How to Start a Short Term Holiday Let in the Yorkshire Dales
Wednesday 15th April, 2020 by Host & Stay
We’re guessing you’ve heard that the holiday rental industry is a very lucrative sector within the Yorkshire Dales. From the outside looking in, it can be difficult to understand where to start. So, let’s get started with the basics.
To begin with, you’ll need to understand the short term holiday let industry and how it operates. Holiday rentals are private properties, such as apartments or houses, that are rented to short term travellers. Most short term holiday rentals offer more facilities and privacy compared to hotels. They usually operate as self catering properties with fully equipped kitchens.
You may already own a property in the Yorkshire Dales which could make a great holiday rental. Or, the right property could be on the market as we speak.
Is your Yorkshire Dales Property the Right Fit for a Short Term Holiday Rental?
When looking for a property, it is critical to choose a location that draws in a lot of travellers. The Yorkshire Dales is a hugely popular area for travelers so this isn’t a concern. What you should do next though is research the volume of existing short-term rental options in the particular area of the property.
The Yorkshire Dales is packed with holiday homes and for good reason, it’s a great place to be. However by researching the existing rentals on offer, you’ll be able to find types of rentals which are less common to try and differentiate yourself from the crowd. For example, if the area is densely populated with cottages, maybe an apartment or villa would be a better option. Alternatively, it’s about recognising how you could make your cottage different to the others.
If you already own a property in the Yorkshire Dales that you’re thinking of renting out as a short term holiday let, you’ll need to make the most of your space. At Host Yorkshire Dales, we focus heavily on premium interiors and furnishings to ensure our properties are at the higher end of the market. We always recommend choosing quality furnishings, such as sofas and mattresses.
There are a number of key factors to keep in mind when working on your interiors. Lighting, lighting, lighting. Whether it’s light coloured walls, windows, skylights, mirrors, wall lights or lamps, creating a light and appealing space is imperative.
Adding more sofa beds to increase occupancy isn’t the answer. It’s about creating a beautiful and special space where people want to visit year on year. The price will reflect this, not always the number of guests your property sleeps.
Don’t forget the finishing touches. Stock the kitchen cupboards with salt and pepper, oil, coffee and tea. Leave toiletries in the bathroom. Make sure you have an iron, ironing board and hairdryer. If your property has a washing machine, make sure you have washing detergent. All of these things are added extras which your guests will really appreciate.
How to Price your Yorkshire Dales Holiday Rental
We’re often asked if short term holidays rentals are profitable and how much they can make. The simple answer is yes – the industry is hugely profitable. In 2019 alone, the industry yielded over £65 million in revenue and this is projected to grow year on year.
Now the profitability of your holiday let in particular will depend entirely on the quality of your property, the location, the level of service and your pricing.
It’s worth researching other holiday lets in the area to see what they offer for their prices. It’s all about flexibility too. At Host Yorkshire Dales, we recommend pricing on a per night basis with minimum restrictions on length of stay.
Allowing your prices to fluctuate means you’ll always make the most from your holiday rental as you’re actively optimising your revenue. After all, pricing isn’t a one shoe fits all scenario. Your prices should change based on low and high seasons, peak times and significant events in your area. By understanding your competition, you’ll be able to more accurately price your holiday rental.
Running a Yorkshire Dales Holiday Let
Now comes the trickiest part of all – the day to day running of your holiday rental.
Short term holiday lets have a fast changeover of guests. To complicate things further, we’d always recommend accepting same day bookings where possible to increase revenue. This means your property will need changing over after every guest has checked out to ensure it is always ready for new guests arriving.
Cleanliness is an important factor for guests and can often be a sticking point on guest reviews. That’s why we focus heavily on changeovers at Host Yorkshire Dales. Changeovers aren’t simply changing the bed sheets and scrubbing the toilet. You need to make sure your property looks the best it can possibly be for every guest checking in.
Finally, it’s worth noting none of the above can take place if you don’t have any bookings. Securing bookings involves strategic marketing to ensure your property has maximum exposure. Traditional holiday letting has changed and we all need to evolve with the times. That’s why Host Yorkshire Dales have a 21st century approach to marketing.
So there you have it – a brief introduction to the short term holiday rental industry.
It can sound daunting which is why we offer a fully managed service to give our owners a stress-free, hands-free experience. With our own in-house cleaning team, photographer, copywriter and marketing team, we can ensure your property is showcased in the best light possible. We also list on over 60+ online travel agencies – including Booking.com, Airbnb, Expedia, HomeAway and TripAdvisor – as well as our own Stay Yorkshire Dales guest portal.
Our dynamic approach to pricing means you’ll increase occupancy, revenue and the overall profitability of your holiday home. Don’t worry about guests as we can take care of that for you too! We respond to all guest communications and reviews in a quick and professional manner. After all, speed of response can often be the key to securing a booking.
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