Here are 6 things to consider before starting a short-let apartment business in Nigeria:

1. Location and Property Selection:

• High Demand Areas: Research neighborhoods with high tourist traffic, business travelers, or a shortage of long-term rentals. Look for areas with good security, amenities, and convenient access to transportation.
• Property Suitability: Choose an apartment with the right size and amenities to cater to your target audience. Consider factors like number of bedrooms, Wi-Fi availability, backup power options, and security features.

2. Target Audience and Market Research:

• Identify Your Niche: Decide who your ideal guest is (tourists, business travelers, families). Research their needs and preferences to tailor your amenities and pricing strategy.
• Analyze Competition: Research existing short-let rentals in your chosen area. Understand their pricing, offerings, and guest reviews to identify potential gaps in the market where you can differentiate yourself.

3. Legalities and Regulations:

• Business Registration and Permits: Ensure you have the necessary business permits and registrations to operate legally. Research any relevant local regulations regarding short-term rentals.
• Tax Compliance: Understand your tax obligations as a short-let business owner and factor these costs into your pricing strategy.

4. Furnishing and Equipping the Apartment:

• Functional and Stylish Furnishings: Provide comfortable furniture, essential appliances (fridge, cooker), and basic kitchenware. Consider incorporating a local touch in the decor to create a welcoming atmosphere.
• Linens and Essentials: Stock the apartment with fresh linens, towels, toiletries, and basic cleaning supplies for guest convenience.

5. Marketing and Guest Management:

• Online Presence: List your property on popular short-let rental platforms like Airbnb and Booking.com. Utilize high-quality photos and a detailed description to attract guests.
• Guest Communication and Service: Develop a system for efficient communication with guests throughout their stay. Be readily available to address any questions or concerns they might have.

6. Financial Planning and Operations:

• Startup Costs: Factor in the costs of furnishing, renovation (if needed), marketing, cleaning services, and potential maintenance issues.
• Pricing Strategy: Research market rates for similar properties and adjust your pricing based on seasonality, occupancy rates, and competitor offerings.

Bonus Tip: Consider offering additional services like airport transfers, local recommendations, or pre-stocked groceries to enhance the guest experience and potentially increase your revenue.

Want to buy, rent or build a property in Nigeria and have no idea how to begin? Send us an email today hello@masterpiececapitalltd.com or simply call us on +234 816 771 9050 for a free consultation.