How do you make sure your Marbella holiday rental is a success?
If you own a property in Marbella and are thinking of renting it out part of the year there are things to consider that will make the difference between convenience, security and financial success on the one hand, and a handful on the other. In this article we offer advice based on many years of experience and focused specifically on short-term holiday rentals.
If you’re like most owners of a second residence, or holiday home in Marbella, you will most likely – and almost by definition – not use it throughout the year. Occupation by owners varies but can extend from many months to as little as a few weeks per year, so many homeowners make use of a high degree of demand to earn back money from their property through holiday rentals. In the first instance, this can cover the cost of owning such a property, such as maintenance, security, utilities, insurance, rates, taxes and possibly the property management firm that takes care of the above for you in your absence.
Earning income from your Marbella property
However, if done correctly, the earnings can be such that your Marbella property – ultimately an economic asset like any other – actually earns you money. Returns, after expenses, range between 3% to 5% or more, helping to amortise the home in question, and thanks to a bumper summer and year-round market in Marbella, the scope is excellent regardless of whether you have an apartment, penthouse, villa or townhouse. There is demand for each property type, as long as the location is attractive, the home in good condition and well-presented and equipped.
This is where a professional rental service company comes into it. A lot of property owners try to manage it all themselves but keeping track of a bookings calendar – including reserving weeks for your own use – arranging for maintenance, cleaning, preparation of the property between guest visits and dealing with possible requests, enquiries and problems to solve is like a full-time job, especially for those owners who work and/or live abroad. Many real estate companies offer this service, but as they are fully focused upon property sales, rentals is a chore and an afterthought for them, and consequently they lack both enthusiasm, expertise and the right infrastructure.
Professional advice and service
A specialist rental service blends real estate and hospitality skills to manage your property in your absence, present it in a way that will make the difference between moderate and high income (i.e. ensuring the highest possible prices and occupancy rates), as well as having the marketing channels to guarantee a steady stream of clients and the trained staff to deal with enquiries, rental turnovers and any problem-solving that may be required.
Esenzia is a specialist in luxury Marbella holiday and long-stay rentals, covering all the above, concierge services and more. In the next article, we explain the exact dos and don’ts of successful holiday rental in Marbella. Or contact us for more information about the convenient, secure and value-added optimising of your property.