Fredolin P. Aguinaldo
There is an underlying market force that makes all of the
short-term rental market possible. One is that major rental operators are
renting a property long term and then re-renting it on a short term on all BNB platforms
called rental arbitrage. But these kinds of business strategies are slowly
killing individual operators by monopolizing the market that leads the same to
dive deeper to compete with the price war. Before you even list your
property on any of these BNB platforms, better to know what it means to assess
your area is well suited to you to host to become more competitive.
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| Credit to the photo Owner |
Three
Things to Consider Before you Host on BNB
Before we dive in and into some of the details, here are three
major components to consider. Having a sense of these items will make your path
to hosting a much smoother journey and enjoyable.
Business
Plan & Interior Design
The first thing to do is to visit the project along with your marketing specialist
and trusted interior decorator to come up with the best strategies to
optimize the occupancy by rebuilding and rebranding. Your interior designer should
be able to assess and make recommendations. On the other hand, the marketing specialist will be going to ask your monthly revenue goal as a basis for his
calculations based on their research and statistics in the area.
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| Ela-G guest condo Site Visitation (Baguio Foreclosed Property) |
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| Ela-G guest condo Original Sketch |
After
the site visitation, a business plan should be written containing the owner’s business goal, the methods on how these goals can be attained, marketing
strategies, management, social entrepreneurship and the time frame in which the goal needs to be achieved. Your business plan shows how you will get from here
to there.
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| Ela-G guest condo Business Plan Preparations / Credit to the Photo Owner |
Before
a work task begins, the completed plan should be discussed with the unit owner
or the owner’s representative(s). The interior designer will present their sketches
of the optimized new room layout, color schemes, furniture layouts, etc. and
affix their signatures on the contract and construction plans.
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| Credit to the photo Owner |
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| Credit to the Photo Owner |
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| Ela-G guest condo Final Floor Plan (Baguio Foreclosed Property) |
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| Ela-G guest condo Contract Signing |
The
construction contractor assigned to rebuild the property should seek relevant permits
from the building administrator’s office and pay the corresponding construction
bond. The same processes are done to all government offices along with the utility provider
in the area, when required.
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| Credit to the photo Owner |
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| Credit to the photo Owner |
The
project reconstruction includes a comprehensive and safe dismantling of the existing
interior. Reconstruction and rebuilding should have adequate construction
materials fitted for the purpose. When backyard renovation is involved, a
detailed plan should be prepared and approved as well.
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| Ela-G guest condo Dismantling of Interiors (Baguio Foreclosed Property) |
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| For more Ela-G Construction actions CLICK Image (Baguio Foreclodes Property) |
Safety
to employees and pieces of machinery is everybody’s concern following safety
procedures during construction activities.
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| Credit to the photo Owner |
As
the construction progresses, the interior designer along with the owner or
owners’ representative is now busy shopping for the required furniture. They
should collaborate and agrees to what type of furniture to buy, the color scheme on
the bedroom, living and dining room accessories, etc. The entertainment system,
the refurbished window frame, along with the aesthetic design of the property
should create romance and luxury fitted to an ultimate travel experience.
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| Credit to the photo Owner |
For continuation, Click
below Image for Ela-G Marketing Strategies (Part 2)
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