What can I do to become a better holiday rental owner?

Apr 28, 2019 12:50:14 PM / by Rebecca Carmichael

What, can, I, do, become, better, holiday rental, owner

 

There is no set way to becoming the perfect holiday rental owner. Many different factors can affect what you need to do specifically for your apartment. There might be a circumstance beyond an owners control.

For example, some apartments might not be fit for certain guests - a 5th floor apartment with no lift would not be so suitable for elderly guests. As an owner it would be necessary to adapt. This could be to realise not to advertise to this demographic and focusing your apartment decoration on younger groups could help attract suitable guests.

 

However, there are some things that across the board can help and, should you do them well, will guide you in the right direction towards becoming the best holiday rental owner that you can be. These are not limited to but include:

 

Good Time Management Skills 

This is vital in order to organise tasks that need doing, such as managing laundry and cleaning. Sorting out maintenance issues, for example, before they get serious is especially vital in ensuring you will not have to block any dates for major reparations and lose profits. Also it will not compromise the guests’ experience impacting any reviews and ratings for your property, which might lead to fewer bookings.


Being Flexible

This is very important as guests might encounter delays in their travel plans,  making sure you are flexible enough to accommodate changes and still greet guest at your apartment is necessary. Also, organising availability calendars and being able to respond to guests’ queries promptly etc, can ensure a guest has a good experience throughout the entirety of their stay.


Having Excellent Communication Skills 

Being able to communicate effectively between various groups of people is necessary for smooth management. For example acting as a middle man between maintenance and guests. As well as staying on top of messages from various channels, such as Airbnb, WhatsApp messages from guests and any emails etc. Being proficient in multiple languages is also beneficial and will improve your international guests’ experience.

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Specific Industry Knowledge 

Being knowledgeable in the right areas of the tourism industry can boost your skills as an owner more than you might expect. Important parts of the industry you should be aware include local transport, local attractions and points of interest, tour operators, and ancillary services. Knowing these will set you apart from other owners allowing you to provide a personalised service for guests, especially if in Barcelona you are able and willing to share more than going to la Sagrada Familia or la Pedrera. 

 

Understanding the Management for Rental Pricing

A lot of factors can vary your prices. These can include: events in the local area, seasonality, change in local economy and change in travel trends, global factors also affecting this. Failing to adapt to these various factors could mean that you miss out on bookings due to high prices, or lose out on margins where you set low prices.

 

Having Specific Apartment Knowledge 

This should extend to knowing all about your apartment’s location, including the neighbourhood, local restaurants, and even where the nearest pharmacy is. Knowing your neighbours and their tolerations can also be useful in making sure you only welcome guests who will not cause issues for them, and will respect the local community. For example, not inviting young groups who are likely to cause a lot of noise.

 

Doing these things and doing them successfully will no doubt help you on your journey to becoming as good a holiday rental owner as possible, as it will not only be beneficial to you as an owner but also to your guests. Also it will help to ensure the local community is well respected.


Keeping all of these things to the highest standard can seem daunting at first, but they do add a lot of value to you as an owner, even if you pass some of the duties to a management company in order to relieve some of the pressure on yourself it is still an investment worth making.

 

Are you wondering how much your apartment is worth? What yearly revenue it should generate? Click the following button to receive a tailored revenue forecast. 

 

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Topics: Property Management

Rebecca Carmichael

Written by Rebecca Carmichael