Have you ever wondered how to make your short-term rental a draw for business travelers? No, we’re not talking about stocking fruit in the kitchen (although that’s not a bad idea either). We’re talking about turning your property into the ultimate haven for business travelers.
Fasten your seatbelts, aspiring real estate moguls: With just a single PowerPoint presentation, I can take your short-term rental property from “okay” to “great.”
The business of pleasure
Business travel is back on track faster than you can say “expense report” and the short-term rental market is hotter than a laptop rendering video for six hours straight. But here’s the million-dollar question: How can you make your property stand out in a sea of run-of-the-mill accommodations?
Let’s take a closer look.
Work hard, Wi-Fi works harder
In the business traveler’s hierarchy of needs, reliable Wi-Fi sits somewhere between oxygen and coffee. Business travelers want in-room Wi-FiThis suggests that the majority of business travelers will make decisions about how to fly and where to stay based on Wi-Fi availability.
So what’s a smart property owner to do?
- We install enterprise-grade Wi-Fi that can even accommodate small tech startups.
- For those who prefer the old-fashioned way, it offers multiple Ethernet ports.
- Create a separate, secure network for your guests and keep their data safer than Fort Knox.
Remember, in the business travel world, “buffering” is a four letter word.
From the bedroom to the meeting room
The average business traveler spends more time in front of a screen than a teenager on summer vacation, which is why creating a great workspace is so important. Here’s how to turn a spare room into a productivity haven.
- Invest in a spacious desk with a view (preferably not onto your neighbor’s overgrown lawn).
- We provide ergonomic chairs that “take into consideration lumbar support.”
- Make sure you have proper lighting to avoid an “interrogation room” atmosphere during your video calls.
- Provides a second monitor setup. Spreadsheets wait for no one.
Kitchen Confidential: The Business of Dine-In
Gone are the days when a “business dinner” meant a wilted salad from room service. Today’s business travelers want the option to quickly whip up their own culinary masterpieces (or at least heat up a gourmet microwave meal).
the study Booking.com Research shows that 63% of business travelers spend extra on food, so if you don’t want your guests to have to settle for vending machine food, channel Gordon Ramsay and add these essentials to your business class kitchen:
- A coffee maker that doesn’t require an engineering degree to operate
- A full-size refrigerator to store clients’ dinner leftovers
- A microwave for when the phone call comes in five minutes
- A dishwasher, because nothing says “I’m a successful businessman” like clean dishes.
The future of short-term rentals is now (and keyless)
In the fast-paced world of business travel, waiting for a property manager to hand over your keys is about as unappealing as sitting in the middle of a red-eye flight. Enter the unsung hero of the short-term rental world: the smart lock.
According to one report: Grand View Research, Smart Lock Market It’s expected to grow at a compound annual growth rate of 19.6% between 2023 and 2030 — faster than you can ask, “Where did I put my keys?”
The benefits of smart locks include:
- Contactless check-in (perfect for the germaphobe executive)
- Customizable access codes (no more “I lost my key” excuses)
- Remote access management (for unexpected client dinners)
Baselane: A new friend for short-term rental success
Managing all these upgrades and amenities may seem like a full-time job, but what if there was a tool that could help you do it all while sipping your morning latte?
Enter Baselane. This nifty tool is designed to make your life as a short-term rental owner smoother than a freshly ironed dress shirt. Here’s how Baselane will level up your short-term rental game:
- Streamlined banking: Baselane offers customised banking services for real estate investorsYou’ll no longer have to manage multiple accounts or worry about categorizing expenses, and with the highest market-leading APYs, you can be sure your money will work as efficiently as your assets.
- Seamless Platform Integration: Even better, Baselane lets you link your bank directly to popular hosting platforms like Airbnb, VRBO, and Booking.com. It’s like having a personal financial concierge who speaks fluent “short-term rentals.”
- Bookkeeping made easy: Say goodbye to spreadsheet hell: Baselane’s automated bookkeeping tracks all your income and expenses, making things easier at tax time (get it?).
- Insights at your fingertips: Want to know how your property stacks up against others in the area? Baselane’s analytics tools give you the real-time insight you need to get ahead of the competition.
Fern, a real estate investor, says Trustpilot: “Baselane solves a huge hurdle for real estate investors who want to keep their finances separate for each property. I used to spend a lot of time creating spreadsheets for my properties, and now it’s all organized in Baselane. It’s a game changer.”
Bridger: All work and no play makes a dull guy
The rise of “bleisure” travel (business + leisure, for those of you who don’t like acronyms) is changing the short-term rental landscape. Expedia research It found that 60% of business travel in 2023 will have a leisure component.
To address this trend, consider the following:
- Providing a guide to local attractions (because PowerPoints and pivot tables aren’t the only points of interest)
- Providing fitness equipment and gym passes (to help cover the food portion of expenses)
- Create a cozy, relaxing space (for when the only fusion they want to think about is one with their mind and a good book).
Conclusion: Successful Business Travel Short Term Rental Investments
The short-term rental market continues to grow (expected to reach 1 trillion yen by 2020), $20.6 billion in 2025), catering to business travelers could be your ticket to stardom in the real estate industry. By focusing on the specific needs of business travelers, such as top-notch Wi-Fi, a great working environment, a fully equipped kitchen, convenient technology and leisure facilities, you’re sure to become a favorite in town for business travelers.
Remember, in the world of short-term rentals for business travelers, it’s about more than just providing a bed to sleep in. It’s about creating an experience that makes your guests want to pay to return to your place again and again.
So, are you ready to turn your property into a home suite for business travelers? With these tips, you’ll be getting rave reviews faster than you can say “per diem.”
Now, if you’ll excuse me, I need to convert my walk-in closet into a meditation room/virtual reality room/cold brew bar. A room for business travelers.
Build long-term wealth with short-term rentals
Vacation rentals can be a very lucrative way to increase your monthly income, but only if you acquire and manage the property correctly. This ultimate guide to analyzing, buying, and managing a vacation rental property will lay the foundation for immediate success and long-term wealth building.
BiggerPockets notes: These are opinions expressed by the author and do not necessarily represent the opinions of BiggerPockets.
