There’s no doubt that holiday rentals can be a lucrative business venture. But if you’re thinking of renting out your property as a holiday let, there are a few things you need to take into account.
In this article, we’ll take you through the basics of renting out your property as a holiday let, from choosing the right property to managing guests during their stay. We’ll also give you some tips on how to make sure your guests have a great time and leave your property in the same condition they found it!
Whether you’re just starting out in the world of holiday lettings or you’re looking for ways to improve your business, read on for our essential guide to renting out your property as a holiday let.
1. Choosing the Right Property
The first thing you need to do before renting out your property as a holiday let is to choose the right one. You want to make sure it’s in an area with good transport links, close to amenities and attractions that will appeal to visitors. The more appealing the area, the more business you’ll get, and the more you’ll be able to charge per night.
You’ll also need to consider any regulations or restrictions on holiday lettings in your area. For example, in the UK, there are certain tax rules for rental income from properties that qualify as Furnished Holiday Lettings. Make sure you familiarise yourself with the criteria, and whether your property qualifies, before you jump in.
If it all seems a little complicated, it may be worth going through a holiday let management company such as 53 Degrees. With years of experience in the industry, we’re well-versed in the relevant laws and can take care of everything for you.
2. Preparing the Property for Guests
Once you have chosen the right property, you can begin preparing it for guests. An important first step is to make sure all health and safety requirements are met. For example, this may include:
- Fitting smoke alarms and carbon monoxide detectors
- Obtaining an up-to-date gas safety certificate
- Testing all electrical appliances
- Ensuring all furniture meets fire safety standards
You must also be properly insured, and create an Accessibility Statement describing who your property is suitable for.
Next, think about what amenities you’d like to offer, such as Wi-Fi, towels and linens, kitchen appliances and more. Make sure that everything is clean and tidy before your guests arrive – remember that a bad first impression could lead to a bad review.
3. Advertising Your Holiday Let
When it comes to advertising your holiday let, you want to make sure it stands out from the crowd. This is especially important if it’s in a popular area where holidaymakers will have plenty of accommodation to choose from.
Make sure to take several clear, well-lit, high-quality photographs of the property, including all rooms and outdoor spaces. Then, write a detailed description that covers all of the property’s features.
You can then promote it across social media platforms such as Instagram and Facebook, or through listing sites such as Airbnb. If you have the funds, you could even pay a publication (such as a magazine or online blog) to promote your holiday let.
4. Booking and Managing Guests
Once guests start booking your property, you need to be able to manage them effectively. After all, whether you offer long-term or short-term lets, they are still your tenants and your responsibility.
Make sure you have clear policies on check-in and check-out times, damage deposits and other important information that needs to be communicated before their arrival. Provide your telephone number and ensure you’re available 24/7 for any queries that your guests may have. This will allow you to respond quickly if there are any problems, which is key to ensuring your guests return for a second visit.
Alternatively, if you’re too busy or you’d rather take a ‘hands off’ approach, you could try a guaranteed rent scheme. You’ll earn a stable income while an experienced property management company deals with guests on your behalf.
5. After Your Guests Have Left
After your guests have left, check the property immediately for any damages, breakages or lost property. You should also clean and restock any amenities that have been used up during their stay, such as soap, shampoo and paper towels.
Finally, take some time to review their experience—what did they like, what didn’t they like? Ask your guests to leave an honest review on Google, Facebook or the site they used to make the booking. This feedback will help you provide a better experience in future.
Or, Let a Property Management Team Do It For You
If you’re feeling overwhelmed by the thought of renting out your second home as a holiday let, why not leave it to the experts?
A good property management team, such as 53 Degrees Property, can handle everything from finding and checking in guests to providing on-call maintenance services. Property managers have an extensive knowledge of the local area and are experts in marketing tactics, customer service and regulations surrounding holiday lettings.
At 53 Degrees Property, we understand how difficult it is managing a holiday let on your own. Our guaranteed rent contracts are designed to provide landlords with a consistent rental income without having to lift a finger. We’ll keep your property cleaned and maintained, take care of bookings and liaise with guests so that you don’t have to. And what’s more, we’ll pay you the same monthly rent throughout – even when the property is unoccupied.
Learn more about the benefits of guaranteed rent here, or contact 53 Degrees Property today for an initial quote!