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What are the most needed essentials in a Short Term Rental?

Mon, 13 Feb 2023 18:57:10 GMT

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When it comes to running a successful Airbnb or Vrbo property, or any type of Short Term Rental for that matter, it’s imperative to have some necessary items available for your guests. When a guest checks into your home for a reservation, it is important to remember that this is their home for the next several days or weeks, and as such they will require certain items so that they can have a functional and enjoyable time while you host them.

Not only is it important to have certain items available for the smooth enjoyment of their stay, which of course is paramount, but the flip side to this is that you want to ensure that you will receive a 5 star review from the guest as well! One of the biggest ranking factors, as well as one of the top factors potential guests look at when booking a property, is the amount of 5 star reviews. If you want to make sure you’re racking up those high quality reviews from your guests then make sure to include these following essential items.

#1 – RESTOCK ITEMS

Now this first one on the list is the absolutely, no questions asked, most necessary items that you will need to have in your home. The restock items are all those small pieces that guests will always need, and once those items are running low they will need to be restocked. The most important items on the restock list are the following:

- Toilet paper

- Paper towels

- Shampoo

- Body wash

- Garbage bags

- Dishsoap/dishwasher pods

- Laundry detergent

- Hand soap

#2 – KITCHEN APPLIANCES

When booking a home to temporarily stay in one of the most important things a guest is going to be needing is properly working appliances. In the kitchen that includes the fridge, oven, microwave, and dishwasher. While not all these appliances are absolutely needed, the more you can offer to your guests the better. Not only will it help with getting a good review, but it will also make securing bookings much easier as your space will be able to accommodate a wider range of guests.

#3 – WASHER & DRYER

While a washer and dryer are something that several Short Term Rentals do not include, we highly suggest that you have a properly functioning washer and dryer. Lots of guests look for accommodations of 1 week or longer, and during that time they will need to wash their clothes, so having a washer and dryer will make your space much more appealing. A properly functioning washer and dryer is also crucial to the cleaning of the unit, without these appliances it will make the turnover process much more difficult.

#4 – COFFEE MACHINE

It’s no secret that most people love coffee, and when it comes to running your Short Term Rental you want to make sure that you have a coffee machine available for your guests. Along with a coffee machine it’s also crucial to provide coffee, sugar, and cream.

#5 – HOT WATER KETTLE

Having quick and easy access to hot water is something that most guests are always going to be looking for. Whether it’s for tea, soup, or for anything else, it’s a great idea to include a hot water kettle as part of the amenities you offer your guests. We also always provide complimentary tea as well – it’s the little things!

#6 – COOKWARE & UTENSILS

When booking a Short Term Rental, guests love to have the option to be able to cook their own meals, just like they were at their own home! That’s why it’s important to include all the essential cookware items like pots, pans, and cooking utensils. And of course, it is equally important to provide all the eating essentials like utensils, plates, bowls, and cups.

#7 – BED LINEN

Offering comfortable sleeping accommodations is paramount to ensure your guests have an enjoyable stay. Since Short Term Rentals have such an influx of guests coming and going, we always make sure to add a comfortable mattress protector to every bed. This ensures any accidents and stains can be easily remediated by changing out the protector rather than the whole mattress. We also suggest having at least 2 sets of bed linen for each bed to make the turnovers much easier, that way you always have fresh sheets available for guests.

#8 – DUVET & DUVET COVER

Since the bedding needs to be washed and changed after every checkout it is not possible to use thick comforters or quilts since they take much longer to wash and to dry. The solution to this is to use duvets and duvet covers. Only 1 duvet is needed for each bed as it can be periodically washed as needed. For each turnover the duvet covers can simply be taken off and a new one can be put on. We suggest to have at least 2 duvet covers for each bed, again to ensure that you always have fresh and clean bedding available for your guests.

#9 – COMFORTABLE FURNITURE

Having comfy furniture may seem like an obvious suggestion, but this part cannot be overstated. If you have furniture that is old, sunken in, and not enjoyable to sit in then it will definitely lead to complaints and bad reviews. Along with comfy furniture, aim to have stylish looking furniture as well. This will add to the overall experience for the guests, and it will also make your space more appealing to potential guests looking for a place to stay.

#10 – TV

When booking a Short Term Rental guests want to make sure that they can enjoy the space and be entertained as they would in their own home, if not better! That’s why it’s important to include at least 1 TV in your space. We suggest a Smart TV which can easily be used with apps like Netflix or Disney+ so that guests can stream their favourite shows and movies while they enjoy their stay.

We hope this list of our essential items needed for a successful Short Term Rental are helpful for you. When considering which items you should or should not include, try to always remember that running an Airbnb or a Vrbo is like running your own personal hotel. It’s not just a rental property, it is also a hospitality business, and as such it is paramount that you provide everything your guests require for a 5 star experience!

If you have any questions or would like to get some more information about Short Term Rental management then please feel free to contact us. We look forward to hearing from you!

What is a Short Term Rental (STR)?

rob.leblanc11@gmail.com (Rob LeBlanc) — Tue, 22 Nov 2022 21:20:02 GMT

Discover the new age of rental properties

We live in a world of constant change, where it appears that almost every day there is a new trend appearing or some new wave of technology popping up that is changing the way we live. This holds true for so many areas of life - whether it be the constant uploads to TikTok and Instagram that have such a drastic social influence on our culture, or the perpetual change of political policies that shape our economy and the way we interact with each other and our government. Yes, the change is imminent, and over the last five years the same has never been more true for the real estate market.

When it comes to the real estate industry and the rental market in particular, typical residential rentals have always consisted of a one year lease. Perhaps a two or three year lease could be negotiated, or even a six month lease, but those have always been the standard period lengths in which tenants have been able to rent property. This all changed with the emergence of Short Term Rentals (STRs).

Ten years ago a platform called Airbnb sprung up out of San Francisco, California. It all started when some roommates found themselves short on rent, one of their friends walked out on their lease which left them short one person, but it also left an available bedroom open. The group decided to put an air mattress in the bedroom and advertise the room for rent. After the first month they made enough off of that one bedroom to cover their entire monthly rent! You could say this was the “lightbulb” moment that would go on to have a remarkable impact on rental markets all over the world.

STRs have essentially been around for nearly 20 years with various homeowners privately renting out their home for weeks at a time, but in the last 5-10 years platforms like Airbnb and Vrbo have taken off and have been continuing to grow in popularity and demand. STRs are classified as any property that is rented for 28 nights or less. Although the general classification falls below 28 nights, homeowners also have the option to rent for a period longer than that as well. This means that tenants (more commonly referred to as guests in the STR space) can now rent a home for one night, seventeen nights, 43 nights, or any other amount of time that they need! This paradigm shift has altered not only the way that renters search for properties to stay at, but also the way that homeowners can choose to manage their property and take control of their investment.

With a typical long term rental, the landlord and tenant will agree to a one year lease with a fixed amount of rent due each month. Once the tenant takes possession it is almost as if they temporarily own that space – the landlord must schedule ahead of time with the tenant just to view the condition of their property, and if the tenants turn out to be a headache for the landlord or surrounding neighbours it is extremely difficult to evict them.

With a short term rental however, the landlord would be able to maintain control of their property. Instead of a lease agreement with a tenant, the landlord would have reservations with guests. The average reservation length for STRs is roughly five nights long; this means that after the five night reservation is complete, the guests have left the property which then allows the landlord to inspect, clean, and ensure their property is still in pristine condition. If there does happen to be any damage then either the guests or the rental platform would reimburse any costs to repair damages, although these scenarios are extremely rare. This maintains the value of the property significantly longer than with long term rentals, but that’s not even the best part.

When guests reserve a home for a few nights compared to a full year, the rate in which they rent it at is significantly higher. Let’s take a 1 bedroom 1 bathroom condo unit for example: The current long term rental amount for a unit that size is about $1200/month. As a STR, the same unit would rent for an average of $85/night at roughly 90% occupancy (27 nights per month) – that comes out to $2295/month! These numbers only continue to get bigger with larger properties.

It’s quite evident to see why so many landlords have decided to convert their rental properties into a STR. Higher returns on any investment is always the goal, and when it comes to real property, if you can maintain the value of that property while continuing to maximize your returns, why wouldn’t you?

Empire Estates is a division of RSL Empire Inc, and we’ve been managing STRs for years. We don’t just manage our own rentals, we specialize in managing properties for home owners who want to make the shift to the short term rental market. We understand these types of rentals require more time and expertise, but that’s why we’re here. Our short term rental management operations are currently based here in Canada as well as in the USA, where we continue to expand and build new relationships every day.

If you’d like to make the switch with your rental property, or if you simply have some questions, please feel free to contact us. Our team is always looking to expand our portfolio and work with new landlords who want the most from their investments. So give us a call today, we look forward to hearing from you!