A successful partnership between agency and owner lies at the heart of the most profitable self-catering properties, and that means both parties should listen to and act on the wishes and recommendations of each other. At Wyndham Vacation Rentals (UK) Ltd. we make this two-way partnership the very core of our business, and it definitely shows.
Pricing for profit
Intelligent strategic pricing is crucial to maximising the year-round income of any rental property, and it’s an area where your agency should definitely know best. Pricing too high will mean your property isn’t competitive, and you’ll miss out on bookings as holidaymakers will go elsewhere. Pricing too low will narrow the gap between your rental income and everyday costs, and that will shrink your profit and could even lead to you running at a loss. As well as choosing the right property in the first place, thinks like cleanliness, décor, fixtures, fittings, extra services and effective management will all strengthen your case for charging the most profitable rates. We advise on this by drawing on in-depth industry knowledge, detailed market research and first-hand experience.
Making the most form your home
Holidaymakers really appreciate those simple extras that help make them feel at home, and nice little touches add value to a property without costing much to achieve. Toiletries, bathroom scales, telephone directories and DVD or CD players are all welcome additions. Also, whether they’re modern or period, your furniture, furnishings and fittings should be coordinated and high quality, and bed linen should always be freshly laundered, coordinated and with allergy-free pillows available.
Your potential income
By providing the kind of property, facilities and extras we’ve covered in this guide, there’s no reason why yours won’t make the perfect holiday property and prove extremely popular with a wide range of holidaymakers, and that should mean plenty of bookings and a generous year-round income. Having said that, remember that you’ll need to budget for certain costs like taxes, insurance, a cleaner, gardener, maintenance, repairs and fuel, as well as for your own time.
It’s also possible to enjoy a superb rental income from simpler, less luxurious properties, since different holidaymakers have different needs and some are more budget-conscious than others. You should note, though, that standards of safety and cleanliness remain every bit as high for these properties as those that command higher weekly rates.
Long seasons and short breaks
Making your property available all year round, and for short breaks, will really help to maximise its potential by appealing to the widest range of holidaymakers. Our marketing experts make it their business to identify and understand new patterns and trends in customer behaviour, and we work hard to pass this insight to owners through regular updates.