In the majority of nations across the world, the size of the rental housing sector is rather modest. In this article, we will talk about the possibility of micro-renting in Bangladesh which can revolutionize side income for any residential space/any house owner or even a local economy. The possibility exists in our surroundings if we can utilize the opportunity by creating awareness. We, herebnb are able to demonstrate that structural changes that improve the micro-renting market can also be beneficial for your side hustle.
There is an abundance of potential for financial gain within the real estate industry. You may, for instance, invest in rental homes, engage in property flipping, or make investments in residential projects. Although each of them is an excellent way to earn money, the most lucrative of these is probably investing in “micro rental property”. Though the idea has been there in the market formally for a while now, it has never been conceptualized as a “micro rental property” before this time. We conceptualize “micro rental property” as the opportunity of renting a property space from as low as hourly, daily, and weekly dogma. In this modern era, many of the developed countries are grabbing this opportunity for side hustle through apps like Airbnb. By renting the space on an hourly or weekly basis, the residential space owners are creating more opportunities for side income.
It is tempting to invest your money in every possible facet of real estate in an effort to determine which strategy would provide the greatest results. However, if you manage many rental properties, you need to be careful about the investments you make in order to avoid losing money. If you want to free up some of your time so that you can focus on other ventures, hiring a property manager or property agent is a good option. Nevertheless, you could be better off investing your time in the acquisition of more rental properties for Micro renting. herebnb can be a good choice for you in order to be in partnership for listing your property for micro renting.
In this article, we cover all the bases when it comes to managing micro-renting and how it can benefit you as a house owner. Rather than seeking long-term renters, should you rent out your property or house as a holiday rental through herebnb?
What are Micro Renting/Rentals?
Most micro rentals are used by people who are traveling for business or pleasure. As a result, visits can last anywhere from a few hours or nights to several weeks. People usually think of a micro rental as a house or apartment that visitors can rent for no more than 30 nights at a time. But the state and local government where the rental property is located can change the maximum amount of time you can stay there. Month-to-month leases are usually not considered micro agreements because there is no set end date. micro rentals can be for single-family homes, multi-family homes, or even just one room in one of these types of buildings. Micro rentals can be as short as hourly, daily, and weekly basis.
The Advantages of micro Rentals:
As one of the industry leaders, herebnb has opened up the possibility of being a successful host to anyone who is in need of space temporarily by introducing an app. We are introducing an app that can make your listing easy to manage and collaborate with. Following these steps can help you become an outstanding micro-renter entrepreneur, which is helpful whether you’re trying to earn some extra money or make it even bigger.
For example, if you rent a one-bedroom apartment for 15,000 BDT per month but for short rental, you charge 1200 BDT per night for or on a weekly basis 6000 BDT, you would make 30000 BDT or above per month on a short rental. Which is more beneficial than Long term rental.
Flexibility is that, When people decide to rent out a second home, they end up doing micro rental management. In this case, you might want to keep a week or two open on the property’s schedule so you can go there by yourself.
During the rest of the year, though, there’s no reason to leave the property empty. Not only do empty homes tend to get worse without care, but thieves often target them. It would be better to rent it out for a short time. With some planning, you and your family will also be able to use the property, and it will start making money for you instead of being a financial burden.
However, in this densely populated city like Dhaka, with no accommodation facilities for short-term stayovers for any hospital’s patient, relatives of a patient who is coming to Dhaka can also be benefited by taking this opportunity at an affordable cost on an hourly basis.
How to become a successful micro renter?
Being in partnership with herebnb, anybody who has a spare room now has the opportunity to become a successful Micro renter. Following these steps can help you become an outstanding Micro Renter, which is helpful whether you’re trying to earn some extra money or want to create your own platform:
- The most important thing you can do as a partner with herebnb is to make sure your guests have a great time. Your goal should be to give your guests a great time that they’ll remember for a long time.
- Talk to your guests. Communication is the key to being a good host. You’ll want to make sure you’re always available to answer any questions or concerns your guests may have.
- Keep your place clean and organized. One of the best ways to make sure your guests are happy is to keep your place clean and organized all the time. No one wants to stay in a place that is messy or dirty.
- Provide amenities and services. Another way to set yourself as an exemplary host is to provide amenities and services that they don’t. This could include free breakfast, a ride to and from the airport, or even a laundry service.
- Pay attention to the needs of your guests. If a guest has a need, do your best to meet it. This could mean giving them extra benefits or letting them check in early or check out late, among other things.
Effective Short-Term Rental Management Tips
The first rule of having a successful short/micro rental is that it’s all about the reviews. If people don’t like your hotel, the number of empty rooms will go up and you’ll be able to charge less. Simple things like telling your guests what to do, where to go, or what the best restaurants are will help them have a great time. A small gift to say “hello” is another thing that many hosts do.
Secondly, Short term rental management includes utilities, cleaning, greater and more regular maintenance, and the listing platform’s cut. Budgeting is a crucial element of micro rental property management given all the changing components. Account for every cost. Imagine having to justify every cost to a business partner; 600 BDT spent on pillows sounds shameful. You want to provide your visitors with a high-quality experience while maintaining a healthy cash flow.
Setting the optimum pricing for micro rentals is a problem. Amenities, location, square footage, and more affect rental pricing. Trial and error may be needed to establish what to charge, and you may need to modify the pricing based on the season. herebnb, as a partner, does the market research on behalf of you to establish micro rental pricing.
And most importantly, Wherever you post your micro rental, you’ll be competing with similar properties. Great photography reduces vacant duration. herebnb offers professional photographers also to promote your space/micro rental home. This way, you can attract more visitors.
These three points indicate the value of pictures/video presentation in online property listings:
- Local searches with images get 75% more clicks.
- Images boost website visits by 94%.
- 60% of renters’ time is spent on property photos or videos.
How it might impact the overall tourism of a country
Both the natural beauty of Bangladesh and the remnants of ancient and middle-aged civilizations that may be found there have the potential to attract tourists not only from other countries but also from within Bangladesh itself. These tourists may come for the natural beauty of Bangladesh or for the remnants of ancient and middle-aged civilizations. In this respect, Bangladesh might be thought of as a true country of blessings. Bangladesh’s potential to become a popular tourist destination is expanding at a pace that is comparable to an exponential curve. There are options for micro-renting, but they do not include options that make it possible for each and every one to make use of it. Anyone who has access to an Android application will soon be able to offer or receive micro renting offered by herebnb, which is aimed at making it feasible for anyone to do so.
“herebnb” is a great platform for anyone who would like to buy or sell or rent a property in a very convenient way; be it an apartment or land or whole building- we have you all covered under one roof. We provide a one-stop solution to our clients is they individual sellers or buyers or real estate investors or freelance brokers. For the first time in Bangladesh, we are trying to introduce an android application for micro rental service for any house owner.
Not everyone or every property is a good fit for micro-rental property management. But if you do it right, micro rentals can make you a lot of money. Not to mention that you can meet interesting travelers from all over the country or abroad and have your own piece of paradise to visit when it’s finally your turn to go on vacation. So hurry up and be a proud partner with herebnb to boost your side income.