It’s end of financial year time again! Meaning sales, savings, tax returns and time for reflection on the year that’s passed!
As you look back on your hosting revenue and returns from the previous financial year, it is also a time to reflect and consider new beginnings, as you look forward to welcoming new guests and ways to build on what worked this year to maximise your returns in the next.
Now is the time to assess your home with a critical eye. Ask key questions such as does anything need replacing, what’s looking a bit tired or worn and am I offering the best standard that can compete with m competition? Conduct an inventory check to see whether furniture or furnishings need replacing, updating or are simply in need of a good old fashioned deep clean.
If you are a host expecting to deliver the same occupancy rates and revenue or even better ones in the new financial year, you need to seriously consider what actions you need to take in an ever increasingly competitive market, to ensure your standards and accommodation are in line with your future guest’s expectations. Ask yourself honestly: Is your accommodation fit for purpose? Are those little issues you’ve been ignoring with your home going to be forgiven or unseen by your guests? Can you afford to take the risk?
With EOFY sales already in full swing, now is the best time to put those long put off upgrades and improvements plans to your property in to action.
But wait…Before dashing out your door to shop up a storm, consider the following points below to make the most out of the EOFY sales and making any ill advised investment choices that don’t add value to your property’s earning potential.
1. Safety First
If you’re going to invest anywhere first, it’s in the operation of a safe home. Any cracked, broken or dangerous items need to be identified and placed as number one on your priority list. The EOFYS will allow you to get better quality replacements for the older, unsuitable ones at a much reduced cost. Not only will this be a well-considered investment for the safe hosting of your home, the better quality of the upgraded items will be recognised and appreciated by your future guests.
2. The deal-breakers
Whilst taking into consideration what needs to be updated, it is also important to keep in mind whether the updates are necessary and whether they will translate into maximising your occupancy, earnings and reviews. The biggest deal breakers in any home are always the quality of the Kitchen and bathroom/s. Following safety, this is where the shrewd Host will choose to invest if there is room for improvement in this rooms. Critically appraise these key areas of your home and identify if one or both could do with some upgrading. The best time to fit that new shower or upgrade the old oven is when the retailers are looking to offer you some of the most competitive prices. Do your research and hunt down those bargains. Getting these rooms right will see you rewarded with great reviews and better bookings as a result!
3. Big ticket bargains
Whilst your kitchen and bathroom are the ‘must win’ areas, there is no denying that the lounge and bedrooms are hot on their tails when it comes to impressing guests. Old, grubby, saggy sofas, thin, worn mattresses and outdated TV’s with missing remotes also will frustrate and disappoint your guests. Understandably you don’t want to ‘over invest’ in these areas, but its these big ticket items where some of the best deals are to be had. Capitalise on the interest free periods and big % discount offers that not only give you great deals, but allow you to spread repayments over longer periods lessening the impact on your wallet. Remember as well that these upgrades will be good for the next 3-5 years or longer dependent on the quality you select, making the EOFYS a no brainer for your hosting returns.
4. The X-Factors
Some of the easiest and most cost effective ways to maximise your guests’ experience is to give your home a makeover simply by changing your soft furnishings. The change of cushion covers, throws and bed linen can be a great way to add a fresh new look for your home without breaking the bank. In fact, with all those half price, % off and buy one get one free deals out there to capitalise on, there’s never been a better time to unlock your inner interior designer. But beware, whilst looking through Vogue Home & Pinterest are great for style inspiration, it is important not to let your bank account be swayed by your enthusiasm to mix and match different styles and looks. Choose a look you like, can afford and stick to it. Find the most cost effective version offered by the various retailers and buy the entire look from one of them. Don’t try to mix and match a look you’ve found and fell in love with, as in my experience you’ll get it wrong and end up wasting good money, not to mention being really disappointed when it doesn’t quite match your vision!
In summary, the end of another financial year is a great opportunity to take stock, assess and plan for the coming of a new year of hosting. The EOFYS provide the perfect opportunity for you to make smart investment choices to smarten up not only your home, but your future revenue to. Remember to be honest in your home assessment, prioritise and plan your purchases properly and have fun! Spending money can often be as enjoyable as earning it when you see the final results!
For more information on styling your home and managing your short term rental property contact us at firstname.lastname@example.org
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!