By switching to Short term therapy Letting, add in a little extra work, you can potentially triple your yearly income, increasing it from 6,000 for long term to 18,000 per annum with sessional rental and its still only 50% occupancy.
LONG TERM ROOMS
Assume you request 500 per month for 12 months this equates to 6000 per annum.
thats it, you hopefully get a good tenant and inreturn provide a nice room, your monthly income is set.
SHORT TERM ROOMS
So for a small bit more work, you can increase the income per room quite considerably
Lets do the figures,
at 10 hours per week for 12 euro per hour for 50 weeks is (10x12x50=6000) same as the long term. but using only 15% of the hours available.
Assuming you make your room available from 8am to 7pm Monday to Friday and 9am to 5pm on Saturday, thats 63 hours in a week.
at 20 hours per week = 12,000 Per annum
at 30 hours per week = 18,000 per annum just 50% of the available hours.
LONG V’s SHORT
So you have a room to rent in an office, Clinic or practice, how do you maximise it to create an income stream from this extra space.
There are two main methods – Long and Short term rentals.
Before we discuss the method to choose, their are a few assumptions.
1. You will take all the costs, light heat, Insurance and repairs.
2. Your space needs to be set up in a neutral way, provide a simple design and layout, creating a private space for your user(s). Some will like a bright room some a dark. It very easy to create the correct environment for very little investment. We will do a blog on this topic later,
-where to source the best furnishings.
-create a neutral space which will work for all therapist and medical users.
THE SALES PITCH
The main stumbling block to maximising you room is how to show availability to your customers, we live in a fast world where customers can book anything in minutes, so to achieve this higher return you will have to use some sort of software, its just not possible to admin, book, cancel and re-arrange 30 bookings per week, its possible but will test your metal.
You can add 3rd party booking software to your website or page, alternatively you could check out Therapy rental purpose build booking system. everything is automated, notifications, cancelations and payments.