change of listing from entire apartment to share apartment with boutique hotel style suite

[Michelle938]

hi everyone.. i need some advice

i listed my property as a whole unit in 2018 and did really well for 7 months

this is the link, i hope you manage to open it!

https://www.airbnb.com.mt/rooms/23851384?location=Valletta%2C%20Malta&source_impression_id=p3_157375...

i did really well.. 5 star reviews etc.. loved hosting.anyway got an offer to do a long let which i took..

alora to cut a long story short ,i moved into the property... i just love it.... i earnt really good money renting out the whole apartment , so how can i attract the right kind of client, at a good price. i assume i will need to list it in shared accomodation!!!! which wont attract my target audience!!!they will still have the run of the common parts of the property.they just wont have access to additional bedroom/rooms.. any feedback would be much appreciated. thanks michell

[Angelica-Y-Jorge0]

The apartment is beautiful but you will never get top dollar renting out just the rooms. Could you rent a cheaper unit in the same building monthly that you live in? Then rent the penthouse out as a whole home STR?

[Linda108]

If I am understanding your post, you have gone from listing the entire penthouse to living in the penthouse and listing one of the two bedrooms.  While I do not have as spectacular a home as yours, I have been listing my private room for over 5 years so I know who I am marketing to. 

First of all, your listing is stunning and if you get to enjoy what you have, kudos to you.  Now your listing becomes a side business with much lower income.  However, personally, I have enjoyed most of my guests because I do interact with them in the shared spaces.  This is a perk for me, so you would need to decide if it would be a perk for you as well.  Otherwise, having strangers in your house can be super annoying.

Financially, I see the income as optional.  I do not need the income to meet my financial obligations, however, I have used the income to improve my home and to travel.  This last year I did not have any income from the listing due to covid.  Certainly missed being active, but was not at all devastated by the loss. 

Who will want to book a private room in your home?  Think about your former guests and I would imagine just staying in your listing was a draw.  Private room guests are more focussed on getting out and exploring the area unless you have a long term guest which then becomes a roommate.  Perhaps you can list for a short window of time, say, no more than 6 months, and see how it goes.  Keep your rates a little higher than your competitors, set limits on duration of the booking to no more than 2 weeks as you do not want to get stuck with an undesireable guest in the place you are living. One good thing about shared home listing, there is very little risk of damage to your home as you are present.  Hope this helps you with your consideration.  Good luck!

[Sarah977]

@Michelle938  As a home-share host as well, I would echo all that Linda has said.

You definitely have to be the kind of person who isn't annoyed by having other people sharing your home. But I can tell you that I've had wonderful guests from all over the world, and I quite enjoy it.

Of course your target market isn't going to be the same for a private room as for an entire place. You can't have it both ways.

You just have to decide what your new target market is. My target market is those who like being out in the quiet countryside, have simple needs, are the types who like to walk, do yoga, read, write, work on their art.

I only list for one guest at a time, and while I get both male and female guests, of all ages, the female guests like booking a home-share with a female host, as it feels safe to them when travelling alone to an unfamiliar area.

Yours might be business travelers, or some other demographic. Decide who a private room in a shared high-end home would suit, and which type of guests you would feel most comfortable sharing your living space with, and market towards those people.

You also don't need to share all your rooms with guests-  my guests have full use of my kitchen and outdoor areas in addition to their room and private bathroom, but I don't list my living room as shared space.

[Marjie8]

Hi Michelle!  Thanks for your question.  I am a new host and for now, I am only renting out two rooms (each with their own bathrooms) on the second floor.  I will be living on the first floor along with my onsite property manager and 3 dogs who will be outside most of the time and blocked from getting to the guest rooms.  I'm still working on this:   1BD/1BR IN BEAUTIFUL HOME - 6-ACRES, AMAZING VIEWS - Ranches for Rent in Golden, Colorado, United St...

Questions:

1.  How do I list stuff as SHARED (ie., kitchen, living room, decks, etc) vs PRIVATE (their own BR/BA)?  I see it on other listings but don't see how/where to do that.

2.  How important is it to have TV's in each BR or at least one in the house?

3.  How important is having a hot tub?

Thanks for any advice!

Marjie