be the reason someone smiles today. Following these steps helps us to be the best host on your behalf.

So, is my property suitable? Letting out your property as serviced accommodation is a great way to make a passive income whilst retaining the flexibility you need. However, it’s important that your property meets the needs of those you are looking to let to. There are a few things to keep in mind:

Location

First and foremost, is your property located in a suitable area? To be considered for serviced accommodation, it should usually be within easy walking distance of town or city ameneties. There are exceptions of course, such as those advertised specifically for rural areas, but it’s important for business clients to be within easy reach of the third party facilities and high-value areas they have come for. City centre apartments are always preferable and command the highest prices.

Facilities

There is little point in advertising as serviced accommodation if you’re lacking the basics. Cooking and laundry appliances are a must, but it’s important to have more to offer. Think of what you use at home: that’s what you’re looking to have here. Good WiFi and a television are critical, as is an iron and board. Nice-to-haves include a hoover, heater and dehumidifier. Remember, you’re advertising to be better than a hotel room.

Quality

You can have all the above and still find your property is unsuitable. Dilapidaed and worn properties in need of some TLC will need to be renevated before letting (Cavendish Peaks can help here!) and all properties need to offer that homely feel. That green 1970s bathrrom suite with the high flush you think will do, because it works, won’t fly. Think modern, comfortable and above all, clean.

If you’re unsure if your property is suitable, get in touch today and we will come and let you know!