7 upgrades you can make to your rental to charge more
If you want to be a successful rental host, there is one central truth you must embrace: Your success depends on the satisfaction level of your guests.
By seeing to guest comfort and exceeding guest expectations at every step, you can ensure robust bookings and, even better, ensure that you can charge top-dollar for your bookings.
Therefore, it makes sense to think about how to make strategic upgrades to your property. The right upgrades will prompt guests to book quickly and pay more in the process. Here are some upgrades that may do the trick:
Upgrade #1: Put your best footing forward
One of the best investments you can make in your rental is to choose the right flooring. If your floors are covered with carpet that has seen better days, you can give your entire space a dramatic facelift by changing to engineered wood flooring or tile.
This not only gives your space aesthetic appeal, but will likely save you money in the long run, as these surfaces are easier to clean and maintain over time. Additionally, guests with allergies might appreciate such flooring choices, as engineered wood and tile is generally hypoallergenic.
There is one factor to note, however. Changing your flooring may come with a moderately hefty initial cost if you are not careful in your choice of materials. It is best to do some comparison shopping before making any major flooring decision.
Upgrade #2: Tap the talent of an interior decorator or designer
While you might think that the services of an interior decorator or designer are out of your financial comfort zone, consider this: These professionals can work with budgets of all different sizes. Moreover, because they work with suppliers and other design pros every day, interior designers and decorators may be able to quickly see ways to enhance your rental space, even with a shoestring budget.
The article Upgrade Your Airbnb Rental notes that demand for design services is skyrocketing in some Airbnb hotspots as rental hosts compete for high-revenue bookings. Liz Finkelstein, the stylist and owner of Mile High Style, states simply:
“You put money into the design, then you can get top dollar.”
If you decide the investment in working with a professional designer or decorator is worth it, remember to make the most of your investment by having some professional photos taken of your rental when the job is done. Fabulous design only pays for itself when it is seen by prospective rental guests.
Upgrade #3: Consider keyless entry
While you may not be able to afford to convert your rental into a smart home, there is one relatively inexpensive upgrade you can make that will delight many of your guests – namely, installing a keyless entry system.
Guests often prefer the convenience of keyless entry systems simply because such systems make lost keys a non-issue. Keyless entry systems also make your life more convenient, as they eliminate the need to replace lost keys and to arrange specific pick-up and drop-off times and locations with guests. Keyless entry is one of those rare upgrades that impacts both guests and rental hosts positively from day one.
Upgrade #4: Add a laundry room
Some rental hosts may find it advantageous to add a washer and dryer to their onsite amenities. Whether this is a smart move for your rental depends on a number of factors. For instance, if most of your bookings are for just two or three nights, guests may be fine without laundry facilities. However, if your typical rental booking extends beyond a three-night stay, you may find that not having laundry facilities means that you lose out on bookings.
Another factor to consider before adding a washer and dryer is the cost of doing so. In some cases, little work will be required to add a laundry area. In other cases, adding a laundry area may require extensive wiring, plumbing, and carpentry. If that is the case, you may not be able to quickly recoup your investment by increased bookings alone.
Upgrade #5: Invest in great bedding
If your rental caters largely to business travelers or if it is close to many attractions that will keep guests out and about for most of the day, you might find that the most positive impact you can have on guest comfort is to invest in great bedding.
Investing in a good quality mattress, adding a luxurious pillow top mattress pad, and choosing high-end linens can give your guests a feeling of decadence, all without a huge dent in your wallet. If your space allows for it, always opt for a bigger bed if possible. This added perception of comfort and luxury keeps guests coming back for more.
Upgrade #6: Spruce up your kitchen
If your rental includes a kitchen, a quick and inexpensive facelift may increase the amount you can charge easily. A fresh coat of paint can do wonders for cabinetry, and investing in a few high-end appliances may be wise.
Upgrade #7: Fix those fixtures
Another upgrade that will not break the bank but will still wow guests is to change outdated lighting with more modern designs. If your rental is in a warm climate, you might profit from replacing old lighting with ceiling fans which incorporate lighting. For colder climates, consider adding more area lamps to give your rooms a warm, cozy appeal. With their inexpensive price tags, such upgrades can pay for themselves quickly with just one or two additional bookings.
Finding additional ways to improve guest comfort
When considering any of these upgrades, it is important to weigh the costs involved against the potential increase in bookings you anticipate from making the changes. Upgrades should serve two essential purposes. First, they should make your property stand out from the competition. Second, they should increase the comfort of your guests and thereby encourage repeat bookings.
Providing a good experience for your guests starts even before they enter your rental, however. A good guest experience starts in the booking process.
Payoneer enables smooth, seamless payment processing no matter where your guests are when they book your rentals. Making payment painless is a great first step to ensuring that your rental guests enjoy renting with you. Take just a moment now to check out Payoneer’s payment processing solution for rental hosts!