If you have a property that is a short distance from a popular tourist or vacation destination such as beaches, you can transform your idle property into a money-making venture through short-term letting.
Here are the benefits you can enjoy:
Quick, easy cash
Short, quick stays can earn you more cash if you have a regular stream of bookings. In fact, it can be more lucrative compared to long-term letting. What’s great about short-term letting is that you can delegate the detail-oriented business of property management to management rights brokers like Resort Brokers Australia. This will save you the hassle of having to check up on your short-term tenants and your property and gives you more time to maximise your investment.
Avoid the hassle of long-term letting
As many landlords know, there are many difficulties that come with long-term letting. For instance, landlords have little control and limited inspection time when it comes to long-term letting, which also comes with high risk of wear and tear. Should you be needing the place soon for your own personal use, you can’t do that if you have long-term tenants.
Reduced risk of wear and tear
Even if you have a regular list of short-term renters, the place isn’t occupied 100 percent of the time, which means there is reduced the risk of wear and tear on your investment. When a short-term lease has ended, you can also have it checked regularly to ensure that nothing is damaged during the short stay.
Maximise Your Investments
These days, there is a huge market for short-term renters even in areas that are not in close proximity to tourist destinations. Business travellers can also choose to stay in these types of properties instead of a hotel. Before making any quick decisions, though, it’s always to do some extensive research to avoid lifelong regrets.