Top 7 things a new holiday home owner needs to know
1. You will need to carry out regular inspections and keep on top of maintenance as well as ensuring a high standard of regular cleaning. There are a multitude of small things that will need to be taken care of - including minor repairs, annual utility checks an exterior garden care. It’s always best to stay on top of the small things so that guests have a fantastic stay and any issues don’t become worse and much more difficult to deal with!
2. You must have the right insurance for your property. It should be specialist for holiday homes and cover you for all eventualities. Make sure that your property, your guests and you are safe. Safety is of paramount importance - you will need to ensure you meet all obligation with regards electrical, gas, fire safety laws.
3. Learning how to communicate with guests, management, cleaning and maintenance teams is a skill and a neccessity. Each requires a slightly different approach and ensuring you put together good communication systems is an absolute must if you want your holiday let business to run smoothly.
4. Marketing and promotion comes with the job - you cannot avoid it. Make sure that potential guests know how wonderful your property is, by embracing the power of holiday rental agents, booking channels, social media and word of mouth. There are many ways you can let the world know about your holiday home.
5. Tax and financial implications - there are many benefits and complexities to investing or owning a holiday home. Make sure you get professional advice to make the most of your holiday home investment.
6. As a holiday home owner you are obliged to collect personal data from guests by law - so you must also be aware and compliant of GDPR regulations. Make sure you skill up or employ someone who is.
7. Systemise systemise systemise. There are many moving parts in running a holiday home, and you will be caught up in the minutiae of the day to day running of the business if you are unable to systemise as many tasks as possible. Regardless of whether you use a management company or not, there will always be things you, as owner, will need to keep on top of.
