Ali Ata Shares a Simple Guide on How to Transition From Airbnb to Long-Term Rental

With most of the world under lockdown due to the COVID-19 pandemic, Ali Ata shares it’s highly unlikely for people to be going on vacations any time soon. This means that if you’re running an Airbnb, you can expect slow business in the coming months.

 

What can you do? If you don’t want to let go of your business, you can consider transitioning to long-term rental. This is a great way to ensure a steady stream of income despite the drastically low tourism rates. Here’s a step-by-step guide to help you get started:

 

Tip #1: Assess Nearby Long-Term Properties

Set aside some time to assess the performance of long-term rental properties in the area. Doing so will help you assess the feasibility of your new venture.

 

Tip #2: Recalculate Profits

See how much you should charge to make a profit on leasing your Airbnb long-term. Make sure to subtract monthly dues such as maintenance and mortgage.

 

Tip #3: Draft a New Lease Agreement

Long-term rental contracts are different from short-term Airbnb rental agreements. It’s best to work with an experienced lawyer who can educate you on the area’s laws about leasing rooms.

 

Tip #4: Screen Prospective Tenants

We understand that you’d want to lease your room as soon as possible. However, if you want things to go smoothly for the next few months, Ali Ata advises property owners to screen their prospective tenants. It’s okay to ask for supporting documents to prove the tenant’s financial capacity.

 

Bottom Line

Apart from transitioning to offering long-term rental services, Ali Ata strongly suggests creating multiple other exit plans. Given the ongoing crisis, there’s no telling what might happen next. It’s best to be prepared.

 

We understand how devastating it must be to lose all of your hard-earned profits in just a matter of weeks, but you have to stay strong and committed. Ali Ata emphasizes that the key for any business to survive any kind of crisis is versatility. If you have to reinvest to survive, then do so. Remember that there’s no one-size-fits-all crisis survival strategy for business owners to follow.

Comments

Post a Comment

Popular posts from this blog

Ali Ata: Factors to Consider for an Eco-Friendly Dream Home

Image
  Ali Ata: A Checklist for the Environmentally Savvy Homebuyer If you're on the hunt for an eco-friendly home, look no further. Real estate expert Ali Ata shares this handy checklist to ensure your new house aligns with sustainability while keeping your wallet happy. Prioritize energy efficiency Look for homes with energy-efficient appliances, good insulation, and solar panels. These features reduce your carbon footprint and lead to lower energy bills, putting more money back in your pocket. Many homes have been converted to become greener, so you might find a good one in the market. Image source: envato.com   Mind the materials Dive into the nitty-gritty of construction materials. The most environment-friendly houses often use sustainable and recycled options like bamboo flooring and reclaimed wood. Not only does this contribute to a smaller environmental footprint, but Ali Ata says it can also create a healthier indoor environment. Water-saving features Keep an e...
Read more

Ali Ata Provides Effective Strategies for Scaling Your Small Business and Achieving Sustainable Growth

Image
Strategies for Scaling Your Small Business and Achieving Sustainable Growth by Ali Ata revenueandprofits.com Managing a small business comes with challenges that demand dedication, effort, and strategic financial planning to drive profitability. Especially in the initial phases, when resources may be scarce, mastering the art of saving and effective money management is vital. Investing in knowledge about wise financial decisions and growth opportunities is crucial for sustainable progress and long-term success. This involves acquiring assets, attracting talent, and financing ventures to enhance business performance and profitability. To remain competitive and achieve enduring growth, businesses need to continually innovate amidst changing technology, consumer behavior, and market trends. Real estate investment expert Ali Ata underscores the importance of prioritizing strategies that support small businesses and embracing innovative approaches as key steps toward improving performance...
Read more

Ali Ata’s Moving Hacks: Moving Prep and Unpacking Efficiently

For some of Ali Ata ’ s clients, moving out from one property to another or moving their furnishings carefully and quickly from home to storage (and vice versa) can be a stressful experience. It could take far too long if you ’ re not adequately prepared for it, and it can lead to chaos and delays in property move-ins.   Preparation is the key to a smooth transition between homes and minimal property damage or breakage, so here are some great tips to help you along. •               Contact your utility companies.  Let your utility companies know immediately that you ’ re moving so they can update your services to your new address. •               Find a reputable mover.  Ali Ata has found that many of his clients have horror stories on movers damaging their property. Make sure to choose one with great reviews and a good reputation. • ...
Read more