Why a Management Company?
RENTAL MANAGEMENT, Should I do it myself
Many new owners of property in the Algarve look to generate income to cover running cost and expenses and try to build a profitable side business.
The first thing to ask yourself is "should I do this myself or use a rental company?"
It's tempting to think that you can do this and manage things from a distance, especially following the media hype of things like Airbnb and other similar online opportunities.
Most owners change their strategy within 12 months, due to not being as successful as they first thought. Here are some reasons as to why this happens.
1. Do you care who stays in your property?
With most big online portals, you have no say over what type of bookings are accepted. Are you happy to have stag and hen parties or groups of teenagers? If the answer is "may be not", a quality rental partner will screen enquiries and only accept bookings from qualified guests, ensuring your property is fully protected.
2. Are you prepared to work 7 days a week?
The work involved in managing a booking is significant before during and after a stay. Guests frequently have many questions ahead of their trip and expect immediate answers. Transfers need organising, arrival instructions and property guides need frequent updating, restaurants and activities booked, arrival times often need negotiating or changing due to travel plan alterations.
Every guest booking is different. A good rental agency will operate a highly responsive 7 day a week customer service and local guest liaison teams.
3. Are you happy to co-ordinate and manage multiple providers?
Delivering a fantastic rental experience requires co-ordination of many people (cleaning staff, laundry service, property managers, gardeners and pool cleaners and maintenance staff). Properties need to be prepared to the exact specification of the guests booking. Welcome packs need organising, pre arrival preparations and inspections should be carried out. Optional extras such a travel cots and high chairs, pool heating may need to be set up. Only a local "full service" rental agency with an in-house team has the ability to control quality and has the vested interest to make sure the property is perfectly prepared, with care and respect ready for arriving guests to enjoy their stay.
4) Ready to deal with the guest issues 24/7?
Guests get lost on their way to properties. Guests lock themselves out of properties. Unavoidable maintenance issues occur, TV stops working and worst of all the internet goes down!
Guests expect to have someone available they can speak to anytime of the day or night to address issues and have them resolved immediately. Do you really want to take that call and co-ordinate with your providers from 2000 km away?
5) Want to maximise income?
A "full service" agent has a vested interest in making sure your calendar, especially in peak weeks, are full with no gaps. Consistent enquiries and cross selling and co-ordination are all practices that can only be implemented with a strategic approach of a professional sales team.
6) Happy to take on significant legal responsibility?
By renting your property you are creating a business activity.
You have a legal and Fiscal responsibility to ensure you are compliant and within the law. As well as initial set up and fiscal compliance, you are legally obliged to collect and submit passport data of every guest staying at your property. Having a local agent work with you, we can keep abreast of the legislation and legal changes. It is our job to make life easier for you while renting your property. We have the expense and the knowledge to support you throughout this process.