Day: 26 June 2020

Managing rental properties in Melbourne can be a lot of work. The short term rental market here is competitive and the cost of maintaining your investment property can be fairly high. So to make things easier for you, we’ve put together 8 tips to help you increase the amount you’re earning and maximise the return on your investment.

 

1. Invest in your listing

Having professional photographs and setting the scene in your property are going to have a huge impact on the quality of your listing. You want people to be attracted to your listing and it needs to stand out from the rest, and hiring a professional photography service can help you achieve this even on a budget.

 

2. Look for a tax deduction where possible

A great way to save money on your Airbnb property is to seek tax deductions when possible. This can include furniture depreciation, cleaning fees, property management fees, repairs and also professional photography.

 

3. Consider your return on investment (ROI)

When you invest in your Airbnb property, it’s important to focus on how much return you get for every dollar you invest. Contact Oasis Stay to find out how much you could make from your Airbnb property by learning to optimise your budget and take an ROI-centric approach to your investment.

 

4. Support for pets

While making a property pet-friendly involves a bit of extra work, you can often charge additional fees and attract more tenants if you support them.

 

5. Focus on property styling

Styling your property will make a huge difference in how your property stands out. Hiring an interior designer to help is well worth the money and will help attract a larger audience. It’s far more effective than trying to style the property on your own, especially if you have no design knowledge.

 

6. Modernise your property

If it’s within your budget, try and modernise your property. Include modern amenities, appliances and a solid internet connection to attract more guests. Some additions we can suggest are air conditioning, a WiFi router, a large television, a modern washing machine and a range of cooking appliances.

 

7. Make your property suitable for short stay and long stays

Allow your property to be rented for both short stay and long stay tenants. This will help your Airbnb listing appear to more people. Offer discounts for long stays to encourage people to pick you over the competition.

 

8. Be proactive with Airbnb management

Whether it’s Airbnb cleaning or repairing things that your previous tenant reported, be proactive with your management. A Melbourne Airbnb management company could help you manage most of these concerns, such as contact vendors as needed. It’ll save you a lot of time and ultimately help maximise your return.

Airbnb has, without a doubt, revolutionised the way that people travel. It’s quickly become one of the most popular platforms to search for accommodation and it’s also opened up many income opportunities for people that own property. Whether it’s sharing a room in your home or turning investment properties into lucrative ventures, there are lots of ways to make use of Airbnb. So in this article, we’ll explain how it works in Australia to give you a better understanding of the service.

 

How does Airbnb work?

Airbnb is essentially an online marketplace that allows you to search for travel accommodation, but you can also rent out a property and spare rooms. You can list your property or spare room on the website and pick the price you want to charge. Airbnb then takes a commission for every booking and also charges guests. You can choose different criteria that match your home and you can upload photographs to attract more attention and show people your property.

 

Can I trust Airbnb and the guests?

There’s always going to be some concern with bad guests and tenants, but it carries the same amount of concern as renting your property out to anybody. In addition, guests and hosts both receive ratings, meaning you can decline someone or cancel a booking if you don’t want a certain guest coming to your property. There’s also a verified ID system that confirms people’s identity with offline documents such as photo ID.

 

Do I need a property manager for Airbnb?

A lot of people wonder “why do you need a property manager for Airbnb properties?”, especially if you can manage the property on your own. The answer is usually because there are countless different responsibilities in being a landlord for your property. Whether it’s listening to feedback from tenants or repairing certain appliances, a property manager can help look after your property and will ensure that it’s kept in top condition. This will make managing an Airbnb property much easier and you won’t need to pay as much attention, resulting in less stress on your behalf.

 

How does Airbnb work in Australia?

Airbnb is an international service, meaning that there are no major differences in how one uses Airbnb in Australia. However, there are usually a couple of responsibilities, such as tax declarations, that must be taken into consideration if you’re renting out your property in Australia. This is where an Airbnb management service can help you with financial issues such as tax deductions to save money, reporting income and so on. Since it’s considered taxable income, you’ll need to keep records of your Airbnb earnings and report them to avoid getting in trouble. Other considerations will also be covered by a management service, making it the best way to manage your property on Airbnb stress-free.

You often hear people say that Australia has a wonderful real estate market that has plenty of positive cash flow properties to choose from. While not exactly false, it’s definitely a challenge to find properties that are worth investing. The approach people take to investing is usually the source of their woes, so in this post, we’re going to talk about how you can find positive cash flow properties in Australia.

 

Understand that there are lots of additional costs when investing in a property

Numbers are helpful, but people often focus on the wrong statistics and figures which leads to unrealistic expectations of a property. For example, if a property has $500/week rental income and the mortgage is also $500/week, people often think that it’s a neutral property that will eventually pay for itself until you eventually own the property. Unfortunately, there are additional costs that need to be considered, such as maintenance, repairs, council rates, insurance, utilities and so on.

The important thing here is to understand that there are additional costs involved when investing in a property. The mortgage and rental income aren’t the only figures you should be worried about and there are many unexpected costs that could eat into your positive cash flow. This is especially important in congested areas, hence why we’d suggest an Airbnb management service for Sydney if you plan to rent out your property for short-term stays to travellers. You’ll have a much better understanding of the additional costs and can find more properties with the potential for positive cash flow.

 

Consider the many ways to rent out a property

There are a couple of ways to rent out a property and some solutions may be better than others depending on the location and style of your property. For example, an inner-city apartment in an area like Melbourne may actually fare better on a service like Airbnb. This is because Airbnb is extremely popular with tourists and travellers that stay for short periods of time, meaning they’re more likely to pay higher rental and service fees. While it can result in longer vacancy times, that concern can be mitigated by focusing on your property.

When combined with an Airbnb management service for Melbourne, this can be a fantastic way for you to create a positive cash flow property in Australia.

 

Seek more opportunities around the country

One great tip to find positive cash flow properties in Australia is to never focus on just a single area. There is limitless potential for great property investments if you look around different parts of Australia and are willing to work with property management services. For example, finding a suitable Airbnb management service for Brisbane can make managing distant property a breeze. It’s a fantastic way to seek new opportunities for property investment around the country.

Airbnb hosting can seem like a huge responsibility, especially if you’re trying to maintain good standards and attract as many guests as possible. When you’re first starting out, it can seem like there are countless things to keep an eye on such as maintenance, housekeeping and property management. Fortunately, it’s actually a lot easier than you might think. In this article, we’re going to explain four simple tips that will help you make your life as a landlord much easier.

1. Create a guide for your property

When you have visitors coming for a short stay in your property, chances are there might not even be from Melbourne or even Australia. As a result, they might be a little confused at how to use certain appliances, or maybe they’re unsure how to use your WiFi connection and electronics. To solve this, make sure you make a little guide on how to use the appliances around your property. This can be just a little booklet that you laminate and place on your coffee table. Alternatively, a rental management service can also help you create one if you use a professional service to look after your property.

2. Make a list of local vendors

Vendor generally refers to any kind of service that helps you manage your property investment. For example, it could refer to a cleaning service, a handyman to repair appliances or even a local contractor for building repairs. When working with an Airbnb property management service in Melbourne, you’ll typically have access to a wide range of private vendors and vendors that are affiliated with the Airbnb management service.

3. Use a professional property management service

We understand that you might be struggling to cope with property management because it’s simply too time-consuming. In a case like this, we’d suggest contacting a service like Oasis Stay rental management service to help you look after your investment. Not only will they manage property maintenance, but they’ll also help you respond to guests and arrange vendors for repairs and other similar needs. This can greatly reduce the amount of time you spend on managing your Airbnb property.

4. Add an option for self check-in

Self check-in is an option that allows your guests to access your property via a key lockbox, smart lock or keypad. These are inexpensive to install and it’s often one of the best ways to reduce the amount of time you need to spend meeting with guests. Self check-in properties often give you the luxury of managing a property without ever needing to see your guest. You simply give them a code, they unlock a lockbox and take the key, and then they’ll only contact you if they need anything. Once they’re finished, they’ll simply lock everything up and place the key back in the lockbox. This saves a lot of time and hassle, especially if you live relatively far from the property.