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What do renters want? With more options than ever, renters can be choosy when they’re picking out their new place. While having a beautiful building with new appliances in a prime location always helps, added amenities that improve your residents’ quality of life are a big draw to prospective tenants. However, if you can provide an amenity that makes your residents’ day-to-day lives easier and helps them earn money, you have a truly unique selling proposition. Pillow was designed to do just that.
In 2017, more than 210 million guests booked stays through Airbnb and the market is only projected to expand even further in the next several years. Pillow has been designed to be a low-cost and easy-to-use resource for this rapidly growing market. Our easy-to-use software allows building managers to capitalize on the ever-expanding short-term rental market with control and transparency. Residents benefit from the freedom of short-term rentals and building owners can set ground rules.
Adding Pillow to your multifamily building’s list of amenities is a great way to increase occupancy and revenue as well as differentiate from other communities in the area. Potential residents who travel for work or pleasure will appreciate that you’ve made it easier for them to generate an additional revenue stream.
The “onboarding process” to join Pillow as a multifamily building is only three steps and requires little additional effort from building owners.
Step 1: Initial preparation by Pillow to design timeline and determine details specific to your property followed by a conference call.
Step 2: After reviewing client care and accessibility, residents will be notified of the building’s new amenity.
Step 3: After the initial roll-out, we’ll follow up to discuss how things are going and answer any outstanding questions.
With 80% of millennials showing a desire to list their home as a short-term rental on Airbnb, it’s clear that renters are looking for living situations that offer flexibility and the chance to generate some extra income. Adding Pillow to your list of amenities is a way to provide these desirable features while maintaining control over your building and sharing in the profits.
Pillow is solving short-term rentals for multifamily properties, allowing building owners and property managers to have control and transparency over short-term rentals while enabling their residents to rent their units short-term on Airbnb. When someone books a short-term rental reservation with a resident, building owners are earning 10 percent of each booked reservation allowing them to invest back into their communities or help cover management expenses. Additionally, building owners receive daily and weekly short-term rental activity reports with key reservation information including dates, guests’ names and contact information. Landlords can also leverage Pillow’s Vacant Unit module to manage and monetize vacant units. With Pillow, landlords can rent out their empty units for a few nights at a time to make the most of this valuable asset. Pillow charges an 8 percent fee per completed reservation: the average property manager can make 10-30 percent more than typical market value by offering short-term rentals in addition to traditional leases. All in all, Pillow offers a one stop shop for managing short term rentals in multifamily buildings. With one service, you can offer your residents the flexibility to do the same and easily monetize your vacant units.
If you own a multifamily complex or management company and are interested in providing short-term rentals, email firstname.lastname@example.org or visit www.pillow.com.