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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.

The COVID-19 global health crisis has had a massive impact on all businesses. However, lockdown measures have been felt particularly harshly in the travel and tourism industry. 

Social distancing and the recommendations that everyone stays at home have put travel out of the equation. 

If you are the owner of a property that you’d like let out on short leases, you’ll have no doubt had to close your doors and will have lost all of your trade during the lockdown. And, you’ll probably have some very reasonable concerns about the future. 

With worries over the state of the economy, and with uncertainty over how long general social distancing measures will last for, how should you handle the crisis from a business perspective? How can you make money from your property?

One way that you could do this is to offer your property up for rent on Airbnb. 

Taking proactive measures to promote your Airbnb is essential. One of the best promotion strategies will be to list your Airbnb property online before the Australia COVID-19 shutdown ends. 

Life After Lockdown

After spending weeks in shutdown, Australians will be feeling restless. Many will have had to cancel travel plans already, so there is a chance that many people will want to take a holiday. After all, it’s been a stressful couple of months. But with overseas travel out of the question, for the time being, staying in Australia may be the only real option for many. If you own a property that you’d like to rent out on a short lease basis, it will be essential that you be ready to capture the staycation tourists. 

List Your Property on Airbnb

Airbnb is one of the most successful short term rentals platforms. With around 150 million users, the site provides listings for short term lets and a way of arranging the booking. This makes it a great idea to list Airbnb properties in Australia. Users can look at properties in specific areas. With pictures and descriptions of the property posted to the site by the home’s owners, it’s vital that your listing will stand out from the crowd. But how do you write a great Airbnb listing? What do visitors want to see from the property?With the help of an Airbnb Management for Melbourne properties, you’ll get the best quality photos and descriptions designed to convince tourists to make a booking. Not only that, but at Oasis Stay, your property will be perfectly staged to make it desirable to renters. Having the help of people that know what customers are looking for in a property will really help to make your property more impactful in the Airbnb listings. 

Taking Care of Your Airbnb Property

Once you’ve signed up to Airbnb, you’ll start to get visitors. However, along with visitors comes the need to take care of your home continually. Between guests, the property will need a full clean. There may be maintenance issues that need addressing from time-to-time. This probably all sounds fine if you’re running bed and breakfast. It’s perhaps all par for the course. However, for the majority of Airbnb property owners, letting the property out provides a sideline income. You may have a regular job to go to. You may not even live close to the property to be able to keep making trips. There are ways of keeping your property looking great at all times without the need to spend so much time and effort into the upkeep of your short-term let. Make use of the services of Airbnb Management Service for Sydney, and your property will be well taken care of. That means that you’ll get the rental income on your property, and someone else can do the work for you. 

Listing With Airbnb During COVID-19 

If you’ve got time on your hands due to the current COVID-19 restrictions, this is an excellent time to start planning your Airbnb listings. The sooner your property is ready to take in guests, the quicker you’ll start to see the rentals coming in. Given the current situation with COVID-19, you will need to make specific considerations. Firstly, you may see a more significant number of cancellations that usual. If you are prepared for this, you can manage this situation easily. You may also want to be flexible about lengths of lets during the pandemic. Having the flexibility to take longer-term renting may mean that your Airbnb property is never left empty. For help with your Airbnb property listing, get in touch with Oasis Stay property management service today. 

We’re now well aware of the far-reaching consequences of the coronavirus pandemic on the short-term rental industry. Property managers around the world are faced with an inevitable influx of booking cancellations. While it may seem like the only option is to brace for impact, now is the time to be proactive.

With this global crisis putting the world somewhat on pause, it’s critical to consider new strategies for preventing future cancellations and ensuring that canceled bookings aren’t entirely lost opportunities.

Here are some key strategies for making the most of current cancellations and mitigating the risk of future losses.

Targeting the right customers

Short stay rental market for the tourism during this crisis does die out, however, to whoever actually needs an accommodation whether its due to quarantine, border closure or city lock-downs. Those guests generally tend to seek for a longer reservation and that is what we should target and attract.

Make it appealing

Put highlights in your listing profile photos: sanitized property , enough toilet paper rolls, masks provided, grocery shopping, or fast wifi, playstation 4 and games provided. something to let these guests know it is comfy for a long stay by a glance .

Pricing

Increase long term discount and lower daily prices. Not from 5% to 8% weekly or monthly discount, we are talking about 10-20 % discount or more. Remember empty property would not make a dime for you.

Change it to flexible refund policy.

At this stage, we should worry about if we have any guests left , not what if guests cancel before they come. Guests want more protection toward themselves , give them what they want. Don’t forget to highlight this in your listing profile picture to let guests see yours is better than others.

Make the move first

Focus on the bookings you still have in place to limit the damage before guests even have a chance to completely cancel their reservations. Given that travel regulations are tightening, it’s likely that you’ll experience more guests seeking to cancel, so it’s important to be proactive before they do so.

For guests with bookings in the next 3-4 weeks who are likely to cancel due to COVID-19, try reaching out with offers designed to avoid outright cancellations and secure future business. For example, ask guests if they’d like to reschedule their reservation — and to help seal the deal, include a discount that guests can use when booking new dates.

Staying Aware

The best way to remain proactive and offer guests effective solutions is by keeping a finger on the pulse of what’s happening in our industry as a result of coronavirus. To make sure you’re always on top of the cancellation policies of the OTAs (online travel agencies) your properties are listed on, refer to these helpful links:

• Airbnb’s Cancellation Policies
• com’s Important Information on Coronavirus
• HomeAway’s Coronavirus Cancellation Policies
• Vrbo’s Coronavirus Cancellation Policies

There are new policies and news updating on daily basis. Some of them are critical to help hosts get thro this Crisis.

Seeking for help from management agencies or management system

The way short stay managing agencies work is no income no commission. Especially with Oasis Stay, during the COVID-19 crisis, we offer list your properties first then charge later to lower the cost for owners to see if it works.

Guesty as a property management system is also worth mentioning. They are able to list your properties on multiple platforms syncing messages, payment, prices , tasks and help hosts to communicate with platforms. During the dark time, they have been helping a lot of agencies and hosts to stay on top.

Airbnb management Melbourne can be a lot of work, especially behind the scenes wherein you need to build your brand, grow it, reach out to clients, and manage their stay in addition to being completely professional at all times.

Here are 7 incredible yet practical tips that you can implement, as an Airbnb host in Melbourne, in order to stand out from other Melbourne Airbnb property managers:

1. Be detailed:

Pay close attention to detail. Only when you set right the detailed aspects of your home will your business start to skyrocket.  Your guests are not expecting any unpleasant surprises thrown their way. So, make sure you mention each aspect of your property in great detail so that your guests’ stay turns out to be nothing but pleasurable.

2. Be competitive:

Healthy competition is the key here. Sure, you may have the best services and the most beautiful and comfortable rental home, but with adequate positive reviews to back it up, potential clients may not take your business seriously.

Hence, make sure you always ask for feedback. In the case of positive feedback, dg deeper to know what precisely they liked while you can work on upgrading those services. A negative feedback definitely gives you more room to revamp your Melbourne Airbnb rental management skills for better customer experience in the future.

3. Be relevant:

Keep updating your services and postings regularly. You needn’t revamp your listings altogether but a few tweaks here and there will do the trick. Keep posting fresh pictures and keep your description trendy.

For instance, if there’s a popular show or an event happening nearby, you might want to mention it to the guest prior to booking so that you can hike your prices accordingly.

4. Be generous:

Sure, we understand you can’t be overly generous with every guest, but basics like shower gel, shampoo, and a spare toothbrush didn’t hurt anyone. While at it, some popular snacks and chocolates can be a good way to earn those brownie points!

5. Be financially apt:

It is important to be on the top of your game where financial and legal issues are concerned. Stay fully aware of the changing legalities regarding putting up your home on rent. Also, never hesitate to invest your money back into this business in order to gain much more returns sooner rather than later.

6. Be mindful:

Regardless of you renting your space just for the weekends or all year round, be mindful of your neighbors. Better still, keep them in the loop. In addition to that, make sure your guests are fully aware of the rules in your neighborhood pertaining to parking, loud music, and pets in the vicinity.

7. Be welcoming:

This is, perhaps, the biggest aspect that most Airbnb hosts don’t work upon. You need to make your guests feel wanted and welcome under all circumstances.

In order to do this, you can hand them a travel guide as soon as they land at your doorstep. This will include ways to access public transport, local eateries, shopping areas, and underrated areas in your city.

Also, you can include another booklet or guide which talks about your home in detail. Add a personal touch to it like a story that dates back to how and when the homeowner purchased the property and if there’s any sentimental value attached to it. Nothing establishes a bond stronger than an emotional connection.

While at it, include small details to go about your home in this guidebook as well, like running the faucet, radiators, and where to access the first-aid kit and so on.

Summing it up:

As a business owner, you need to stay consistent on these tips until your brand starts coming across as reliable and trustworthy to your clients. This may take anywhere between 6 months to a year to upgrade your Melbourne Airbnb property management, but the results are highly worth it!