Blog-o-rama

Setting Up Shop

So you’re thinking to yourself Yeah, this sounds like a good idea.  I can make some money when I’m not home. Problem is, you haven’t had someone stay at your place since Auntie Booboo visited from Ft. Lauderdale, and even then  you had to hire a maid last minute to make the place livable.  You don’t know the first thing about being a host.  What to do?  Introducing the Roomorama Renter’s Guide, a three part series featuring tips on how to prepare and execute short-term rentals.

Step 1. Ask yourself truthfully, what am I trying to accomplish? If you’re in this for a few dollars here and there, chances are you’re not going to invest in making your rental as appealing as someone who is trying to cover their monthly rent from Roomorama revenue.  In order to plan effectively, establish your goals up front.

Step 2. Set a price. It may sound obvious, but make sure that you don’t price your apartment so low that you’re losing money.  On the flip side, don’t price it so high that nobody bites.  Take a look at a few other Roomorama listings in your area that have amenities and setups similar to yours. Then decide what is an appropriate fee.

Step 2. Remember appearance is everything. Now that you’ve taken the rental plunge, you need to make your place user-friendly.  Here’s a handy check-list to go through before every arrival:

• Valuables Remove any expensive or irreplaceable items and store them somewhere safe.  We’re not saying your guest will pillage for goods, but we do advise you to remove your collection of hand blown glass figurines from the coffee table if one of your guests is a toddler.
• Bedding If you have specified that you are providing linens, the following is suggested per bed:  1-3 days: 1 set of sheets, pillow with pillow protector, blanket, and mattress pad.  4+ days: 2 sets of sheets, pillow with pillow protector, blanket, and mattress pad.
• Living Room If you are renting your entire apartment (as opposed to just one room), remove any clutter from the common spaces and maximize seating arrangements.  Leave television remotes and other useful items out.
• Bathroom If you have specified that you are providing towels, the following is suggested per guest: 1-3 days: 1 towel, 1 washcloth, 1 hand towel.  4+ days, 2 towels, 2 washcloths, 1 hand towel.  If you are providing a hair dryer, leave it with the towels so your guest(s) don’t have to look in unseemly places -like that medicine cabinet you haven’t cleaned out since 1987.

Step 4. It’s definitely the little things that count. Consider providing a coffee maker, high-speed Internet, books and DVDs, a first aid kit, and/or video game systems.  If you have them and you’re willing to share, list them as amenities on your Roomorama page.  It will make your place more desirable and you’ll be able to mark up your base rent.

Step 5. Avoid The Awkward Determine ahead of time how proactive you want to be as a host.  Will you be at the apartment while the guest is renting a room?  If so, would you be willing to give them a brief run-down of the neighborhood, a tour of the apartment, etc.?  Make sure you clarify this beforehand so as to manage expectations and avoid the awkward shuffle with your guests.

Now remember, as a Roomorama host, you are by no means required to follow this guide.  This article serves merely to suggest ways that you can make your home more accommodating and perhaps, as a result, increase your bookings. Happy Renting!

Next in our three part series: Part II: Marketing Your Rental on Roomorama

Did we forget anything? Tweet your personal suggestion @Roomorama for your chance to win a booking credit.

E-mail the author of this post, Lindsey Piscitell at lindsey@roomorama.com | Not a Roomorama member?  Join here.