You are relatively organised therefore keeping an availability calendar for your apartment should be no trouble, maintenance can’t be much harder than a bit of DIY and sure, it might be boring, but it’s not so difficult to clean your apartment? So, why give your apartment to a management company if you can do it all yourself?
Key factors in managing your own holiday rental
In theory, it might seem relatively easy to manage your apartment to rent to tourists. The above are, indeed, all very essential in effectively managing your holiday rental, but have you also considered the legal procedures that might be necessary, thought about the various channels for advertising your property and the benefits of using each one? What about deciding whether to include an extra fee for cleaning, and choosing a damage deposit amount, or if it is worth having one at all…
The following article, which is by no means exhaustive, will explain the most important requirements to be as successful as possible and maximise your profits by renting your apartment to tourists.
1. Maintenance and cleaning
Sorting these two things out should be high up on your list of priorities as the quality of maintenance and cleaning, either from yourself or a 3rd party, will not only impact upon the guest satisfaction but they also ensure that your apartment is kept in good order and won’t be subject to bigger refurbishments further down the line.
This means that the maximisation of profits can be maintained, through keeping prices at their highest and avoiding periods of disruptions to bookings due to big maintenance projects. It is a good idea to consider outsourcing to a maintenance and cleaning team who are available on call 24/7, should any urgent problems arise which might lead to flat damage or lower guest satisfaction if you are not able to do so yourself. Download this PDF to learn about Organising your Maintenance Tasks.
2. Valuing Guest Satisfaction
Another key thing to consider is how the guest satisfaction is determined. It is easy to presume a guest will only care about finding the nicest apartment for the lowest cost. Indeed, there may be some truth in this, but it is important to also bear in mind that guests will also value the ease of communication between the host and being able to provide quick responses to any questions.
As well as offering helpful tips and advice to get the most out of their stay. It is also necessary to ensure your apartment has all of the essential amenities, such as basic kitchen essentials and toiletries, also any extras that would further enhance the guests’ stay.
3. Tourist License
In Barcelona, having a tourist license on your property is essential. The legal path to obtaining one, should you not already, is painstaking and managing to keep a hold of it can be equally challenging too. Neighbours in Barcelona are notorious for finding reasons for complaints against groups of tourists, which should they be consistently raised or very extreme, could result in the removal of your tourist license. Download this PDF and learn about How to Keep your Tourist Licence Safe.
It is therefore advisable to have in place house rules, ideally shown on your listing, this way the guests are informed on the standards before they arrive and know what to expect. It might also be worth implementing a young-persons policy for your guests, these groups tend to cause a lot of noise, as well as enforcing, more generally, a noise-policy so that guests can be held accountable should they cause a disturbance.
4. Legal Procedures
This goes beyond simply needing a tourist license. It is also, necessary to make sure that your apartment is registered on the Catalan Tourism Register, failing to do so could result in the removal of your touristic license.
Finally, managing your income and ensuring you are paying the correct amount of tax to the relevant authorities can be challenging, especially upon having an outsourced cleaning or maintenance team which needs to be dealt with accordingly too. Not forgetting about collecting ID details, legally required by the police, and the right amount of tourist tax from guests, as well as ensuring a timely payment during the relevant windows.
5. Choosing relevant channels for advertisement
It is also necessary to consider the various channels that you can list your property on. Airbnb and booking.com are some of the bigger options out there, but they don’t come without their flaws, so it is good to have a basic understanding about what to expect from each one and how they can best be used to maximise your profits.
Things to consider should include, but are not limited to: the commission they charge per guests, how user friendly the website is and ease of communication between the guest and you. It is also worth considering how guests can review your property and how this impacts your visibility on the channel.
6. Time management is necessary to achieve all of these things
Bearing all the previously mentioned points in mind, being able to effectively manage your time to complete them to the highest standards, is the most important requirement. This task becomes multiplied if you have more than one apartment or plan on managing your property alongside a full-time job, therefore finding a management company which has your best interests in mind can be the best investment for you.
To conclude, it is not a requirement to give your apartment to a management company, however, it does make it a whole lot easier. Not only will they ease your workload, but investing in the right management company to suits your needs, coupled with the relevant industry knowledge, will ensure that you are increasing your revenue, and even exceeding what you would be making alone. Ultimately meaning that you can enjoy your spare time, whilst also bringing in optimum revenue.