Top Tips for Creating Millennial-Approved Rental Properties
Rental properties provide a lot of amazing benefits for homeowners and property managers. Owning them creates security for their other assets, diversifies their investment portfolio and, if they’re in a highly-sought after location, it can be a great source of passive income. And especially now, with more and more people will be looking for extended stays during Covid-19, having a desirable rental property that brings in a high number of bookings can bring a big pay-off for owners and property managers alike .
Sustaining these rentals, however, can be a double-edged sword. In the past, you could usually get away with some minor fixes to your short-term rentals here and there. But thanks to social media, updating your properties has become increasingly essential to clinch more and more bookings from today’s most travel-savvy audience: millennials.
So, what exactly constitutes a millennial-approved pad and how can you create them without blowing up your budget? As a property manager, it’s vital for you to be able to provide ample advice to owners for getting the most bookings, especially during the age of Coronavirus. Read on for some amazing tips on how upgrading your rental properties will satisfy even the most socially-driven occupants — without spending an arm and a leg to get it done.
Know Where and How To Spend
When modernizing rental properties, share with your clients that design is where they will see the most bang for their buck. Making simple improvements on things like backsplashes, flooring and paint or wallpaper is sure to catch the eye of 20-30 somethings. Gain some inspiration from popular design blogs or peruse through Pinterest to get caught up on the latest and greatest in home decor.
After these changes have been made, make sure professional photos are taken so the listing looks clean and organized. Visuals are everything when potential renters are looking for a place to stay, so make sure small details like this don’t go overlooked. You may even boost the value of your property with these improvements, so be sure to check your rental’s worth and adjust its booking price accordingly.
Have Ample But Functional Amenities
A common requirement (and best practice) for many vacation rental booking channels is to list the amenities included in your rentals. The more amenities a property has, the more likely tenants are to find something that could be useful to them. Whether guests’ stays are for the week or the night, they’re probably not going to want to deal with headaches from antiquated home appliances or bathrooms.
Make sure your properties have updated dishwashers, stoves and refrigerators and in bathrooms, make sure showers, tubs, toilets and sinks are in tip-top shape.
Also, look for less expensive options that still provide plenty of convenience for guests. You can save money by including amenities that are less costly, like extra sheets, towels or a hairdryer. While a hot tub can go a long way to stay warm in frigid temperatures, something less costly like an extra blanket can, too!
Do Exit Interviews
After a guest leaves a rental, doing an exit interview is sure to drive more revenue your way in the long run. Ask renters what they liked and didn’t like about their stay, and where they think you could improve to have made their time there more enjoyable.
Keeping an open, honest line of communication with your guests is key to a profitable return on any investments you might make.
Add In A Conversation Starter or Two
If dramatic wallpaper or bold color combos don’t do the trick, try adding in some extra flair in other places! Everyone loves a social media post with a statement, and decorating the walls with art that captures a younger audience will make for the perfect social content.
The best part is that you can keep things super affordable and simple. Curb costs by checking out the latest art online, and ordering most pieces completely framed and ready to hang so that the gallery wall your guests have been dreaming of is just a click away!
No matter what changes you make to your vacation rentals, functionality should be a top priority. Property management in the Covid-19 era has emphasized the need for relaxation over all else, so ensuring your rental property will provide a tranquil experience for guests where they can focus on the good is essential. For more useful tips on how to better manage your rentals during Covid-19, check out our Coronavirus Infocenter.