Why use a managing agent for your short-term let?
To some, managing a rental property looks like a cushy job. After all, you don’t even have to be there most of the time. It’s the property itself that does the earning, while you get on with other things. Or just sit back with your feet up and watch your bank balance swell. Money for nothing! Or so it might seem. If, that is, you have absolutely no experience of actually managing a rental property!
Anyone who’s so much as dabbled in subletting a flat will know there’s a lot more to it than that. You’re responsible for a million things your tenants probably won’t even notice. From insurance and health and safety compliance to cleaning and repairs. And so on and so on. When it comes to short-term holiday lets, there’s the added burden of actually getting people in there on a steady basis. And, perhaps above all, minimising the time a property sits vacant. When the ‘money cow’ becomes a ‘money pit’.
No wonder many landlords prefer to employ an agent to take on the hard work. At Guestz, we provide the full range of services for our clients. And maybe the best way to demonstrate the many responsibilities faced by landlords will be to spell out what those services are.
Getting your property on the market
The first thing we tend to do for a client is help them get their property ready for guests. That means both furnishing the property to a suitable standard and adding less obvious finishing touches. You need your listing to stand out from the crowd. That means going one better than ‘bog standard’ fixtures and fittings to produce the ‘wow’ factor. We then use specialist pricing software to maximise returns without pricing you out of the market.
Once your property is ready and suitably priced, we go all out on marketing. It obviously goes on our own website and all the major online portals. But we also look for more localised websites, as these come higher on web searches for that locality. Social media is also important. We plug your property across our socials. But we don’t neglect old-fashioned mailers. Those go mostly to people who’ve stayed in properties we manage before. Tried and tested customers!
Managing your tenants
When a booking is received, this is logged in our booking calendar and confirmation sent to the guest. We take a 20% holding deposit 28 days before the date the booking begins. Then we send a standard short-term let contract for them to sign. This also includes the rules for your particular property. And we take the balance of the payment before the guests arrive. Finally, we manage their check-in and check-out. And this includes arranging professional cleaning before the next guests arrive. As well as dealing with any deposit deductions that are required.
All guests have access to our 24-hour emergency contact details for the duration of their stay. This gives peace and mind to guests and landlords alike. The last thing you want is a call in the middle of the night about a leaking ceiling or broken window! And we also stay on top of all the legislation and statutory regulations that apply to short-term lets. These change regularly, and can be a major headache for non-professionals.
Doing business with the ‘big boys’ (and girls)
On that note, ‘Joe Bloggs’ operators who just own one or two properties are at an immediate disadvantage. That’s because, however nice their properties, they miss out on one of the most lucrative markets. That’s corporate businesses and relocation agents. These professional customers much prefer established management companies. They like to deal with fellow professionals who understand their needs. Luckily for our clients, that includes Guestz. Which means we get higher-end customers and longer lets. Adding up to higher and more reliable revenues.
All this is to say that using a managing agent is a wise investment. We take care of all the fiddly, time-consuming and frustrating admin that makes letting property a full-time job. Which means our clients really can sit back and put their feet up!