Everyone assumes real estate investments are just transactional, but that cannot be any further from the truth. When someone picks a property to invest in, they consider many factors and only invest if they can see themselves using it one day.
In India, the trend of investing in vacation homes is slowly picking up, not just for personal use but for investment too. People are finally coming around to the fact that long-term vacation rentals are here to stay and you can make a good ROI from this industry. But most of them also want to preserve the property well to enjoy it for personal use again.
So how do you ensure that your vacation home fetches a good return over the years while being in good enough shape for you to enjoy it later? By picking the best vacation rental partner possible.
It is definitely harder than it sounds, and that is why the SaffronStays team brings you their insights on picking the right vacation rental partner.
3 things to consider when you choose your vacation rental partner
The right vacation rental partner can help you skyrocket the earnings from your investment and also ensure your home gets the love it deserves. Property management and being a Home Owner can usually be a challenging job, but not if you have the right partner.
So how do you pick the right one?
1. Compatibility with your goals
Yes, this is the first step. When you choose a vacation rental partner, the pros and cons can be overwhelming. Every major operator has their own strength and expertise, so how do you pick one?
As a Home Owner, you have to put yourself first and understand what you want your property to be in the vacation rental business? Is it a property for teenagers to bunk in, or are you looking for exclusive luxury clientele?
Does the vacation rental partner have expertise with the kind of clients you want to attract? Do they know how to maintain homes similar to yours? And finally, are they the kind of brand you want to associate your home with?
Compatibility is important. Only if you have the same goals in mind, can the partnership be successful.
2. Location specific services
Usually, vacation homes succeed because they are in the right place at the right time. The industry has a popular saying that real estate sometimes is just about location, location, and location.
Now we trust you are a smart Home Owner and have invested in the best location to get a good ROI. To make the best of this, you need a vacation rental partner who knows how to sell in that location.
The company should ideally know the best seasons, the best agents, and how to market for that particular location. That makes it easier to find customers and maintain a steady-state of revenue.
So, analyze if the rental partner knows this location by checking their past records in a particular geographical location.
3. Established brand
Small businesses are great, but in the vacation rental business, experience is good. This is an industry where you need people who know what to do and get it done. Protect your investment, so looking for established brands to partner with is a good idea.
But what to look for in a brand to know if they are the right fit?
- Check social proof on online platforms to see what guests and other Home Owners have to say about them. Check social media groups and forums to dig deep. Guest experience counts too because it shows the brand’s capabilities.
- Understand from them what their marketing strategies are. Do they have a dedicated team in place to bring in leads and convert them? Will they take care of listings too? Pick a team that has a plan in place for end-to-end services.
- Most importantly, what are their property maintenance credentials? You need someone interested in property upkeep too and has an in-house team for accountability.
- What are their financial commitments in case of payment defaults, damages, and so on? A transparent term will tell you all this upfront.
You will be handing over your home to this vacation rental partner, so take the time for a thorough check.
Looking for a trusted and transparent vacation rental partner? Connect with us at partner@saffronstays.com, and our team will be happy to assist you ahead.
