Phuket Property Owners Renting their Homes Should Read This!

Being involved in the property market in Phuket to a certain extent, I sometimes come into contact with homeowners on the island wishing to rent out their houses at holiday rental rates. Love it, hate it or indifferent about it, the island’s rental rates are very high to say the least. In some respects, I see where they are coming from – wishing to remain exclusive and mirroring the high standard of living the island demands. However, if you are wishing to make substantial profits, Phuket property homeowners looking to holiday rent their villa should take heed of these essential tips.

How Full is your Availability Calendar?

Let’s be honest now people – how many days a year is your property rented out for? Be truthful with yourself, because living in denial will keep your wallet slimmer than Kate Moss on a diet. There could be many reasons why your property is not receiving the attention you think it should, and normally the fundamental factor is your rates are too high!

Most homeowners in Phuket wishing to rent out their house look at how much similar properties in their area are being rented out for. The problem is that most of those houses get minimal renters through the doors, so matching their prices will reap the same results. Be realistic, lower your rates and you will receive more interest by going that route. For sure you might under price your home, but your calendar will be healthier guaranteed – and so will your profits. Don’t make the same mistake 90% of other Phuket property owners are making… be realistic!

What are Renters looking for?

What you like and what your potential customers like might be two different things. Take some time to think out of the box and decide what will make your property more appealing and desirable to others. I used to be a DJ in my younger days and quite regularly purchased and played records that I wasn’t too overly fond of. Why did I do this? Because I was thinking about what partygoers liked to dance to, because they were directly keeping me in a job by coming back to the club every week. Phuket property owners should bear this analogy in mind when thinking about renting out their home.

Internet Marketing

Anyone can whip together a website to promote and rent their property. However, you should be thinking of placing your property with a reputable holiday rental website that has already invested lots of cash in obtaining high Google search engine rankings, which gives your Phuket property maximum exposure in the world. This is becoming an extremely important factor to obtain high rental figures.


Use your Loaf

As we have stated above, use some common sense, give people excellent value for money. Maybe you can offer a free rental car or help to organize trips for them and offer advice when they need it. Think what you would want from a tropical island getaway, because most people have the same desires. Make these changes and watch the money roll in – you know it makes sense!
 

Author: Alan Weiss - Thailand Holiday Homes