How to Seamlessly Switch your Airbnb to Long-term Rental
If you are looking to gain more security with your rental income, then switching your rental from an Airbnb to Long-term might be a good idea during these times. While long-term rentals might bring in a lower income, they also involve less risk of the property being vacant. However, before you switch over, it is important to make sure that your property is set up for long-term tenancy. Below are eight steps for doing so.
1) Make sure your property is compliant with regulations
In 2019, the New Zealand government introduced the Healthy Homes standards. While Airbnb properties do not have to meet these standards, all property owners need to ensure their houses are compliant in order to rent them out long-term. These new standards include needing to ensure there is a fixed heating device that can reach 18 degrees in the living room as well as adequate insulation, ventilation and more. To read more about the Healthy Homes standards, see here.
2) Ensure your property is up to date with maintenance
While squeaky doors and showers with low water pressure might not bother Airbnb guests who are only staying two nights, these will become great annoyances to long-term tenants. It is best to run a full maintenance inspection before looking for tenants so you can have a chance to fix all the issues you find while there is no one staying in the property. For a full list of things to look for when inspecting your property, see here.
3) Learn about your responsibilities as a landlord
Renting a property out long-term is hugely different from short-term in the ways that you interact with your tenants. As a landlord, it’s important to allow your tenants privacy and the chance to make it their home for the duration of their tenancy. One of the major differences is the ways in which you communicate with your tenant and the frequency of your visits. For example, you must give at least 48 hours’ notice for an inspection and no longer than 14 days in advance. You cannot inspect more than once every four weeks either. Learn more about your responsibilities as a landlord here.
4) List your Long-term Rental
There are many sites in New Zealand that you can list your property on but by far the most used site by potential tenants searching for a rental is TradeMe. To make your rental listing stand out, it’s a good idea to get photos taken by a professional photographer. When writing your description, make sure to market it in an appealing way just as you would for an Airbnb listing. Include nearby facilities, stores, public transport as well as all the great features of the property.
5) Be negotiable on furnishings
As your Airbnb was most likely fully furnished you can include this in your listing to attract more interest. However. while some tenants may find a furnished apartment to be ideal, this could also be a put-off for other renters who have their own belongings. Because of this you can just write ‘Negotiable on Furnishings’ on your listing.
6) Find the ideal tenants
To make your job as the landlord easier, it’s important to take time to find tenants that you know will take care of your property well. While on Airbnb you may have just accepted Instant Book reservations, as a landlord you can (and should) take the time to choose your tenants wisely. You can read more about to do so in our other blog post here.
7) Set clear house rules and expectations
Although you may have found great tenants, there is still the slight chance of encountering a problem that could be avoidable if the responsibilities and expectations of both parties are communicated and agreed upon. Like you would in the Airbnb House Rules section, make sure that your new tenant knows what is allowed and what is not by adding them into the rental agreement. To learn more about the top 5 rental violations and how to avoid them, read our blog post here.
8) Consider a Property Management Company
If you do not have the time for resolving maintenance, inspections, listing your property and finding tenants or if you are just wanting to make your property a hands-free investment then finding a property manager may be a good solution for you. Although this will mean they get a percentage of your rental income, many property owners find that this is worth the time and effort they would otherwise spend.
Are you looking to switch over your Airbnb? Let us help!
Here at Zodiak Management we manage both Airbnb and Long-term Rentals so we are experts in the process of transitioning them seamlessly. If you are interested in switching over your Auckland Airbnb then get in touch with us here for your own free long-term rental appraisal!