Investment property owners who want to make the switch from long-term tenants to the lucrative short-term market are often faced with a dilemma: Spend money to upgrade and potentially increase your chances of getting a higher nightly rate OR continue with business as usual and endure the lackluster returns from long term tenants?
Investing in Style for Short Term Rental
For most investment owners, the prospect to increase their investment property income by upgrading their property and styling it for the more discerning short term rental guest can be daunting. A lack of time, inspiration or a reluctance to invest ahead of the curve often puts most landlords off making the switch.
However, with the right support and team behind you the results can pay dividends, as has been the experience for over a dozen of our customers across Sydney. These have ranged from 1 Bedroom Apartments to Family homes and on each occasion MadeComfy has brought a Stylists’ eye to the space and an understanding of guests essential needs.
Furnishing and Styling are an incredibly important part of the process for turning your property into a successful short term rental space. Understandably, the upfront costs in doing so can be a delicate due diligence decision to make - however we have flexible payment terms so you can now have the full cost covered with no upfront payment or any additional interest added on. The financial rewards in doing so can be massive on the short term rental market as the following example illustrates.
One of our customers Stephen Brooks, came to us late in 2016 with a request to take on his apartment in Surry Hills. Set in an ideal location opposite Central station, near the heart of Crown St. and a short stroll via Hyde Park to the CBD, Stephen’s apartment was commanding a mere $400 a week on the long term market. In desperate need of a makeover, the MadeComfy team advised on the improvements he would need to make to unlock the significant potential in the Short Term market.
Over the course of 6 weeks, our team project managed the whole transformation with some key maintenance work undertaken to improve the living standards of the apartment. Most importantly our stylist Mireille Kilgour then set about re-designing the layout of the kitchen, living room and bathroom. By removing the overbearing fridge and installing hanging racks, this opened up the space to accommodate the floating kitchen with plenty of space for a couple to enjoy their breakfast or evening meal. The Bathroom also undertook a huge makeover with clever positioning of a curtain to separate the laundry and a new vanity and mirror to add some class to the space. The living room also got re-styled in a fabulous way with a new entertainment unit, quality lounge furniture and also faux cow skinned stools to accommodate friends.
To complete the revamp of the space’s style and character, candles, indoor plants, mirrors, artworks, bar stools and throws were added to transform the space into a comfortable oasis.
BEFORE AND AFTER SHOTS OF KITCHEN AND BATHROOM
The apartment has now been managed by MadeComfy since early February and has since recorded an Average Net
Weekly return of $689 per week with all apartments costs deducted from his revenue (utilities, strata) - This is a staggering $309 above long term in net returns.
Stephen’s thoughts on the result?
“Guys - wow. Freaking nailed it. Thanks so much. It looks absolutely amazing”
Stephen's Re-designed Living Room
Styling packages to suit every budget
For investors who have an unfurnished property, MadeComfy can work with your budget and our interior designers can furnish your entire property.
Contact us to start your success story today.
About Julian Mark
Julian is a seasoned sales executive at Australia’s leading short-term rental management service provider madecomfy.com.au
. Having on-boarded 100s of investment properties to short-term rental, Julian is full of practical tips to help investors achieve up to 11% yield with their short-term rental property.
MadeComfy provides an end-to-end property management service, which means property owners don’t need to do a thing when they hand over their keys. MadeComfy makes the process of earning greater returns from short-term renting effortless, achieving up to 40% more than long-term rentals and self-managed Airbnb listings. Get in touch
with us today to see how we can help!
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.
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