Siobhan had planned a 3 month trip abroad during the summer, and was told by friends she could rent her property during this short period. Her goal was to clear outstanding loans, and make sure her property outgoings were covered too.
- Location: Ranelagh, Dublin
- Start of management: May 2019
- Surface area: 659 sq ft
- Type: 1 bedroom flat
The concern: how to maximise profitability
Siobhan will be travelling across South America over summer, and also during Dublin’s most attractive tourist months. She contacted Nestify to rent her very chic one bedroom apartment to see what rental returns she could generate. She wanted to ensure her outgoings were covered, as well as having a bit extra to pay off debt. Not having any experience in hosting before, she had a consultation with a Nestify sales expert.
The implementation of a tailor-made strategy
The main objectives Siobhan wanted to achieve were:
- Cover mortgage and utility bills – approx €875
- Create increased yields specifically during the peak summer months
- Ensure that she can track the bookings at her property remotely
Nestify got to work quickly to list her property, which gave her time to generate bookings in advance. The team had 3 months to bring her maximum profitability. They ensured that her home was staged correctly, and professionally photographed to be as attractive as possible.
Remotely she was able to track how successful her property was using Nestify’s Host Dashboard from her phone. She quickly relaxed knowing that the team of pricing analysts were maximising her average daily rate. With their expertise her three months income looked like this:
A prosperous three months
|Month||Occupancy Rate||Net Income||Outgoings||Extra money towards debt|
With Nestify’s help, Siobhan was able to generate an extra €4,545 which cleared her remaining €4,000 loan. She even had a bit to spare on her return, which she used to celebrate in her local restaurant.
Minimum hassle, maximum return
Mission accomplished for Siobhan, who is planning to continue using the service for her next staycation elsewhere. She was very grateful that she had all of the burden of short lets managed for her, and could enjoy the income short-lets brought in. Win win!