Over the past three years his five-bedroom holiday rental in Footscray has enjoyed a 70% occupancy rate, resulting in a significant financial benefit.
‘Listing the property has been a blessing. In 2017 I was out of work for around seven months—but I felt no stress at all. My mortgage repayments were taken care of thanks to my listing. It meant I didn’t have to worry and was a kind of financial independence I hadn’t had before.’
Prior to listing on our platform, Alan rented out his property long term through an agent. He finds short-term vacation rentals much more profitable—and that’s not the only benefit.
‘The house was already old when we started to rent it out, but over time it fell into a real state of disrepair. We had to fully rebuild it. One of the benefits of short-term leases is that I look after the house and maintain its quality.
Holidaymakers expect things to be perfect, so when something doesn’t work, I find out quickly and get it fixed. Even though I had agents in the past, they don’t look after the house in the same way I do. I have cleaners go through, I maintain the overall quality of the property, inside and out.’
Outside of Melbourne—just three stops from the centre by train—the beautiful home has been popular with visiting families that have young children and want modern home comforts combined with a convenient location. It’s a partnership that works both ways.
Another benefit of having a holiday rental is that most visitors don’t spend that much time using the house. ‘They want to sleep and eat there, but the rest of the time they’re enjoying Melbourne,’ Alan said.
While the process to join was easy, Alan admits that he’s learned a few things along the way and now has processes to help cope with busy periods when the holiday rental is fully booked months in advance.
‘Over time, I came to see where the low and high seasons are. Holidays, such as Easter or Christmas, are busy, so it helps to have reliable cleaners and laundry services on call. It’s important to be organised. During low seasons, the house rents for $310 during the week, but during high seasons the cost goes up to $390, so we want to get it right for the guests.’
Being able to charge more in peak seasons meant that set-up costs quickly paid off—something that Alan still sees to this day.
‘We wanted to stand out, so we invested in brand-new furniture and really comfortable beds. I believe we focused on the right things initially, but we’re still learning. Guests also give us tips about what they’d like in the house and we can respond, which is fantastic. I love it.’
Our platform is a world leader in the holiday rental industry and provides everything that you need to rent out your property for the first time. You’ll gain access to an exclusive set of tools that let you optimise your pricing, bookings and communication, as well as receive educational materials on how to market your holiday rental to travellers.