10 BE WELL INSURED
HOLIDAY HOMES CAN BE LEFT VACANT FOR EXTENDED PERIODS OF TIME, MAKING THEM A TARGET FOR THEFT. SOME INSURERS WON’T COVER A PROPERTY THAT’S BEEN LEFT UNOCCUPIED FOR MORE THAN 60 DAYS, SO SEEK OUT INSURANCE SPECIFICALLY FOR HOLIDAY RENTALS.
GETTING THE PICTURES OF YOUR HOME JUST RIGHT WILL ENSURE POTENTIAL GUESTS STOP SCROLLING AND TAKE NOTICE OF YOUR LISTING. WHILE SHOWING OFF YOUR HOME IS ESSENTIAL, “YOU SHOULD ALSO INCLUDE HIDDEN GEMS IN THE AREA, SUCH AS PARKS, GARDENS, CAFES AND BEACHES,” SAYS KATE FROM MADE COMFY.
“IF YOU’RE IN DOUBT ABOUT WHAT TO ADD TO YOUR SPACE TO MAKE A DIFFERENCE, STICK TO A NEUTRAL BASE COLOUR, SUCH AS GREY, AND INJECT COLOUR AND PERSONALITY IN SMALL WAYS THROUGH ART, DECOR AND CUSHIONS” ~ KATE WALSH, MADE COMFY
12 PERFECT YOUR PRICING Another perk of holiday-letting platforms is that collecting payment is now a lot simpler. Most people prefer to pay online, and services such as Airbnb will facilitate payment and then release the funds into your account 24 hours after your guests check-in. The price you set is up to you, but it’s a good idea to research what other rentals in the area cost. “A typical booking deposit is around $500 or 10 per cent of the weekly rate,” says Simone from Home Away.
13 BRANCH OUT ON EXTRAS Remember that the sleeping configuration of guests isn’t always black and white. “Providing flexible bedding options to cover all sorts of family or friend combinations makes for greater occupancy, ” says Monique from Hotelesque. Things such as cots, high-chairs, bunk beds (left) and baths are a huge plus for families.
14 CHECK RULES AND REGULATIONS The rapid increase in short-term holiday letting has resulted in new government legislation designed to ensure communities continue to benefit from the ‘sharing economy’. In NSW, the new rulings come into effect in 2019. However, the regulations will differ in each state.
15 KEEP IT CLEAN Choosing a cleaner you can trust is vital. “Travellers notice when sheets or bathrooms aren’t clean and it’s this attention to detail – from knowing when to buy new linen and fixing broken doors on kitchen cabinets – that will ensure the traveller will come back and book with you again,” advises Simone.
16 FOLLOW SAFETY GUIDES Your appliances, furniture and smoke alarms must comply with health and safety regulations. New legislation in NSW also covers guest safety on bushfire-prone properties.
17 THINK ABOUT TAX TIME Any income that you earn from your holiday rental is regarded by the Australian Tax Office as assessable income. “The same principles that apply to a rental property also apply to a holiday home if it’s rented out,” says Adam King, director of O’Donoghue King Accountants. As for any tax deductions: “You can claim expenses for the property based on the proportion of the income year it was rented out or was genuinely available for rent,” he says. Always seek advice from your accountant, financial adviser or tax specialist.
18 CONSIDER GAS Make life for your guests more convenient – who doesn’t love a shower that stays hot? – by switching your appliances to gas, where possible. Initiatives such as Bright-r can help when you are researching natural gas options. Go to bright-r.com.au.
19 DRAW UP AN AGREEMENT For all bookings not hosted on an online platform, you’ll need to draft the rental agreement. Include the names of all parties, payment and bond details, cancellation and refund policies, check-in and check-out dates and the cleaning fee, if any.
20 ADD SPECIAL TOUCHES Provide booklets on local attractions, events and places to dine. A gift on arrival, along with luxe kitchen and bathroom accessories (left), will make guests feel welcome.