Almost half of the Nepalese people are seeking second employment to supplement their primary income. Many people's side hustles begin with a monthly rental or lease.
That's right, landlords are leasing or renting out free space. People are inventing fresh creative ideas and looking for side hustles in today's society, which is why the world is dynamic. Some landlords who wish to supplement their income with an existing asset: their home, can do so by creating a unique homey space and renting it out on sites like Hotel and Home. Of course, how much money you make depends on where you live, how often you rent out your property, the quality of your home, and the services you offer.
Hotel and Home is a third-party website that connects travelers with short- and long-term rental homes. Hosts can offer their properties on the platform and rent them out to guests for a short or lengthy period. Hotel and Home do charge a service fee in exchange for marketing your listings and handling payments.
Here's a step-by-step guide on how to start renting out your home to optimize your earnings.
1. Do your research
Before you start sprucing up your rental space, you should do some research on the demand in your area. You may be handicapped from the start if your residence is not near a hotspot. Many wannabe hosts are unaware that their property's earning potential is mostly determined by its location and the current demand for tourists.
Check to see if your rental is legal to run. Spend some time researching whether or not hosting is legal in your location, as well as the restrictions you must follow. While you may be able to greet visitors without this step, it may save time and aggravation in the long run. Check the regulations and bylaws that homeowners' organizations and landlords enforce.
Finally, while selling your house on sites like Hotel and Home is free, keep in mind that the listing site will take a tiny percentage of your booking cost. For example, most rental companies charge a flat fee of 5% for every reservation. This will have to be factored into your regular maintenance and operations costs.
2. Freshen up your environment
Even though your property is ideal for you, it may not be suitable for visitors. In most cases, some redecorating is required. Experts recommend starting with a blank canvas and then outfitting the room for the greatest results.
Even if you're merely renting out a spare room, a new bed frame and mattress are going to be required. Because you are competing with other Hotel and Home hosts, you must recognize that everything should be furnished and relatively new.
3. Take some stunning photos
High-quality photos of your space are another way to position yourself for success."Getting professional photographs is one of the first things you should do as a host. People are extremely visual."
It's also critical that the photos highlight unique aspects of your space, such as quirky decor or unusual amenities. "The only way for guests to see your property is digitally first." As a result, your photos must be flawless."
4. Create a detailed list
Before you write your listing, consider the type of visitor who will most appreciate your space. The title of your listing on Hotel and Home or other rental sites should be catchy and descriptive for the best results. Your description should be brief and informative.
Manage your guests' expectations by being clear about what you're offering. Take note if you live in an area where critters and harmless insects are common. If your building lacks an elevator, make it clear that it is a walk-up. A lot of problems can be avoided by setting expectations. Negative reviews are almost always the result of unmanaged expectations."
5. Invest in a positive check-in experience
First impressions are crucial. It's all about quickly acclimating your guests to their new surroundings. The check-in process begins even before your guest arrives at your front door. After the booking, make sure to provide contact information in case of an emergency, as well as specific instructions on how to get from the airport or the local bus stop to your home.
6. Stock up on quality amenities
Don't skip on the amenities if you want that 5-star review. You'll need good WiFi and, depending on the size of your property, a WiFi network extender. Check the WiFi in every room of your house and make sure the network name and password are visible to visitors. A SmartTV, along with clear instructions on how to use it, is also a good bet.
When it comes to linens, go beyond the basics. Plan to stock toiletries like shampoo and soap, as well as pantry staples like salt, pepper, and condiments. Of course, you could add extra amenities, from ironing boards to wine openers. You may need to experiment with it over time, adding items as your guests require. Being prepared to assist guests with limited resources can help your rental run smoothly.
7. Maintain a spotless home
Cleaning is a common complaint among guests. This is because your idea of being super clean may not match the expectations of your guests. When it comes to cleaning, overlook the importance of caution and go above and beyond. And, while you can clean the space yourself, especially if you only rent it out on occasion, it can be time-consuming.
Instead, many hosts hire a cleaning service. However, finding the right cleaning service can be one of the most difficult tasks for a new host. For example, your cleaner will need to check for damage and possible theft, as well as items left behind by guests, and possibly refill bathroom or pantry staples. Furthermore, they will need to clean on a strict timetable so that your home is ready for your next guest to check-in.
8. Safeguard your investment
There are horror stories about horrible guests, broken furniture, and run-ins with local law enforcement for every success story. Check that your insurance covers your new venture to protect your investment. Purchase short-term rental insurance if you are concerned about being left with a bill for costly accidental damage. Also, before you begin accepting guests, go over the fine print of your current homeowners' or renters' insurance policy.
What Is the Distinction Between Long-Term and Short-Term Rental Stays?
A typical short-term stay is less than 28 days, according to Hotel and Home. A stay of 28 days or more is considered a long-term or "monthly" stay by Hotel and Home. Long-term bookings are not available for all rentals on Hotel and Home, as hosts decide whether to make their properties available for longer stays.
Short-term and long-term stays may have different reasons for renting. Short-term renters are typically looking for a quick getaway or vacation. When their booking is finished, they usually return home.
Long-term hotel and home rentals tend to attract people who are traveling for work (such as medical professionals) or study. People who have been confined to their homes for months due to the pandemic may also book a long-term rental for a refreshing break.
If you want to turn your rental into a cash cow, you can't go in with high expectations and spend a fortune on remodeling only to rent. That is not a sound business strategy. It’s not just for earning some extra money but all about creating an unforgettable accommodation with furnished and stocked amenities necessary for the satisfaction of Hotel and Home travelers. With Hotel and Home, rent your spare room with your pricing in response to different factors like day of the week, demand, season, etc.
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