Summary: Have you ever thought about alternative ways to rent out your short-term rental? One of our STR properties was recently booked for a photo shoot. This is one example of a unique booking that goes outside of the typical booking for vacation or business travel. In this article, we will discuss several alternative ways to rent out your short-term rental. So you can decide if this is right for your property!
[Disclaimer: We are not accountants, lawyers or financial advisors, so please consult your own team of professionals about the topics covered in this article.]
Are you maximizing your revenue for your short-term rental?
Have you thought outside the box about other ways to rent out your property? Besides appealing to the standard short-term renter?
Should you rent it out for alternative uses?
Are there any downsides? There may be a downside from a tax perspective, which is why you should be sure to explore the idea with your real estate CPA. (if you don’t have a real estate CPA and would like to be introduced to one of our recommended CPAs, CLICK HERE)
With that said, let’s explore the different alternative ways to earn revenue, should you decide it’s best for you and your property!
Photoshoots
Our STR was recently booked for an editorial shoot by a local home magazine. Not only is this a great alternative way to rent out your property, it can also give your property listing extra exposure. How great would it be to have your property featured in a magazine? You could mention that the property was featured in a photoshoot to enhance your property listing.
You could also develop relationships with local photographers where your property is located. In turn, they could offer the property to their clients as a location for various photoshoots. Depending on your property, it could be a great option for both professional or family photoshoots.
Event Hosting Sites
Another alternative way to rent out your short-term rental is to offer your property as an event hosting site. Sites like Peerspace or Splacer are similar to Airbnb. However, they let you rent out your property for events, meetings, etc.
Parties
Renting your property out for parties is another great way to boost your revenue. If you have a spacious property, especially one with a large backyard, it would make a great venue for a holiday or birthday party. Maybe your property has a large dining room with a beautiful dining table? Which would make the perfect venue for hosting a dinner party.
If your property has a swimming pool, it would make a great venue for any type of summer party. Such as a 4th of July BBQ.
Life Events
Perhaps your property has a beautiful garden sanctuary in the backyard? That would make it a perfect venue for a bridal or baby shower. Or for guests who are looking for a venue to have an engagement, graduation, anniversary, or retirement party.
Weddings
Depending on what kind of parking is available at your property, you could utilize it for larger events, such as weddings. Especially if you have a large, nicely landscaped backyard.
Alternatively, you could rent your property out for members of the bridal party and/or family to stay at. The property could also be used as the venue for bridal party photographs as well.
You could also rent out your property to serve as the venue for bachelor/bachelorette parties.
Corporate Booking
Do you have an apartment or condo in the heart of a city? Team up with local corporations in the area. Let them know you have a rental for all their top executives that come in for meetings, etc.
If you get positive ratings from executives staying at your property during business trips, a corporation could decide to use your property for all executives who are staying in the area. This would be an excellent way to get alternative bookings!
We recently had someone from a well-known cable TV network book our STR property for producers to stay at while they were working on a documentary in the city. The producers liked the property so much they came back again to stay the next month!
Production
Turn your property into on-set movie production with websites like locationhub. Production studios often look for actual properties to either shoot scenes in or film exterior shots. Also, how cool would it be to mention your property was featured in a particular tv show or movie?
Key Takeaways
There are multiple alternative ways to rent your short-term rental. Think outside the box a bit. You don’t have to focus strictly on typical bookings geared toward guests staying at your property for vacation or business travel. So get there and explore all the different options for your unique property!
If you haven’t already, be sure to download our ebook to learn How to Make 100K in Your First Year of Real Estate Investing.
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