January 11, 2023

Mid Term Rentals : Ways to Stand Out as a Landlord in this Growing Market

Mid-term rentals are a hot topic in today’s investing world. With interest rates shifting and owners looking for new options on their properties, the interest in this asset type has boomed. But in a market that’s changing, how do you stand out? Tenants searching for a monthly furnished rental are looking for different types of stays, so the things that may have helped you differentiate yourself in the short-term or long-term markets aren’t as likely to work in the month-to-month rental market. Let’s cover a few things that can make a difference.

1. Furnish wisely.

Monthly travelers aren’t vacationers. Even snowbirds who travel to warmer places during the cold months have different needs than your typical warm-weather-craving vacationer. These tenants are looking for items that make them feel at home - things like a toaster, a coffee maker, an extra set of bed linens, starter cleaning supplies, and other fine touches. These tenants don’t need board games and beach towels like those on vacation often do. They want things that let them really feel at home in a furnished apartment, cottage, tiny home or whatever property type you have!

2. Professional photography.

This is quite possibly the easiest and most inexpensive way to stand out. Hire a professional photographer to show off your property! For just a small fee (often times $100-200 depending on your local market), you can get high-resolution images that are taken in a way that really highlights your property in the best way possible. You’d be amazed how a real estate photographer can make a space shine! These photos will help you make a huge impact when it comes to the first impression your property makes on Furnished Finder.

3. Communicate

Furnished Finder is a lead-generation site. Our site is made for connections. As such, when tenants are searching for their next mid-term rental, they will reach out to you! You will see communications come into your dashboard via messages, housing requests, matched leads, and unmatched leads. All of these are critical to your success. Speed in responding to potential tenants and the quality of your reply is a key piece in standing out amongst other mid-term rental listings. Make sure you reply quickly, thoroughly, and keep your calendar updated! Remember, Furnished Finder provides contact information so you can message on the platform, call, text, or email.

4. Parking.

Monthly travelers are often professionals (medical staff, academics, digital nomads, remote workers, technology travelers, etc), and many are traveling with their own vehicle. They are looking for safe, secure and convenient parking. Is your property in an area where the winters get a little touch? A garage or covered parking space could be a huge way to stand out amongst the crowd!

5. Security & Safety

There is a fine balance between a tenant feeling secure, and feeling like their privacy may be at risk. Remember to not have cameras inside the property. Things such as a Ring doorbell or electronic keypad lock can help a traveler feel secure as they can access the technology while they are staying at your property. Also be sure to communicate within the listing and after connecting with the traveler any hazards whether they be tripping hazards, or environmental hazards like spots where ice can build up outside. It’s also a great idea to have a First-aid kit located within the home, and always have a fire extinguisher for each of your mid-term rental properties.

6. Reviews.

Reviews are hands-down one of the best ways to differentiate yourself on the Furnished Finder platform. You can also request them right from your dashboard. Let your travelers know how important they are to you and ask for a great review when they move out. You can even leave a little note in any new inquiry responses that says something like, “Check out my profile - it’s full of 5 star reviews!” for new tenants to see.

7. Bedding & Window treatments

Yes, this may seem simple. Yes, it is often overlooked. Give your traveler a high-quality bed with a duvet that has a cover that can be thoroughly washed (or something comparable) as well as additional blankets if there are cold nights. Add a protective cover to the mattress and pillows to keep everything sanitary, and give an extra set of sheets. Cozy blankets and some decorative throw pillows can instantly make a rental feel like home. Also consider black-out curtains or blinds. This will help any traveler sleep like a baby, day or night!

8. Professional Touches.

Even if you are renting a spare bedroom or a studio garage, and you are not a full-time, professional landlord, you can still operate your mid-term rental with professionalism. Offer a handbook to tenants upon move-in that has helpful things to know about the property, close restaurants and entertaining, house rules, and any other information. You can also create a sense of professionalism by offering things such as credit card payments. With our sister company,Keycheck , you can even accept credit cards, complete background checks, and more.

9. Maintain Your Calendar.

Perhaps our easiest and most overlooked suggestion for your mid-term rental is to maintain your calendar within Furnished Finder. Mid-term renters are looking for specific dates (using our search by date feature) and as such, this is usually one of the first “checks” they look for when searching for properties. It also ensures that anyone who is looking at your property has seen your calendar availability, making each lead even more valuable. This is very easy to do within your Furnished Finder dashboard . Even if the next availability date is months in the future, add it to your calendar!

10. Create a Memorable Welcome!

You have one chance to make a first impression, so make it a great one. On the day of move-in, set the tone for a great stay with a small touch of thoughtfulness. Maybe this looks like a chocolate from a local candy store, or a gift card to a nearby coffee shop. It doesn’t have to be expensive or elaborate, but a thoughtful note welcoming the tenant to your space along with a little nod to the area can make a lasting first impression for your mid-term rental. You can also print a copy of your House Rules that you can create right within your listing on Furnished Finder with all the information they need upon move in!

We could go on and on about ways to set yourself apart in this growing market, but the key is to get started! Think about ways that you can make your mid-term rental property stand out, and then get active within your Furnished Finder Dashboard!

www.furnishedfinder.com.

Author : FF Staff