Whether you’re in the process of buying your first holiday home or you already own one, letting it out is a great way to share your property and earn a second income. The following seven steps were put together by a property owner who does exactly that…
If you’re smart and active with your marketing, you can enjoy a significant second income that will cover both the cost of homeownership and enable you to stay in the property for free.
While you may decide to find a local agency to manage your holiday home, full-service property management often requires you to sign over control of your property.
The alternative – to manage your holiday let yourself – gives you complete control over bookings and guests. Property owner Barry Sacks reveals that twice as many owners self-manage their bookings than don’t, and many share their experiences to help others.
Here are Barry’s basic steps to help you avoid the common mistakes and pitfalls of letting your holiday home:
Carry out research
Before letting your holiday home, make sure that you comply with any local laws and regulations relating to holiday lets. It’s also wise to find someone local to look after the property if you don’t live nearby. In addition, you should carry out research to understand how to price your property based on similar homes in the area.
Market your holiday home
The most professional way to market your holiday let is to create a website – you don’t need to build this yourself, and some platforms can be free. Your site should be informative, work on all devices, and showcase your property with great photos. Make sure all the information is up to date, including availability, pricing and quotes. But don’t be discouraged from using major listing websites, as they are great at getting your holiday home out there.
Make it easy to book
Sometimes, if guests are booking a holiday in larger groups, they’ll all get together and book as soon as they find somewhere they all like. It’s important that you make it easy for guests to receive a personalised quote and book online. Always remember to be professional and personable when you communicate with potential guests.
Set up an easy payment method
Nothing deters a prospective guest more than a delayed, incomplete response to an enquiry. You should always reply to guests immediately so that they feel comfortable before paying you. You should set up an easy payment method on your site, such as online credit card payments. Provide foreign guests with quotes and payment options in their native currency so that they can understand the cost. Also, be fair with your costing, as it is illegal in some countries to charge more for taking payments than it costs you.
The cheapest advert for your holiday let is a great review from your last guest – make holidaymakers want to recommend your property to others. It’s a good idea to leave postcards at the property with photos and your website on so that they can give them to others. You should also invite guests to leave a review on your website, and personally thank them when they do. When things go wrong, your guests will remember how you dealt with them, so always be efficient and helpful. You could also catch up with past guests to let them know of any offers or changes you’ve made.
Continue to research and learn about managing a holiday let – Understand where your bookings come from, which dates are in demand, how your rates compare, what additional services you could offer, and how much profit you earn. Always keep your website updated and join communities of other owners to share your experiences.
Protect your holiday let
If you’ve just bought a new holiday let, or if your current insurance policy is coming up for renewal, remember to choose a market-leading provider to protect your property. Insure My Villa offers specialist insurance with some of the widest cover on the market. Find out more and get an instant online quote here: https://www.insuremyvilla.com