Posted date 10/10/2006
Maximising Rental Income: Information supplied by AIPP *The Association of International Property Professionals with Anecdotes by Black Lion
Sell It:
Take a good look at your property and write down all the best things about it. We often take our best points for granted, but good salesmen will simply point out all the benefits of their product in a friendly and engaging manner.
Black Lion Comment: We can all be blind to our own property's good as well as bad points. If you want an unbiased opinion then ask a friend to take a look for you.
Word-of-mouth recommendation:
This is the best form of marketing, so aim to exceed your guests expectations. As well as all the basics - making sure its clean, checking all the appliances work, leaving details about the area (shops and attractions as well as the necessities like doctors and hospitals) - you can add other touches. For example little gifts and welcome packs for arriving guests go a long way.
Black Lion Comment: This is particularly important in Kalkan where guests typically return time and time again and the potential for repeat bookings is very high. Don't forget its much cheaper to retain an existing customer than it is to find a new one.
Marketing:
Don't just place you property with an agency and hope for the best; put pictures of it with your contact details on the notice board as work, at your gym, at the church. Also don't forget to tell family and friends that you are renting the property out - and that you are charging for it.
Black Lion Comment: Place a stunning photo of your property on your screen saver at work - you will be surprised how many people will ask you about it. Print up some simple business cards with your contact details and a photo of your property to hand out to people, preferable with a website address for information.
The Internet:
Travel has been revolutionised by the web and many customers wont even consider a holiday home unless they can see it on the internet alongside a map and links to local attractions.
Black Lion Comment: By all means produce a website for your property but get those pictures right even if it means employing a professional photographer to take them. Remember a picture tells a thousand words. Keep it simple and link to other sites which are professional in giving detailed information about the area. List your property on a good specialist holiday rental website which allows you to link your website to them. This way you will be sure your potential clients will find it.
Keep it simple:
Your sense of style might not appeal to everyone, so keep the decor and furniture in your property as simple as possible.
Black Lion Comment: Simple does not necessarily mean unstylish and cheap. Decor and furniture are a key part in attracting your clients and have to stand up to wear and tear. Make sure covers are changeable and washable and that your clients will feel equally as comfortably in your property as in their own homes. Spend a little extra for quality bed linen and towels which will last the course and add a touch of luxury.
A Helping Hand:
Help your customers to come to you by recommending the best airlines routes and car hire companies. Be sure to keep the information up to date.
Black Lion Comment: Don't forget regional clients who may prefer to fly out of smaller airports or clients that may be coming from countries other than yours.
Be Available:
Make sure potential holidaymaker's can contact you. Give an email address, leave your phone switched on and respond to messages promptly.
Black Lion Comment: Most enquiries expect an instant reply otherwise they simply contact the next property owner on their selected list.
Feedback:
Ask your guests to comment on what they liked and did not like about your property and its location. You may need to encourage them to do this.
Black Lion Comment: When asked guests will always find something to complain about, however small, as if they feel they have to mention something. Be carefully to differentiate between comments that need attention and comments said because the guests feel obliged to complain about something.
If you have a serious problem that needs acting on don't shout at your management company but talk to them and try to find out what went wrong and why.
The classic example would be the guests complained the property was not clean enough on arrival. The reason? The owner has only allowed their management company a 2 hour slot on guest changeover to make the property ready - not enough. The property owner is trying to make the guests happy by letting them into the property on arrival instead of having a strict in (by 18:00) and out (by 12:00) policy time, but by doing so are potentially creating a situation for their management company to fail and the guests to make a complaint. Neither of which were necessary.
Follow Up:
Don't forget to contact your guests once they have come home. If they enjoyed the holiday offer them incentives if they recommend to family or friends; give them an easy way to do this. Next holiday booking time contact them again to remind them of the wonderful time they had with you last year. You could also offer discounts for repeat custom.
Black Lion Comment: Discounts are fine but over time can create a trend with long standing guests which makes it hard to increase your prices when you need to. Why not give them a quality bottle of wine on arrival, or vouchers for a massage, Turkish bath etc. This will allow you to keep pricing flexibility and keep the cost of your incentives transparent.
Partnerships:
If you have friends with a holiday home in another part of the world you could market to each other's customers.
Black Lion Comment: Better still, if your property is one several properties the same, collaborate with the other owners who are renting. If one of you has an enquiry for an already booked week then you can pass it to your neighbour and vice versa. It is also helpful if you have similar prices and presentation and then you could even look to market your properties together enabling you to pick up bookings from larger groups, which otherwise would not consider your property big enough to accommodate them.
Do you paperwork:
Almost anywhere you rent out your property, you will be liable for local taxation (and if not, you will be liable in your home country) Keep receipts of all costs incurred as well as details on all income. You may be able to offset some or all of your tax liability with costs. Consult an expert in local tax and home country tax.
Black Lion Comment: A good management company will practically do this for you as well as assist you in filling in your tax returns at the year end or at least passing all the information to an accountant to undertake this on your behalf.
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