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Room Rental Business – Features, Tips and Benefits

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Start a room rental business

Many people are constantly in search of rooms they can take on temporarily, due to different situations, such as temporary workers, students who reside far from their institution or university, travelers, merchants, short errands, among other circumstances that may cause this need.

The services to own a business, know them here.

If you have one, two or more rooms in your house that are free, you can take advantage of these spaces to set up your rental business, which, unlike a hotel, allows you to enjoy a family atmosphere with services that you can add to increase its value.

Renting rooms can be a profitable business that can expand according to the needs and availability. This business can represent an extra income to the regular activities, renting rooms as a full time job.

Let’s see how to get started:

Business activity

The room rental is mainly aimed at one or two people who have the need to settle in an area like this. What we will do is condition these rooms so that they can be occupied by new people who require them, if possible, furnished. As for the area, if you are in a place close to a university or institution, your clients will be mostly students, but if not, you will surely find other types of clients as well. Make the most of your location.

Services you can offer

In addition to the stay in the room, you can offer other services that may be needed by people who rent the room by increasing the rate, such as
-WiFi service

-Furnished room (with TV, radio, own kitchen utensils, etc)

-Breakfast, lunch and/or dinner service

-Room cleaning service once a week

-Laundry service

Room conditioning

The appearance of the house and, above all, of the room that the person will occupy is a crucial aspect in the process, so it is extremely important that this area has the best appearance and hygiene conditions for the person’s stay. Before renting the room, we recommend that you paint it, repair any damage and, in general, give it a new look for the new person. Likewise, it should at least have a closet, a bed and a personal night table, but if you wish (which we recommend) you can also add other elements such as lamps, television, etc, to make the place more comfortable and pleasant for whoever occupies it.

Promotion of the room(s) for rent

It is not enough to place the sign with a view to the street, although it is one of the most common techniques, you can try other methods that will allow you to find a resident in much less time. Among them we find: the famous “word of mouth” which consists in spreading the new service among people close to you, you can also publish the service in social networks and communities of residence there, and even publish in electronic platforms focused on the rent and sale of rooms and houses, where you will find a lot of potential interested public.

NOTE: For publications on the Internet, both in social networks and in other platforms of the network, it is important that you take pictures of the place, as well as highlight the characteristics of the location of the room and the services with which you offer it, this will allow interested parties to choose according to their main need.

Start a room rental business

Room Rental Business Benefits

This business has important advantages such as generating income from an idle space. The entrepreneur can engage in other activities simultaneously. Likewise, the profitability per room is much higher than renting a whole floor. Also, it is possible to charge month after month, having a fixed income, as well as covering the payments of basic services of the property, keeping the demand increasing,

Difficulties that can arise: One of the most frequent concerns of those who provide this type of service is the risk to which they are exposed, since they are practically opening the door of their house to a stranger. This means that on many occasions people do not rent out the room to people they do not know and only to referrals from friends, neighbours or relatives.

Final recommendation: We know that the above situation is not easy to deal with, so we recommend that before you hand over the key to the room and the house, you make sure to verify the information he has given you, as well as to verify that he really is who he says he is. In addition to this, the installation of security systems on site will also prevent or identify those responsible for any problems that may arise. These measures can help to build trust in the rental process by giving you more control over who lives near you.

Success stories 

The company Realtyplus, is successful as a real estate agency with a collaborative business model where everyone works together and synergistically to achieve successful results. For this reason, the real estate franchise is based on proven methods with a network of independent real estate agencies that collaborate with each other to ensure the success of this company.

Another successful company, more related to the real estate sector, is SOC Asesores Hipotecarios, which provides advice and processing of mortgage loans. The company helps home buyers choose the best credit option. In addition, it manages the procedure until the purchase and granting of the house is consolidated, avoiding all the inconveniences that these procedures entail.