Top Tips for a profitable rental property
A good number of residential property owners who buy on the Costa del Sol do so because they plan to rent the property out for either short term or long term lets. Short term lets for the holiday periods throughout the year tend to be the most profitable and allow owners to use the property themselves during the off-season.
We’ve put together some top tips to show how owners can maximise their rental income.
Location, location, location
Location is something to always consider before finalising your property purchase. Where is it in relation to Marbella’s most popular amenities, including its beaches,and what type of facilities are available close to the property, such as supermarkets?
Rental rates
Investigating the going rates at different times of the year is vital for establishing what the income is likely to be by comparison with your outgoings on the property. Include the changeover costs for cleaning and linen in your budget, as well as management fees for the agency that handles all bookings and stays. Knowing how much you will make with different levels of occupancy will give you an idea of the return on investment potential.
Getting going
The management company will have a strategy for marketing the property, but youwill have to register it as a holiday rental before it can be offered for rent. Once this is done, however, it opens the door to reaching an agreement with a professional Marbella rental specialist such as Esenzia, who will produce professional images, descriptions and marketing material, as well as promote the home through their expansive professional network.
Building on a service culture
While marketing is necessary, it is customer satisfaction that builds personal relationships and word of mouth recommendations that will boost occupancy ratesand produce repeat business. An experienced property management company like Esenzia knows how to add value for homeowner and guest alike, with welcome packs, personal attention, concierge services, discount offers and even personalised guides to the area that include information about the best restaurants, beach clubs, sports facilities, nightlife and children’s entertainment.
Repeat bookings from guests who you know to be reliable are a real benefit, and this is why a professional rental company will stay in touch with such valued clients by advising them of new seasonal offers and first-class service experiences. Between the two, they will ensure a high degree of repeat business and create a solid and growing client base.