ANY QUESTIONS?: RENTALS
PITFALLS TO AVOID WHEN RENTING OUT YOUR PROPERTY
Tom Lei from Alpha Holiday Lettings (
www.alphaholidaylettings.com) I
f you are not already doing so, renting out your holiday home could be a nice earner if done correctly. We have put together
a list of things to watch out for, hopefully will make the process smoother and easier for you.
Managing guest expectations Be realistic and true to the facts when marketing your holiday home. Provide as much information and photos as possible about the property and the local area. If you guests are given a false sense of high expectations, it could lead to potential problems when they arrive at the property.
Agree and sign contract It is very important to sign a rental contract with the renter before the stay. It states in black and white you and the renter’s responsibilities and entitlements, and clarifi es where both parties stand in case things go wrong.
Know your costs Take into account all the usual running costs, mortgage payments if applicable, utility bills, repairs & maintenance, insurance and marketing. If you use a management agency, you will also need to pay management fees and possibly rental commission.
Deal with enquiries efficiently Whether you are advertising your holiday let on your own website or a rental listing site, the best practice is to specify your rental rates and display up-to-date availability. This will encourage potential renters to get in touch. Make sure you respond to enquiries quickly when they arrive as renters are likely to have enquired several similar properties at the same time.
Minimise breakage and damages Kitting out your holiday home is very personal. Although providing luxury, good quality furniture and
furnishings increases the desirability of your property, avoid including items that are irreplaceable or could be easily damaged, such as expensive pieces of glass ornaments.
Prevent accidents and injuries Check the property for repairs, such as unstable shelf units and get them fi xed right away. Take preventative measures to ensure the chances of accidents happening is kept to the minimum, which includes adding wall socket safety plugs, non-slip bath mat, child-safety stairgates, swimming pool barriers, ensuring balconies are fully secured, etc.
Maintain security of the property Make sure all doors and windows are secured, fi t an alarm system. It is also a good idea to install window grilles to prevent break-ins. If you have a good relationship with your neighbours, asking them to visit the property and do regular checks is a good way to make your property look lived-in [see page 79 for more on this).
Insurance gives you peace of mind It is now very easy to purchase buildings and contents insurance for your overseas holiday home online, covering from burglary, damages caused by rental guests,fi re to natural events such as fl ooding.
Laws and regulations Some countries have more stringent legal requirements regarding holiday lets than others. In certain countries, even different regions have their own set of laws and regulations that you need to follow. In Spain and Italy, you are likely to be required to register your holiday let activities with the Tourism authority. In the Canaries there is currently a clampdown on holiday lets [see page 40 for more on this]. If your property is located in the United States, make sure you are aware of the local zoning rules, which restricts how you can use your property. In France, there are
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strict regulations you need to comply with if there is a swimming pool at the property.
Watch out for scams Fraudsters are always coming up with new tricks, one of the most common scams involves the renter sending you a cheque for an amount exceeding that of the rental. You will then be asked to return the difference in a payment. The original cheque from the renter would ultimately bounce and you will be left out of pocket. The most important thing is to use your common sense.
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