Property rental is no longer a linear concept.
Gone are the days of there being a one-size-fits-all solution, as market demands continue to shift and guests and tenants are beginning to prioritize different things, compared to ten or twenty years ago.
While the property industry might still be labeled as a space that has a low barrier to entry, those who operate with the correct and legal systems and processes in place can find themselves earning a healthy income – in an ethical way.
At Luke Stays, we offer two management solutions for property landlords. Both of these have been created to eliminate the stress of property rentals and protect a landlord’s (and their property’s) best interests.
We’ll break both these solutions down in simple terms, to help you decipher which works best for your current needs and appetite.
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Rent Guarantee: Steady, Fixed Rental Income Without Any Void Periods
Every property landlord longs to have the guarantee of rent hitting their account every month, without them ever needing to worry about it.
Unfortunately, this is rarely the case for many landlords, no matter how many background checks they have carried out on their tenants beforehand.
As we operate in the business of people, we learn just how unpredictable people can be. As a landlord, you might be terribly unlucky and happen to find yourself a tenant who has decided to stop paying rent – out of pure in consideration.
Or perhaps, a very well-behaved tenant may suddenly find themselves out of work or fall unwell – and be unable to pay their to rent anymore. This was especially the case for many landlords during the pandemic.
While some circumstances genuinely cannot be helped (and it isn’t always down to bad tenant behavior), the ripple effect of no rent payments over a period of time can be catastrophic for landlords – both financially and mentally.
This is where Luke Stay’s Rent Guarantee solution comes in – where a property landlord rents their property to our team and we become “their best ever tenant”.
Under this agreement, landlords are guaranteed a fixed monthly rent for up to 8 years, while Luke Stays takes care of the general maintenance of their property, too. Not only this, but landlords are also promised no void periods or tenancy turnover periods – meaning they are not forking out thousands of pounds on property turnovers, new contracts, and tenant finding fees; nor losing out on a rental income while their property is vacant.
It’s in Luke Stays’ best interest to keep a landlord’s property on the books for as long as possible as well, so landlords can rest assured that their best interests will be fully taken care of – and they’ll no longer need to worry about whether their rent will be paid on time every month.
This is an excellent solution to abolish stress, hassle, avoidable fees and costs (that many industry professionals tell you are NOT avoidable) – while earning a steady, fixed rental income.
Short-Term Rental Management: The Potential to Quadruple Rental Income with a Fully-Managed Property
While the term may seem self-explanatory enough, “short-term renting” or “short-term lets” refers to a rental tenancy that is being offered to the market for six months or less.
This model is implemented with a “hotel-style” operation, where guests check in to the property for a few nights or weeks at a time, at the booking rate that is advertised. These rates tend to fluctuate and can easily hike up during peak seasons (such as the summer holidays in certain parts of the world) – or when there’s simply a greater demand.
The short-term rental option is becoming increasingly popular among guests, compared to traditional hotels – as it is usually more cost-friendly, and more flexible, and because STR accommodation usually offers up to 30% more space than a bland and boring hotel room.
When a landlord hands their property over to Luke Stays, for us to manage as a short-term rental (in return for the smallest fee on the market), we hone in on all our years of expertise to list the property and offer it to guests, at a healthy rate for the landlords themselves.
The entire guest booking process and guest experience are managed by Luke Stays, with the property being kept in the best condition, too. Luke Stays even offers to kit out the landlord’s property with the most fitting furniture and interior design (thanks to our-house team) to help generate the best guests and bookings, and keep the unit in the best condition.
Our short-term rental management solutions are ideal for you if you have an appetite for greater rental income and are interested in a rental model that is taking the industry by storm.
Our team can offer a full analysis of your property beforehand (estimating how much your property could potentially earn as a short-term rental), before signing any agreements.
Whichever management option you choose, Luke Stays’ solutions are designed to make your life easier as a landlord – and to help you realize that your property has the potential to earn a healthy income for you; and you don’t need to lose any sleep nor peace of mind because of it.
In a landscape that continues to favour tenants over landlords, we understand the stresses of renting your property out – whether it be across the UK, USA, and Dubai. Which is exactly why we continue to serve landlords with our expertise and make earning money from property as less complicated as it needs to be.