Do you want to become a manager for holiday rental properties? Was having a new permanent job the reason why you invested in the property? I don’t think so, right? Hiring the right property management company is crucial and maybe even more so than having a fabulous apartment. Let’s find out what the real value is of having the right property management company.
Having the right Property Management Company
No to stress, yes to bookings.
You might want to invest in a property here in Barcelona but it can be hard to find the most beautiful and perfectly located apartment. Of course, having the perfect apartment is a nice base to start with but it doesn’t guarantee the success of the holiday rental. You don’t need to have the most amazing property to be a successful renter.
Your property management company knows what to highlight, what to work with and how they can make a small and simple apartment, a nice and bright place to stay in. They have the skills to attract guests for your property and guarantee bookings, bookings, and, oh yes, even more bookings.
They maintain all relationships needed to manage a property and therefore take a lot of work out of your hands.
At first, renting out a property seems like an easy job but once you get started you see it takes a lot of time and effort. And this is where the perfect PMC will help you to get the best out of your property in terms of looks, maintenance, bookings, legislation, etc.
Here are some of the factors that make having the perfect PMC more important than owning the perfect apartment.
1. Restyle your apartment
A good property management company takes effort and time to restyle your apartment. With the help of an interior designer, your property will be turned into a nice, bright and modern place to stay in for guests.
The space will be designed in such a way that it is practical and functional to use and live in.
2. Highlight the right features
When listing an apartment it is important to implement some marketing techniques. Your property management company can take care of that! They collect all the information needed to post the apartment on several booking platforms. Each booking platform has its own approach so all this work will be taken out of your hands. Writing nice descriptions and having professional photos is a must for all booking platforms.
Imagine your apartment doesn’t have a good view but it is located right in the city centre. A good property management company puts the spotlight on the positive aspects of the property but doesn’t lie! In that way, guests will have the right expectations before arriving and as a result, write positive reviews about your property.
3. Manage the bookings
Getting people to book your property seems easy but is it? Not always!
Your property management company will list it on several booking platforms. But you need to stand out from the rest to get reservations. Guests nowadays are pickier because there is a big offer for holiday rentals in Barcelona. To gain more bookings your property management company will build a relationship with tenants. Not only before but especially during their stay.
It is important to check up on your guests to see if everything is fine and check if they need anything. Still, mouth to ear advertising is the best way to get your products to sell and that also counts for renting out your apartment. Not only the city makes their stay, but the apartment contributes to the experience as well. Once they are back home the travel story includes their stay and hopefully your name!
4. Taking care of all the legal issues
A property management company knows everything about the legislation concerning renting out a property. Things you might not have thought of at first will be taken care of by your property management company!
The legislation that goes along with renting out an apartment for tourists in Barcelona is not always easy to keep up with. For that reason hiring a property management company is highly recommended.
Having a license is imperative to be able to rent out an apartment to tourists. In case you prefer renting out your property for a longer period than 31 days there is no need to have a special license. Download this PDF and learn about How to Keep your Tourist Licence Safe.
Keeping up with all the taxes (including the tourist tax) and fees that need to be paid is not easy. Moreover, your property management company will make sure they send out the police report after every check-in which is a requirement from the Catalonian government. If you don’t have a property management company here are guides on Mossos d’Esquadra Report and How to Declare Tourist Tax.
5. Manage your wallet
After having purchased a property, there are a lot of fixed costs that go along with renting out an apartment. Combining the management of your own private accounts and those of your holiday rental can sometimes be a hustle to keep up with.
Your property management company can manage them all and even set the price in such a way that everything is included. Eventually, you will see that hiring a company will be more profitable when it comes to revenue, stress and time.
Are you considering investing in a holiday rental, or do you already own one, or more, in Barcelona? Do not hesitate to get in touch with us to know how much the services of a PMC would cost you, and how much your apartment should generate every year.