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Everything To Know About Managing Short-Term Rentals | Soho Carpool

February 26, 2020
Quirin from MadeComfy, official partner of Airbnb, returns to the Carpool to breakdown everything about short-term rentals and how to maximise your returns.
Like our videos? Don’t forget to subscribe to our Proptech Carpool series here. Here’s the transcript of the video:
Quirin from MadeComfy, thanks so much for joining the Carpool series with Soho.
No, thank you. Thank you so much for inviting me.
Let’s say I have a property at the moment.
It's empty. What do I have to do to get it ready to be put on Airbnb?
How does it work? Guide me through the process.
So the very first thing is to understand Airbnb is not magic.
And it's not free money that just happens to rain down into your pocket.
And it's about, so doing your research,
number one is your property
the location where short-term rental Airbnb works.
And that is usually locations where you have people staying,
so business districts, tourist locations, public transport like airports, train stations.
So that’s like, normal, real estate location is the most important,
check that, and then really
what we do at MadeComfy before we take on properties
we do our revenue analysis and forecasts.
Does it make sense for you?
So if you want to have a better return than on long-term,
is it going to be realistic?
And so we do that.
That's an important thing.
And then if your property’s empty that you need to furnish it.
And when you furnish it, it simply needs to be, as we say, instagrammable, quirky.
I mean people book short term rentals by the photo and then by the price.
Which is great.
So if it looks great, and people have a budget
that usually becomes bigger, you know, like as we all do.
You check it out and see this great thing,
and that's when you have to have that kind of photos.
So making sure it's really well furnished and stylish,
and understand how you're going to manage it
because it is intensive to manage guests,
check-in, check-out, keys, maintenance and so on.
Yeah, gotcha. I guess are there any specific types of properties
that people like more than others?
Is it apartments? Is it semis? Is it houses?
I mean you kind of touched on it a little bit before in terms of location,
but any particular preferences for short-term stayers?
So again, it’s important to understand where you are.
If you are in a sort of, holiday destination that’s highly seasonal
like Central Coast or like Northern Beaches,
your older homes will do well, like in big seasons.
If you’re more in the city.
It is really around looking for that delta to long term, where that makes sense.
We see one-bedroom apartments and two-bedroom apartments are doing well
that are newly renovated in the, sort of last of 3-5 years, the bathroom and the kitchen’s been renovated
and they need to be clean and presentable.
So clean carpet, clean walls.
That kind of property; 1-2 bedroom in the city that is presentable.
Yep. So let’s say after I put my property up there,
as the host or the owner, like what do I have to do?
What are the things, some tips for me
in terms of meeting and greeting the guests or
on the, I guess, the management side of things, do I have to do anything?
How involved do I have to be within my property?
So when you’re with MadeComfy, you’re fully hands-off.
You get full transparency.
So you have a dashboard where you see any kind of activity in the property.
Full transparency on who’s staying, how many people are staying, what is the nightly rate, what is the guest paying.
So you know exactly what goes into a trust account and what goes out.
And yeah, during onboarding we really need to work with you to understand that
we have enough sets of keys, that we know how everything works like
if there's any kind of special item you have like a marble top benchtop
or a complex oven or stove setting,
so we will work with you at the beginning more intensively
to really understand it, to make sure you’re then hands-off and focus on your life,
and we manage your property and your return.
So that’s pretty much it. What you do.
And contact details. Let’s say I'm a host. I'm interested. I want to know a little bit more about you guys.
How do I start? What do I do? How do I get in contact with you or your team?
Easiest way is just go on www.madecomfy.com.au
There you’ll find a calculator where you can get a first understanding of
you type in your address and stuff
giving an indication of how much you can make
and from there it’s simply a button click to get in touch with us via chat or by booking a call.
And we then have our team really taking you through the experience.
Perfect. Quirin from MadeComfy, thanks so much for joining the Carpool series with Soho.
Well, thank you so much. Fantastic.
Soho
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