The pound plummeted on Tuesday as the latest UK PMIs printed well below expectations.
Whether you’ve rented out your property regularly before, or you’re thinking of trying it for the first time, we’ve put together some essentials to think about to prepare your property abroad for rental.
Is renting for you?The first question you should ask yourself is whether it’s worth renting out your property. After all, the benefits will have to outweigh the outgoings and general maintenance of the property. Fortunately, costs of renting your property are rarely excessive.
The basic questions:
- How will you manage your property? Will someone else clean and prepare it for your prospective guests?
- Licence fees – look into the country’s legal terms and costs of renting your property
- Insurance and other costs (such as maintenance)
The paperwork and legalitiesThe next stage is the paperwork and administration. Each country has its own rules and bureaucracy, so it’s important to seek advice from an independent legal professional or property expert before you sign off any documents.
Any legal or expert advice is crucial when you’re planning to rent out your property. Both legal and tax-related issues can be swiftly ironed out and, before you know it, you’ll be on your way to taking the next steps.
Don’t get caught out, check your insurance and depositsInsurance is essential to cover any unforeseen circumstances. Renting out a property has its own inherent risks, so it’s important that you have all your bases covered, and in many countries it’s a legal requirement to insure rental properties.
Late cancellations or burglary can also push up costs, so deposits with every booking provide some protection. This acts as a form of security and, like insurance, allows you to cover any unfortunate situations.
Sprucing up your propertyAfter you’ve checked all the legalities and the paperwork involved with renting your property, you’ll need to think about how it looks.
If your property needs a lick of paint, a general spruce-up, or a complete renovation of its décor – get researching.
Many holiday homes go for a fairly minimal and modern appeal, so it could be best to keep it simple for wider appeal with the essentials (clean, uncluttered, hygienic, and aesthetic).
The website, The Tenants Voice, has offered some key tips to making your property stand out.
Invest in advertisingTo be seen you’ll need to get online and make yourself visible. Holiday and property booking websites are an excellent way to include photos and descriptions of your property.
It’s important to keep things to-the-point and as clear as possible. Distances to nearby train stations, travel links, amenities, attractions, and other important information will make your property stand out.
Leading property websites to check are Airbnb, FlipKey, and HomeAway.
Welcome packs and feedbackOnce you get your first customers, you’ll want to make a good first impression. An easy way to do this is prepare a welcome pack. This can include the very basics – a short welcome letter wishing them an enjoyable stay – or more something more generous – a bottle of wine or a selection of local foods.
It’s also worth leaving a few leaflets of things to do nearby, such as local attractions and activities. Also, a list of phone numbers: your number, taxi companies, health care, and so on.
Once your guests have left your property, you’ll want to encourage and make the most of any positive feedback and make it visible online for future bookings.
Feedback could be displayed through the booking website, or any social media pages you’ve set up, and you can use it to promote you property and make improvements to give you the edge over competition.
Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.