So how do we choose the best price?
Location – Location is a huge factor in determining short term rental prices. Properties in tourist hotspots, e.g. coastal towns or major cities, or those close to major cities, are going to command higher prices.
Amenities – Amenities also influence pricing strategy. Guests are willing to pay more for properties with, for example, an ensuite bathroom, home gym equipment, and even a good wifi connection.
Price of the area – The average price of properties being let in your area is a significant factor in how much guests are willing to pay. We will advise you on the most optimal fee for your property.
Events – We can set a higher price during certain times of year, particularly during major cultural or sporting events. If you live in or near Edinburgh, maximise the value of your property during the Fringe Festival; likewise if your property is in Wimbledon, you’ll be able to charge higher rent during the tennis season.
Another benefit of short stay lets are the special tax rules for rental income from furnished holiday lettings in the UK.
- You can claim Capital Gains Tax relief
- You can claim capital allowances for items such as furniture, equipment and fixtures
- Your profits count as earnings for pension purposes.
Delivering a great customer experience is important if you want to receive high reviews and gain more reservations. While our team will handle all communications and prepare your property ahead of stays, it can be a nice touch to add things like a guestbook – a guide to the local area and attractions – or a small welcome gift.
Our rental management service delivers a first rate experience for your guests – we’ll be at hand 24/7 to respond to guest queries, and provide maintenance services if the need arises.
As a landlord in the short term let market, you’ll need to comply with any legal obligations which apply to you.
- Council tenants must contact their local council before subletting a part of their property.
- Private tenants must check the terms of their tenancy agreement to see whether they can legally sublet
- Owner-occupiers need to check the terms of their mortgage agreement before renting out all or part of their home
- You must complete gas and electricity repairs – Sevenstays’ maintenance team can arrange this.
- All furniture and mattresses must meet fire safety regulations.