Times are tough right now in the tourism market (any market really except for toilet paper and hand sanitizer). Therefore if you’re a landlord or an agent in the short term and/or holiday rental market, you will definitely be feeling it from both sides.
The reality is that traditional tourist business is very unlikely to pick up again for a few months. The NSW Government has also now placed heavy restrictions for anyone in NSW to stay in an Airbnb or short term rental agency accommodation without a legitimate reason, and other states are likely to follow this example.
What can you do to combat this sudden drop off in your income?
There are still a few solutions that may be available to you.
Whilst it isn’t yet illegal to book an airbnb or short-term rental property, if you don’t have an essential reason for leaving your home as per the state guidelines, this could still be considered a breach of the new law.
So this means on top of the drop off of Airbnb bookings from international travellers coming into Australia because of the new restrictions, the usual domestic travellers will be affected by these changes too.
With Easter around the corner, and plenty of other public holidays in the near future when the restrictions are likely to still be in place, at this stage it looks like your future Airbnb reservations could plummet dramatically (if you haven’t already noticed a big change).
Fortunately, in NSW there are exemptions for short-term rentals to people who have an essential need to stay:
- For their work
- For their studies
- Or to act as someone else’s carer
You can of course still lease your property out to long term tenants without restriction, who are looking to stay for either a 6-12 month term.
So how can you find these tenants?
If you can’t use Airbnb or another similar platform, you can, of course, go down the traditional route of engaging an agency to rent your place out for you.
However, there are a lot of drawbacks with going back into this model of leasing, especially if you are used to the short turnaround time of Airbnb.
The process of finding a suitable agent, sorting out the photography and advertising, and then waiting around for the right tenant to walk through the doors could be paralysing (both mentally and financially).
In addition to this, your pool of potential tenants might be much harder to reach with all the social distancing restrictions in place. You may be forced to open by private appointment only or advertise an expensive virtual tour. Even if you manage to book someone in, there’s no guarantee that your potential tenants will be confident to even leave their own home to view your property.
On top of that are the high commissions associated with working with a traditional property manager. So if you are used to the freedom, flexibility and low cost of managing your rental property, this may be more hassle than it’s worth.
How Instarent Could be the Ideal Solution for You
If you enjoyed the flexibility and reliability of using a software platform to manage your own rental property, Instarent could be the new solution to your problem.
A Pool of Vetted and Reliable Tenants at your Fingertips
Instarent can help directly link you with a pool of tenants at your fingertips without the hassle and additional cost of going through a property agent. Similar to other hosting applications you may have used previously, we have a system for our landlords to rate existing and previous tenants who are looking for a place to stay, making it easy for you to find a suitable fit.
Let the Tenants Come to You with Property Listings
Instarent is a two-way street, so you can list and advertise your property for tenants to find if they are actively searching.
Speak to Your Potential Tenant Directly (And Manage All the Paperwork in One Go)
Instarent is a communication platform, so you can message and email your tenants directly.
You can easily share and store documents, and your tenant can even digitally sign their agreement, all on a single platform.
Tenant Decides to Stay On? Set Up Regular Reminders and Notices
Have you got a tenant that decides they love your place so much they want to stay a bit longer? Not only will it be a breeze to send them a new agreement, but you can also set up regular reminders and notices for their payments and upcoming inspections.
Need to Make A Repair? We Have a List of Trusted Tradespeople Too
It’s just as easy to find a suitable tradie on Instarent as it is to find a tenant. We have a pool of tradespeople who will not only be local to your area, they are rated in a similar way to tenants with a star rating system, so you know whoever you choose will be able to complete the job at a high standard and a reasonable price.
Still Need Help? We have Customer Service Available to Chat 24/7 (without the Fees)
After all that, if you still need a helping hand with your rental property, we have a dedicated customer support team that is available 24/7.
Now is the time to take back control over the situation and adapt your rental property strategy to the new demands of the market. Whilst we all hope that these restrictions will be lifted sooner rather than later, there is no harm in exploring other avenues. Get in contact with us today to find out more about how you can get started with Instarent, and get yourself back on track to a stable income.