Lagos is a bustling city with a high demand for shortlet apartments, making it an excellent market for property owners looking to turn their spaces into income-generating assets. Whether you own an apartment, duplex, or townhouse, entering the shortlet market can provide lucrative returns. Here’s a comprehensive guide to monetizing your property as a shortlet in Lagos.
1. Understand the Shortlet Market in Lagos
The first step is to familiarize yourself with Lagos’s shortlet market:
- High Demand: Business travelers, expatriates, tourists, and Nigerians returning from abroad often prefer shortlet apartments for their flexibility and comfort.
- Popular Locations: Areas like Lekki, Ikoyi, Victoria Island, Ikeja GRA, and Surulere are hotspots for shortlet rentals.
- Rental Rates: Shortlet pricing varies based on location, amenities, and duration, with nightly rates ranging from ₦25,000 to ₦500,000 or more.
2. Prepare Your Property for Shortlet Use
To attract renters, your property must meet or exceed market expectations:
- Furnish and Equip: Provide modern furniture, a fully equipped kitchen, and essential appliances like a refrigerator, air conditioning, and high-speed internet.
- Ensure Comfort: Include comfortable beds, luxurious linens, and extra amenities like a washing machine or gym access.
- Safety and Security: Install CCTV, provide secure locks, and ensure the building has adequate security measures.
3. Comply with Legal and Regulatory Requirements
Stay on the right side of the law by adhering to local regulations:
- Property Documentation: Ensure your property has a valid Certificate of Occupancy (C of O) and is free of encumbrances.
- Tax Obligations: Register your shortlet business and pay the necessary taxes, such as income tax and Lagos State’s hotel occupancy and restaurant consumption tax.
- Insurance: Protect your property with a comprehensive insurance policy that covers damages and liability.
4. Decide on a Management Strategy
Determine how you will handle day-to-day operations:
- Self-Management: Manage bookings, guest check-ins, and maintenance yourself to save costs.
- Hire a Property Manager: Partner with a professional or agency to handle bookings, cleaning, and guest relations on your behalf.
5. Market Your Shortlet Effectively
Attract renters by showcasing your property:
- List on Shortlet Platforms: Use popular websites like Airbnb, Booking.com, and Nigeria Property Centre to reach a wide audience.
- Social Media: Leverage platforms like Instagram and Facebook to promote your property with high-quality images and testimonials.
- Collaborate with Real Estate Agents: Agents often have a network of clients looking for shortlet rentals.
6. Provide Outstanding Guest Experiences
Positive reviews and word-of-mouth can boost bookings:
- Hospitality: Welcome guests with a clean, well-maintained property and be responsive to their needs.
- Extras: Consider offering welcome packages, guides to local attractions, or concierge services to enhance their stay.
- Maintenance: Regularly inspect and update your property to keep it in excellent condition.
7. Monitor Your Earnings and ROI
Track the financial performance of your shortlet business:
- Pricing Adjustments: Regularly review your pricing based on demand, competition, and guest feedback.
- Track Expenses: Keep detailed records of maintenance costs, utility bills, and management fees.
- Analyze ROI: Calculate your return on investment to determine whether the shortlet model is profitable for your property.
About Isi Jayne Luxury Property
At Isi Jayne Luxury Property, we specialize in helping property owners unlock the value of their assets. With over five years of experience in Nigeria’s luxury real estate market, we provide tailored services to ensure your property thrives in the competitive shortlet market.
Our Services
- Property Management: We handle everything from bookings to guest services, ensuring a hassle-free experience for property owners.
- Marketing Expertise: Leverage our network and platforms to attract high-value guests to your shortlet property.
- Consultation Services: Get expert advice on preparing your property and optimizing revenue.
Contact Us
- Address: No 1 Engineering Close, Off Church Gate Street, Victoria Island, Lagos.
- Phone: +2348126603060, +2348082808840.
- Email: janeugboh@gmail.com.
Turn your property into a profitable shortlet business with Isi Jayne Luxury Property’s support. Let’s make your real estate work for you.
