Why it’s important to hire professional management to maximize returns on your holiday home
Vinayak Mahtani, CEO of Bnbme writes on why it’s important to hire a professional management company to manage your holiday home to maximize your property investment.
The task of managing your own holiday home can be time-consuming and logistically challenging. You are managing and dealing with people who are on vacation, and always need to be available 24/7, cater to their numerous demands and deal with their various moods. Another important aspect property owners face is to guarantee a clean and hygienic environment for guests. Housekeeping is not only about cleaning, but also about assigning and maintaining standards.
Property owners wanting to maximize their returns decide to manage their own holiday homes without comprehending that this is real hard work needing constant supervision and monitoring – they fail to realise that holiday homes compete with hotel rooms and guests expect the same standard of services and amenities.
An integral part of the hospitality world, holiday homes have very specific requirements and tasks that need expert attention. Hiring a professional property management service provider makes life much easier as they are qualified, well-trained, well-equipped and capable of providing your guests with round-the-clock assistance and prompt service.
Furthermore, management firms have better advertising and marketing strategy as well as the financial resources to invest in technology that makes the rental process much more user-friendly for guests, thus giving a higher ROI with prospects of more positive reviews. In addition, the right property management firm can help owners with well-written contracts and rental agreements so that they can safeguard their interests.
According to the Dubai Holiday Homes report 2019 by property consultant company Knight Frank, the holiday home market accounts for 2% of Dubai’s total households, the highest proportion of all other key global hub cities.
The report further cites that when comparing achievable rates between Dubai’s holiday homes and hotels, it was witnessed that the holiday homes market outperforms the hotel market by 64% year-to-date June 2018. The total number of listings has increased substantially in recent years, with total active listings recording a growth rate of 161% since 2016. In addition, the Emirate of Dubai has eased regulations concerning leasing of vacation homes in April 2016, which allows homeowners to rent residential homes on a short term, straightforward and low cost basis*.
With the holiday home market continuing to exhibit robust growth, it is important for property owners to remember they play a significant role as ambassadors of Dubai and its tourism agenda. Hiring a professional to manage your holiday home will increase the benefits, maximize returns on investment and ensure your guests have the best-in-class services and facilities to enhance their experience.