New Short Term Holiday Rental Venture! Where To Start?

So you've purchased a property or have an existing property that you'd like to set up as a holiday rental investment. Where do you start?Welcome In is a fabulous resource for owner/ managers of holiday rentals in Australia. I've been there, done that!... and have some great tips and advice to assist you on this journey.This blog will cover many topics of interest and if I haven't answered your questions in these articles then maybe you'd like to consider engaging our services to tailor a coaching package to get you on track?How are you going to market your holiday rental accommodation? Will you brand the property with it's own quirky name? Our first venture was called The Rocks (Perth Hills). It was actually inscribed on a boulder out the front of the property when we purchased it - no brainer!Do you have an idea of your target market or are you not particularly fussed about who stays in your short term rental? If you are very clear about what types of people you'd like staying in your holiday rental make a note of it. They become your target market segment.Have you made a list of the features of the property? Put the top five at the top of your list. This needs to be captured when marketing your short term rental venture.Do you have a budget for marketing? I'm guessing not really. Why not start with a Facebook page. Facebook is a brilliant resource for owner/ managers of holiday rentals. You can upload high quality images, some property information and your contact details. This is really all you need to start.If you have a brand name for the property maybe spend a little money on developing a logo for marketing purposes. This should be added to your Facebook business page. I can help you source a logo, build your Facebook page...even develop a website for you if you want to head down this path in the future.Best not to spend too much to begin with. You need to test the market and make sure there is a demand for your type of accommodation.I would recommend some online advertising with booking portals such as Air BnB, HomeAway, Stayz, Short Term Accommodation.com.au etc. Just start with one first. You either pay for an advertisement with no commission (you'd need to have your own website though as the ad will link to this) or you pay nothing and the booking portal takes a commission off your booking revenue generated through that site.Ideally you want to focus on becoming sustainable. Put some money aside to buy a domain (web address - reasonable inexpensive), hosting and build a basic website. Eventually you might be able to afford your own booking system which would be embedded into your website. Traffic would then be directed from Google direct to your own property website.Have you thought about insuring your property? Best to be making contact with your insurer and find out more details. There are only a few companies that offer short term accommodation insurance as it can be high risk if not well regulated.Who is going to clean your property? the linen? maintenance? You? If so, you're brave. It's a lot of work. Part time job for a well occupied holiday rental. Think about the increase in power and water usage too. All this needs to be factored into to setting your fees. I can assist you with market research to set your nightly tariff.Will you meet and greet your guests? If not, how will you get the keys to them? Sometimes engaging a professional contract manager specialising in short term accommodation management can save you time and money in the long run. Again, factor this into your fees. You need to cover your costs.Contract/ professional/agent holiday rental managers are a wealth of information. They should step you through this process.If you want to do this on your own then maybe I can assist you on this journey. I really do have a great insight into the short term holiday rental in Australia. I'm aware of the Holiday Rental Industry Code of Conduct, accreditation opportunities and much more. I have myfinger on the pulse of this niche industry.If you have enjoyed this article maybe you'd like to subscribe (free) to the Welcome In e-news. I try to publish these every few months to a community of holiday rental managers in Australia. I encourage you to make contact with me if you have any queries about any aspect of your holiday rental management journey. If I cannot assist you I can certainly point you in the right direction. I am well connected with niche industry holiday rental stakeholders in Australia.