So, you’ve decided to hire a holiday home letting agent like StayCotswold. This is most likely one of two things: you’ve realized that you don’t have enough time to run your rental as effectively as you’d want. Alternatively, it’s possible that after analysing the situation, you’ve come to realize that your vacation property isn’t reaching its full potential.
However, picking a vacation cottage supplier may be difficult! There are numerous to choose from in most locations, making it difficult to know what to look for. The objective is to maximize bookings and earnings through rentals, but it’s also about building a successful business partnership that works for both sides. You’ll want someone who knows your needs and is ready
Here are our top recommendations for finding the finest management company to manage your vacation rental.
What should you look for when looking for the greatest holiday letting agency?
Which agencies dominate both the paid positions and regular search results in your niche?
Is it a local company with a few houses or a national business with thousands of homes? A small local firm is more likely to have region-specific knowledge, but a large agency has better resources (and marketing budget) to reach into the country market. Is one superior to the other in your opinion?
In general, a brief look at a potential letting agency’s website should give you an idea of their success. Pay attention to the following: – How many comparable properties do they have listed in the same region? – Is their rental pricing (too low/high)?
Are they in a position to handle many comparable properties near your home, with good future bookings? This is probably the greatest indication of their ability to market the agency effectively.
Your first impression is important.
Trust your initial impressions. Did you like the holiday letting agent after meeting/speaking with them? When you initially contacted them, were they helpful and professional? And did they respond to your queries fully and speedily?
The basic rule of thumb is that you should be certain that you want to travel with this firm. If you feel they are less than ideal, consider what your potential guests might think.
How much does the holiday letting agent charge for their management fee?
When comparing agency fees, keep in mind that a cheaper property manager may end up costing you more in the long run. In this business, you generally get what you pay for.
While a full-service letting agency may cost you more commission, they might save you a lot of headaches and bother by providing excellent customer service to your visitors and achieving the greatest return for you.
Invoices and Contracts
Contract for staff: Request a copy of the agency’s contract and read it carefully. Is it easy to modify if circumstances change? How long does it last and can you easily (and without charge) opt-out before its expiration date if you choose not to renew?
Be careful of occupancy over profit when pricing your room.
Be wary of firms that advertise low-rental prices. They may have higher occupancy levels and earn more money, but this generally means a lower bottom line, more work, wear and tear. If the agency had been renting at a realistic rental rate, they would have generated the same revenue by renting fewer weeks and eliminating fees.
In the end, you want to know that your managing agent is keeping their finger on the pulse when it comes to pricing trends and market conditions, so they may offer more bookings and greater profit. It’s almost a science; with so many variables to consider – from location to season, local competition, amenities, and property size.
Expertise in marketing
Another advantage of hiring a professional holiday cottage letting agent is having access to their marketing knowledge. Pay attention to whether they develop, thorough listings on travel-related platforms like Airbnb, HomeAway, Booking, and so on. A tick in that box suggests that you’re thinking about all options for promoting the holiday cottages listed on their website.
What is their distinct advantage?
The most effective property management businesses have a distinct offering that sets them apart from the competition. How can the firm develop a 5-star client experience at your rental so you may go above and beyond for guests, receive good reviews, recommendations to friends, and return visitors?
Track record of success
You may learn a lot by reading reviews and endorsements. Any decent company will be pleased to provide you with a few references who can shed light on the firm’s culture. Another fantastic idea for aiding you decide to talk to other vacation owners about the managing firms they employ.
Online communities and Facebook groups have become essential digital meeting places for customers to ask questions, offer comments, and start conversations with their industry peers. If you’re a vacation homeowner, we recommend that you check out the Lay My Hat forum and any relevant threads on selecting a managing agent. It’s the place to go for straightforward answers.
Look at the agency’s history, as well as its public relations and company statistics – how long has it been operating? How many clients do they have? Are they expanding? Finally, search Google for the firm and check out sites like Trustpilot or Feefo to see what kind of comments they’ve received and whether they’ve won.
Is it possible that the bad reviews are due to property managers’ shortcomings? If it’s things like “filthy property” or “poor communication,” that isn’t a good sign.
Creating a professional working relationship with your preferred agent
It’s crucial to consider the quality of your relationship with the landlord agency as well. If you discover a competent holiday home management firm that works well for you and delivers on its end of the bargain, it’s in both of your interests to maintain the mutually beneficial collaboration going.
An agency, like StayCotswold, will be a lifesaver. They can provide a higher ROI (return on investment) than you would achieve on your own, as well as eliminate the hassles of operating a holiday rental while allowing you to focus on more important things, such as other employment or family. Whether you’re looking into owning a holiday home or you’re already an owner, the team at StayCotswold has all the market knowledge and insight you need to make sure you get the revenue you desire.