How to command premium prices on your short term leasing investment
5
Mar

How to command premium prices on your short term leasing investment

It’s fantastic to feel pampered, especially when you’re away from home. Short-stay properties have the opportunity to transform a guest’s stay from “good” to “great” by simply offering a few creature comforts. Here are a few ways to give guests what they really want - and what they will happily pay for:

 

1. Look at the surrounding area
You can work closely with your property manager to pinpoint your ideal guest by looking at the local area and the other accommodation on offer.

Consider what facilities are available in your building, and the local area. If your building has a pool, provide additional towels, robes, and cheap slippers for guests when they use the pool.It will discourage guests from taking these to the pool. Similarly, if the building has a gym, providing sweat towels and complimentary bottles of water in your apartment would be a thoughtful gesture.

What shops or cafes are in the local area? If guests arrive late at night and there isn’t a convenience store close by, you could arrange for tea/coffee, milk, and even small boxes of cereal to be included with the room so guests can have a light breakfast. Some short-stay properties now even provide Nespresso coffee machines with coffee pods and milk, which certainly beats instant coffee!

2. Consider the purpose of your guest’s visit
If your accommodation is close to the city or businesses where guests are travelling for work, think about the things that would make their stay more comfortable after a long day at the office. Some drinks or snacks (complimentary, or mini-bar style) will help your guests refuel and unwind.

Include a compendium with other useful information about the area, such as:

  • Upcoming events - markets, festivals, etc.

  • Recommended local restaurants or up-to-date takeaway brochures

  • Public transport timetables, and taxi and car service numbers.

A dedicated workspace with fast, unlimited internet is essential for professional guests. Ensure this space is comfortable and set-up properly with easily accessible powerpoints for charging laptops and other devices.

3. How will your guest get to your property?
If guests are driving (and your apartment has an allocated car park), ensure they are given clear instructions on where the car park is located and how they can access it (with a token or a code).

If guests are travelling by other means, such as flying, you could organise complimentary or discounted transfers from the airport. Arranging transport to their accommodation when they arrive is then one less thing your guests need to think about, and differentiates your apartment from others.

 

4.  Who is your ideal guest?
When you consider your target market, you will start to build a profile of the type of person staying in your apartment. Consider their lifestyle and the way they would live at home. A clean and tidy property is essential, but other little touches such as room design and décor will keep your apartment looking up-to-date, which would appeal to a contemporary clientele. Soft furnishings, such as cushions are inexpensive and can be easily washed and updated as necessary. High-quality bed linen and towels will also give your apartment a luxurious feel.

Sourcing work from local artists to display on the walls of your apartment will give your property a modern feel, whilst promoting local artists. Artworks can frequently be moved around or changed to refresh the look.

The services of a professional property stylist will take the interior styling of your property to the next level, setting you apart from the competition. Your property manager will be able to provide further guidance and advice in this area.

5. Professional photographs
Finally, ensure your apartment is showcased to its full potential with high-quality promotional images of each room that capture all the additional features. Your property manager will also be able to advise and assist with this.

When it comes to property, the devil is in the detail. An impeccably clean apartment with considerate, personal touches will be what your guests remember, and keep them coming back.

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