Renting out your property in a competitive market such as Phuket will surely be a frustrating experience if you fail to be professional in your endeavor. Indeed, while some properties remain empty for extended periods of time, some others are extremely successful and even have to regularly turn clients away because they are already booked. Such a stark difference doesn't happen by chance! If your property is among the empty ones, you may be tempted to blame the economy or other external factors and wait for an eventual upturn, but if you are serious about renting out, you should rather make the decision to join those whose properties are always busy, by becoming professional and efficient in renting out your property! It's less complicated and requires less effort than it seems, and the payout is well worth it. Ready for action? Start applying these five techniques to finally turn your property into a high-performing asset!
Define your target group
Before advertising or even setting rates, the very first step towards efficiently renting our your property is to clearly define who you will be catering for. Trying to please the largest possible clientele isn't a wise strategy, especially when you have a large number of competing properties on the market, so you need to be specific. Depending on your property's size and characteristics, you could cater to young and not-so-young couples, or to large families, or even to corporate group retreats. There is a surprising variety in the different kinds of people who regularly visit Phuket, and the key to achieving high occupancy is to satisfy the specific needs of one of those groups. With a little imagination and research you will soon find out the perfect match for your property, and once you know it all the rest will have become much easier and straightforward. You'll finally start enjoying renting out your property!
Make your property attractive
Now that you know exactly who will be your future clients, you can start to optimize your property for them. Research what your target group is looking for when coming to Phuket and make it easier for them to get it by staying at your property. Turn your property's features into advantages, and give it an original identity that your clients will easily remember. You could invest and make some improvements such as new equipment, but even more importantly, it needs to be kept absolutely clean and fresh at all times. At this stage, you should also set your rates according to the expectations of your target group, as well as prepare special offers that will make it even more attractive for them. Keep in mind that most successful property owners prefer offering lower rates and getting high occupancy rates, as it keeps the property alive and helps making it popular. Strive to become the most attractive property for your target group!
Reach out to clients more efficiently
The next step is to make sure your clients find you, and that means you need to be where they are looking. This is a serious task that requires a lot of effort and dedicated budget, but fortunately you don't have to do it yourself: Simply ask the top property agents to do it for you. Property agents love to showcase unique, attractive properties in their catalogs, and promoting properties is their full time job so they already are in contact with the clients. Make sure you make it easy for the agents to offer your property instead of the competing ones, by providing clear and complete property details, terms and conditions, and rental rates, so they are able to answer all the questions the clients may ask without waiting. Providing an online availability calendar also does wonders as they allow agents to check and offer your property immediately, which is a deciding factor in getting bookings. Ensure you are working with the top agents, and that the agents can offer your property easily and without wait, and you'll soon be getting more booking with less effort.
Handle your guests professionally
Once bookings start to come, your first priority should be to keep guests happy with your property, and this can only be achieved by properly preparing the handling of your guests in advance. The check-in process is the most important as it's the first impression they will have of the property, and therefore can either "make it or break it". Be sure someone is at the property on arrival to welcome them on time and show them around, as well as to provide assistance in case of need. Obviously the property needs to be clean and fresh for their arrival, and providing cleaning services during their stay is very important, just as much for the owner as for the guests. If this is too unpractical for you, you also have the option to hire a property management company to handle it. Just like the property agents, it's their full time job and they can save you a lot of trouble, but make sure they are really professional and don't let your clients down, or this technique may work against you. Remember your clients' satisfaction is the best advertisement ever, and is the key to a profitable investment!
Get good reviews
This final technique is also the most essential, as its sums up and consolidates the success of all the others. Before the clients leave your property, you must know how much they enjoyed their stay, so you can assess if your efforts are working the way you intended, or if adjustments are still necessary. In the worst case, if reviews aren't good, at least you now know what to change to make your property better, and therefore get more bookings. Good reviews, on the other hand, are the most powerful advertisement, as they convey much more trust than any other form of communication. All the best property have plenty of good reviews to boast about, and that's what makes them so popular with so many bookings. When you have enough of them, getting clients will be an almost automatic process, requiring very little effort, as long as you keep your clients happy. Renting out becomes easier and easier when done the right way!
While exterior circumstances may account for relative highs and lows in rental occupancy, it's always better to find improvements that can be done instead of waiting for the circumstances to change. These five techniques actually explain most of the reasons why some properties fail to rent out, and can be used to solve those problems at every stage. By following these guidelines, renting your property will become a more exciting and rewarding experience, and help you successfully rent out your property, and turning it into a really good investment. After all, that is something to look forward to when purchasing a vacation property in such a beautiful location as Phuket!