How to set up a holiday let business
If you are considering running a holiday let or are just about to take your first steps into the business, it’s highly likely you will be feeling a little overwhelmed by the prospect. While it’s a fantastic way to generate income and meet new people, it involves a lot more work than many people realise. However, with the right strategy and a clear expectation of what will be expected of you, you can absolutely make your holiday let a success. Whether you are yet to buy your property or are ready to open the doors, here are some key tips to keep in mind when setting up a holiday let business.
Get advice
To give yourself the best chance of success, get in touch with a holiday letting agency or someone who already manages a holiday let to get their advice. They will be best placed to help you choose a suitable location and property and to give you honest guidance on what is involved in managing a holiday let.
Research the local market
Unless you already have a property you will be letting, you should do plenty of research into the holiday letting market to find out which areas are in high demand, where there is a lot of competition, what properties are offering guests and their availability. This will help you to find out what amenities are being offered and what type of guests are being catered for, e.g. families, couples, professionals.
Preparing your holiday let
The holiday let market is a competitive one and most guests are looking for the highest levels of luxury and comfort. To give your property the best chance of standing out from the crowd when viewed online, invest in professional photography and keep the décor simple and neutral. If the property has character, then by all means make the most of them, but personal touches should be removed. You will also need to ensure you have satisfied all the legal health and safety requirements such as smoke detectors, security and insurance.
Practical maintenance
Once your holiday let is up and running, you will need to factor in the running costs and maintenance responsibilities. From paying utilities to regular cleaning and repairing wear and tear, you will need to ensure the property is in a good condition for every new guest. If your property will accommodate multiple guests, you should provide enough cutlery, plates and chairs to ensure everyone is catered for.
Pricing your holiday let
Deciding what to charge guests is a big step for new landlords, as you need to find a balance between making a profit and being competitive. Consider what your property has to offer in terms of location, amenities and maximum occupancy. Most will charge a different rate depending on the season. You should create a holiday let income calendar to map out when your peak season will be and how to adjust pricing accordingly.
Marketing your holiday let
Unless you are lucky enough to have a property in a high-demand area with year-round advance bookings, you are probably going to need to invest in marketing. Most holiday lets are booked online, so it’s important to have a website which is optimised for search engines and to get to grips with digital marketing practices, including social media marketing and search engine advertising. By ensuring your website it optimised for key search terms which are relevant to your property, you can increase traffic to your website.
