For the past 12 months, the airline and hotel sectors of the travel industry have experienced a hard hit! However, where there is loss, there is also gain – somewhere.
The gain, in this case, is within the staycation aspect of both the tourism and real estate industries.
Beyond simply finding a place to unwind and relax without the need to check-in and go through long security lines, there are quite a few benefits to the members of the real estate industry – buyers, sellers, landlords, and renters.
Experience multiple neighbourhoods found on your favourite’s list with just a short stay. Although the unit you choose for your staycation may not be on the market for sale, you will get a feel for the area, experience nearby amenities, and decipher if homes within this area that are up for sale truly meet your wishlist.
Try a weekend stay at/near your competition. Your house may not be on the short-term rental market but your neighbour’s home may be. A night or two will give you enough time to gain staging and renovation ideas to not only help create the right feel for the type of buyer you are seeking for your home but also possibly increase your sale price.
Do you have a short or long term rental unit becoming available soon? Before you put it back out on the market, experience your own rental unit. Are the beds as comfy as you posted on the website? What is the dripping sound? A one night’s stay will reveal much about your own unit and help you to craft a better website description and higher reviews.
Maybe you selected your last unit because you were desperate. Or, maybe your 10+ year rental term in the same unit is coming to an end soon. “How will a staycation benefit me?” you may be wondering. Simple. Not every vacation rental unit is a vacation rental unit. Here’s what I mean – some homeowners may have chosen this short-term rental route to take a break from long-term tenants. For some homeowners, managing a vacation rental unit is great. For others, it’s not. Experiencing a staycation in such units may lead you to a long-term rental in a unit that you like with landlords that you’ve always desired. But, you’ll never know if you don’t experience it then ask!
Tamika Todd, the broker and managing director of Platinum Realty, a real estate brokerage firm based in Bermuda serving global clients, has over 25 years of experience in real estate. She has helped to deepen and broaden this growing firm’s portfolio of success resulting in a multi-million dollar portfolio, recipient of highly acclaimed awards, global editorial features, and most importantly client satisfaction. Platinum Realty specializes in incorporating its financial knowledge, coupled with real estate experience, into their client services. At Platinum Realty, we care about your real estate goals.