You’ve just bought a new property in Greece, and you’re ready to start renting it out. The location is ideal, your property has a sea-view, and you’re sure visitors to Greece will pay a high price for your home.
It’s easy to fall into the trap that it’s simple to set up a rental business, to get bookings, and to start making income. The reality is more difficult. The market for holiday rentals in Greece is competitive and potential guests have many other good options to choose from.
These are the biggest mistakes holiday rental owners make, and how to avoid them.
Pricing Too Low
Some owners think that the cheaper their property is, the more bookings they will attract. This is not always true. Some guests might question why it is such a low price – perhaps there is something wrong with the property that they don’t know about.
Solution: Price for Profit
Price for profit, not for occupancy. Pick a realistic price and know that a high-quality, higher priced rental is easier to manage in the long term. Look at the competition to see what they charge, and figure out what makes your property unique. You can use your unique selling point to sell at a higher price compared to the competition. Some examples are designer electronics, luxury linens, services like a housekeeper, concierge, or anything that makes your rental unique.
Not Giving Enough Information
Some owners don’t write adequate property descriptions, just listing the bedrooms and key facilities instead. But this does not paint a picture for guests, and it doesn’t show professionalism. Remember that your future guests might not know anything about the rental or the area.
Solution: Be Specific
Give your guests as much information as possible without boring them. Describe not just the rooms but also the condition they are in. If potential guests send you inquiries, take note of what they ask. Are they asking about local beaches? About restaurants nearby? About where to park? All these questions need to be answered in your description.
Skipping Property Checks
When guests stay at your property, things will go missing or get damaged over time. This is a normal part of renting out your property. Keep in mind that something as small as a missing bottle opener can lead to complaints from future guests. These small items are likely to be missed by housekeepers during changeovers. Some property management companies like Notos Estate Management in Crete even check the property 3 times after the cleaning team comes, in order to make sure it is ready for the next guests.
Solution: Visit Regularly
Every few weeks, take 20 minutes to visit your property and see what kind of condition you find it in. Regular inspections are good because they can help you find problems before they grow. In addition, buy luxury and high quality items. What used to be considered a luxury item – like Nespresso capsules, high-thread linens, and entertainment systems, are now an expected norm.
Amateur Photos
This may seem second nature, but surprisingly some people skip this step. Clean up your house before even thinking about unpacking your tripod. Prepare like you would for an open home – clean surfaces, remove clutter, wash your dishes, and make the bed. You might think this is first nature, but believe us – we’ve seen it all! Don’t include family photos or personal items, because potential clients will have a hard time imagining it as their own space.
Solution: Get Professional Photos
Hiring a professional photographer is probably the best investment you can make. They have the right equipment and knowledge to give you the best results. Remember that according to studies, professional quality photos can make your property sell 32% faster compared to low quality pictures. If you prefer to take photos yourself, here are the best tips for taking your own high-quality property photos.
Only Marketing in One Place
If you only market your property in one place, you will of course miss out on clients. The holiday rental industry is large, so you need to use all tools that are available, including both digital and physical channels. If you don’t, you will lose out to rentals that are posted in more channels on the internet.
Solution: Diversify Your Marketing
Choose a variety of advertising channels. Find niche accommodation websites that are in your local area where you can advertise, and also use paid marketing tools like Youtube or Google Ads. These don’t need to be expensive and can help you get extra bookings.
Picking the Wrong Amenities
Mini-bars
Some vacation rentals have begun to offer mini-bars. This might be a good form of revenue, but most guests don’t touch them. Guests generally appreciate honesty, so it’s best to offer food or drinks that are local and are clearly complimentary.
Gyms
Fitness facilities are becoming less important for travelers. Some big hotels spend a lot of money on their gym, but that doesn’t mean they are used a lot. Visitors tend to see fitness as a way of enhancing their vacation, but not necessarily in a gym setting. Fortunately for travelers to Crete, the island has many opportunities to stay active, including hiking trails, diving sites, and of course beaches for swimming.
Solution: Prioritize the Outdoor Space
Especially in Greece, it pays to invest in the exterior space of the property. The guest should ideally be able to everything (eating, lounging, cooking, showering, and even sleeping) outside. Think that’s an exagerration? Some property owners in Greece invest in sunbeds that are over 600 euros. As a good example of outdoor living, look at the villa below, which has an outdoor area with a shower, dining space, grill, and lounge space with luxury sunbeds.
Estate Management Companies
You might be thinking, “how much time does it take to do all this?” As a property owner, you have other priorities, other properties, or maybe you don’t even live in Greece. If this is the case, you can outsource the maintenance and management of your home in Greece to an estate management company. If your home is in Crete, working with Notos might be the right choice. Read more about the advantages of working with a property management company here.
Conclusively, renting out your property in Greece offers potential for significant returns, but it’s essential to navigate the process with care.
