They say the best time to buy a property is five years ago.
For those of us without a time machine, the best time to maximise the rental on your luxury residence is now. It’s not as simple as “buy it and they will come.” Savvy landlords need to adopt a range of strategies to create a viable business. These include optimising profits even with rising fuel costs and even in some cases, giving their rentals a makeover to command a higher rental fee.
If you own a high -end property and want to secure a solid yield, avoid these ten common rental fails.
It is a Shrine to you
When you hand your home over for rentals, make it less about you. Remove personal items and photos. Let your potential guests picture themselves there.
Keep is simple. Crisp, white bedding is the sign of quality and elegance.
The Garden is a Jungle
Keep the lawns manicured, just as you do for your own nails! Renters don’t want to contend with an overgrown wilderness.
You Left Food in the Freezer
The only food rental guests want to see in the fridge or freezer upon arrival is food that has been ordered specifically for them, so ditch the frozen ready meals and the individually bagged chicken thighs ready for your guests to have a clean slate.
There are Creepy Crawlies
If you live in warm area, like Marbella, make sure you protect your home and your rental guests from any unwelcome intruders of the insect variety.
If you are asking for call-outs and unhappy guests, then don’t service your appliances. Otherwise, make sure appliances work properly, are regularly maintained and there are clear instructions.
When we say “interesting” we really mean pungent. Ensure the drains are well kept and there are no off-putting smells that will ruin your rental reputation.
Insufficient Towels and Linen
Don’t just provide one set to your guests, they are using this property as a home- from-home after all. Treat them as you would like to be treated.
You Have Noisy Neighbours
Diplomacy goes a long way. Make an effort to form a bond with your neighbours so you can show mutual respect and protect guests from any wild party noises.
You Don’t Provide any Cleaning Equipment
While it is commonplace to offer housekeeping for guests, make sure to provide them with simple cleaning equipment for day to day use and should anything happen in between cleans like spillages. This will ensure you are protecting your investment too.
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