After all, it’s the business, you got to keep it alive and kicking…
No cliché’ here, but finding a shelter or roof over your head in a crowded city, state, etc is ONE “tedious” task. Lucky are those who manage to find THE PLACE of their choice which ticks off most of their “must-have” home/place wishlist. You know the basics… A good locality, spacious room, and power supply and the list go on.
And then there are those who make “space” available for you to stay…ahem… temporary stay of course. Yes, THE OWNERS OF HOSTELS, PG OR APARTMENTS. One who welcomes you aboard to become a “short-duration” habitat in their edifice!
So, if you run a hostel service (running one for ages) or are a proud owner of newly acquired hostel space (The paint coat is still fresh), this article is a must-read for you. Why? For starters, it can guide and educate you about keeping your hostel “alive and kicking”, moneywise!!
Read on to find out how to keep your hostel rental rates high:
Keep it clean
Cobwebs, chipped paint or stained staircases… if your hostel property possesses any of these, it’s time to you get rid of it ASAP. Why? Because, no one wishes to stay in a “dilapidated, neglected place. Students, working professionals are generally newcomers (staying away from home for the first time) for whom it takes time to adjust to the new place/room. And, you don’t want to make a BAD IMPRESSION here. Otherwise, you simply won’t get any tenants. Clean the hostel rooms/area, period.
The timely repair
Leaking bathroom faucet, non-blinking light fixtures, dicey Wi-Fi connections, and the repairing saga continues. If you receive any complaints/suggestions regarding the same, make sure to FIX IT on time. As a caption of the ship (the hostel), it is your responsibility to take care of this nitty-gritty of recurring repairs and amends. If you delay it or worse deny it, the tenants will soon fly the nest! Hence, keep the hostel units operating in top condition.
The work of interiors
Gone are the days when hostels used to have a “gloomy vibe”. Same predictable wall color scheme (off white, sky blue…arghh), steely dining area and dimly lit reception, needless to say, the tenants were the mute sufferers. Not anymore. Cheery wall paints (sunny yellow, pink), attractive and affordable furniture and bright hanging, corridor lights, etc, hostel owners are finally waking up to all these “interior” necessities. Do the same in your hostel, and notice the difference. In no time, the hostel will have full occupancy.
The shiny exterior
Now you may keep the “interior” of your hostel (rooms, dorms, eating area) clean and updated with paints, furniture, recreationally equipped (game, fun zone), but what about the exterior? You need to maintain the exterior well. The name board, paint on the outer walls and even the welcoming outdoor plants need to be well-maintained. If you keep it neglected, no prospective tenant will bother to take a pick inside your hostel (Yes, even if you have placed chandelier above the reception desk). So, to avoid the hostel bearing the “out of service” board, get the exteriors ready.
The price
This one is for those who have set up a new hostel facility. It’s better to research local rent prices. Find out what your competitors are charging to know if you can offer the tenants a better deal. Learn to seek what makes your hostel better-facilities, safety and feasibility wise. If you think you are offering better “everything”, you will attract tenants, no matter a few extra hidden costs. Tenants are ready to shell out extra money, provided, YOU GIVE THE BEST.
Security matters THE MOST
Since you have made the space available for people/students to stay, their safety is your responsibility. Invest in a trusted security and assistance service (the guard, matron, helper staff). It will help the tenants have enough faith and a sense of security to stay in your hostel. For the sake of personal belongings and self-security, both.
Go easy on existing tenants
If you have loyal tenants (who are staying for more than a year or two), it's better you be cordial and approachable. Adjust a month’s rent or so (delay in paying the rent or any other emergency) for later, to ensure that you UNDERSTAND their situation or dilemma. This will help you to connect with them better and receive a GOOD NAME in the field of the rental business. But, CAUTION: do not make it a usual affair; otherwise, your soft way of doing business will flip on to you.
The EXTRA amenities
Laundry services, medical emergency assistance (the doc on the call), garbage disposals and the like, add these extra amenities. Look for the response (positive or don’t care) you receive from existing tenants. If you think, the feedback is positive, then do include the charges in your rent rate card. If you receive a lukewarm reply, try to incorporate one amenity at a time.
The Paid utilities
For students and new working professionals, a bill small as rs 500 can seem like a lot who needs to find a cheaper place to stay. Offering heater or water charges (in initial times) can be a great way for owners to attract new tenants. And it can help retain their existing ones.
UP the game of incentives
Make the tenants “stay” by offering them incentives. So, if they are extending another six-month lease, do offer a reduction in one month’s rent/fees. You can also offer additional “comfort” amenities like new mattresses, table fans, etc.
Get to know your tenants well
Instead of being a feared and dreaded landlord, try to become a cordial, friendly one. Build an “assuring and trusted” relationship with your tenants. Get to know them better over a cup of tea Maintain a friendly relation especially with new students (the first-timers who miss their homes), so that they get a sense of endearment. Do your best to make them feel at home.
Follow these guidelines and make your rental business in profits. After all, managing a hostel facility is no child’s play. You got to keep the “hostel” ship floating and not let it sink!!!