Evolving from Short Term to Long Term Private Rentals
Most of Australia is starting to see the light at the end of the tunnel of the immediate COVID crisis. But the reality is that the economic and cultural after-effects will be with us well into the next couple of years.
One of the most impacted areas within the crippled tourism industry is short term property rentals. Private rental apps like Airbnb once gave us the flexibility to rent directly from a landlord in locations all over the country, with an emphasis on short term stays. We could view a property, communicate directly with a landlord and organise automated rent collection all online, without the hassle of using a traditional property agent.
But with many border restrictions still in place, and hotspots a day to day occurrence, the idea of inviting a revolving door of strangers into your home no longer sounds that appealing. The idea of short-term rentals as a form of passive income has eroded, when you factor in the additional cleaning and other new regulations you need to comply with as an Airbnb landlord.
Mid to Long Term Airbnb stays are instead growing in popularity. There are still plenty of occupations that require people to stay in other locations, including doctors and nurses in residency, FIFO workers, and others in long term work assignments where working from home is not an option. These people often require stays are still far shorter than a standard lease, and therefore they desire the flexibility and convenience that an online rental platform like Airbnb provides.
AirBnB Landlords realised that it’s quite simple to manage their properties using the app we’ve all learnt to love. It saves money, raises yield and gives some sort of control and satisfaction of running a property like a business.
Now may be the time to consider adjusting your property strategy to the changing needs of the market, and the Instarent platform can be there to support you.
How Instarent Could be a Mid to Long-Term Rental Solution for Your Property:
Online Property Listings
Instarent allows landlords to list and advertise properties online in minutes, finding new tenants or inviting an existing tenant is a simple process. The platform allows landlords to easily add property information, images, as well as desired terms of the rental agreement. Listings are live immediately, and can be co-listed with our partner websites in a few clicks (Domain & Real Estate).
Screen Potential Tenants
Similar to Air BnB, Instarent requires tenants to complete a “Tenant Profile” before applying for a property, applying for properties in just one click and receiving updates live. The app has been as well thought out for renters as it has for landlords, giving the landlord full visibility to the tenants Equifax history on their profile.
Automated Rent Collection with Regular Reminders and Notices
The financials dashboard gives landlords a transparent and easy to understand view of their Incoming, Outgoing, Expenses and Pending accounts. Rental collection is automated through the platform, the app also sends late rent reminders and collects data for future reference.
Communicate Directly and Share Documents with Tenants
Landlords can message and email tenants directly via Instarent, to help streamline all communications with them. Critical documents can be also stored and shared via Instarent, so landlords can easily flick a new agreement through to the tenant, or organise an appointment for an upcoming inspection.
Whilst the economy is still very dynamic, mid to long term rentals will give back the secure income that you are seeking. Instarent is a platform that can make the process simple and easy for all parties, and confidently give control over managing property assets. Contact us today to find out more about how Instarent can help you transform your property into a mid to long term rental property.