As any investor knows, a key factor in buy-to-let success is monitoring the market – and reacting to any trends that emerge. So what do buy-to-letters have to do to keep their properties on the shortlist?
According to Elder, home owners need to remain aware of tourism levels in their area, monitor pricing and special deals offered by the competition and any new entrants into the market. Keeping the eye on the demographic of the tourist visitor and ensuring your home meets their requirements will also help.
Owners need to ensure that their homes are photographed and described well to entice holidaymakers and presented cleanly and uncluttered. The owners must also value the attraction of good customer service and how they can act as personal holiday advisors to each and every guest because they are seen to be the source of knowledge.
In terms of selecting the best proposition for rental returns, while these are ultimately calculated using the initial purchase price of property, Elder states that in each locationor resort, the type of property that best suits the typical demographic of the tourist visitor will perform best and prove more likely to yield greater returns.
Because there will be greater demand for those types of properties. “For example, a resort popular with families needs properties that offer secure gardens, open-plan living space, cots, high chairs, children’s toys and a detailed welcome pack on all the local family-friendly attractions and activities,” explains Elder.