Making extra cash can seem complicated, especially if you’re employed. However, it doesn’t have to be. Financial experts encourage you to invest even when you aren’t making a lot of money. Although the idea of investing might be intimidating, you don’t need much to make your first investment.
Considering whether to invest in stocks or real estate is a personal decision. It’s highly influenced by your financial ability as well as your goals. Most people invest in stocks because it doesn’t require much time or money. While you might need to save up a substantial amount, investing in real estate has numerous benefits.
Besides, investing in different sectors helps spread your risk. How can I sell my house fast if the real estate market takes a dip? This is a question that most people struggle with, and it can prevent people from even getting into the industry. If these are some of your fears when investing in real estate, worry no more. Talk to a real estate agent to get you the right client to rent or buy the property. There’re many ways to invest in real estate. These include:
- Real estate investment groups. It’s for anyone who wants to invest in real estate without the worry of running it.
- Real estate investment trusts
- Online real estate platforms
- House flipping. It requires individuals with marketing and renovation skills as well as enough capital.
- Rental properties. Having rental properties is a great source of regular income. Although it requires patience to manage tenants, it allows you to maximize your capital through leverage.
Below are tips on how you could make extra cash with short-term rentals.
1. Pricing
When charging for a room, ensure you use occupancy-based pricing. Charging based on the number of people occupying the house has a vast difference in the overall earnings. Additionally, adjust the pricing depending on the seasonality. Although it might seem obvious, it’s imperative. Summer and Christmas holidays are an example of times to up your prices.
2. Target Business Travelers
They account for the majority of bookings, especially during the nonpeak seasons. Having an excellent working space is a great way to attract business travelers. A wireless printer that can autojoin the Wi-Fi network is an added advantage. Business travelers tend to make last-minute bookings. Therefore, ensure the booking process is easy and seamless.
3. Discounts
You want your guests to stay longer. It allows you to reduce the cleaning bill drastically. People view discounts as a great way to save some cash. Offering extended stay discounts is an ideal way to attract this kind of customer. This is a smart strategy to implement when starting out, especially before your account has credible reviews for people to see.
4. A Mini-bar
For long-term guests, a minbar is always a great idea. They don’t mind paying an extra price. Besides, it’s their choice whether to use the minibar or buy from outside. Extra amenities like this can increase your conversion rate of getting guests to book when looking at your listing compared to others. It can also make your place stand out, and provide a more unique experience that they will remember.
5. Charge for Extra Cleaning Services
Ensure you state clearly in the pre-arrival information cleaning services covered. Don’t be hesitant to charge for any extra services. As long as you were honest and upfront about it, don’t be ruled by fear. If hosting a large group of guests, for example, wedding guests, ensure to charge extra. Request for a large amount of deposit to cover the cleaning cost.
