How to manage a property in Phuket for short term rental ?
Once a rental property is acquired, the owner has questions about the management of his property.
Here are some simple tips you can follow to ensure you maximize your rental income.
Our property management company in Phuket will help you increase your profitability by taking 100% of the burden off your shoulders. Let our villa management company manage the check in check out, bed linen, cleaning, pool and garden maintenance.
Respecting the Thai law
In other countries, people do not go unpunished for breaking the law. So why do owners want to get away with it in Thailand?
It’s almost absurd how many people rent out their properties by the day on Airbnb under the radar. They don’t respect the law that prohibits short-term rentals, which in Thailand requires a minimum of 30 days. Long term rentals are not a big problem.
Carry out the TM30
You will have to inform the immigration when your foreign clients arrive on the island. This is a legal requirement for anyone offering rentals.
Although taxes are not as onerous as in other countries, you still have to declare taxes on your rental income. These are the main areas where many landlords break the law when renting out properties in Phuket.
Isn’t it liberating to know that you’re doing the right thing in renting out your property? Because only then can you dive into the lucrative Phuket rental market without having to worry about legal reprimands. We are already seeing the first signs that Phuket may crack down on illegal rentals on a larger scale. By registering your property and following the proper procedures, you will be one of the owners who avoids being fined for every infraction.
Renting a property in Phuket
Define your strategy: set your price and be realistic.
Once the legal issues are settled, it’s time to focus on your strategy.
In our experience, if you have a good property and make an extra effort to differentiate it from similar properties, you will be rewarded.
Clearly define your goals and build your strategy around them.
What are the unique selling features of your property?
How much effort do you want to put into renovations and finishes?
What price do you want to target?
How much energy do you want to put into marketing?
Are you trying to attract price conscious customers or are you targeting the premium segment?
Renovations or finishing work
Renovations don’t even have to be major to make a difference. A simple coat of paint can add a few thousand baht a month to the rent. If the property is older, refinishing the hardwood or tile floors will further add to the exterior appeal.
These can be more basic when it comes to “finishing work”, but are just as lucrative in the end. For example, pay someone to professionally clean the house from top to bottom. Add tasteful decorations – even pillows and bedspreads are enough to attract residents. Once that’s done, arrange for professional photos or videos for marketing purposes (more on that later).
It’s easy to revitalize a property and maximize occupancy by taking a hard look at your marketing strategy. Of course, you can’t expect short-term rentals 365 days a year. (Wouldn’t it be great if you could!?) But the right strategy will improve your current profitability.
Your goal is to create a unique proposition that leads potential customers to identify with your product. Customers should see your offering as superior to similar properties. They will also recommend your property if their vacation was enjoyable. They will tell family, friends and even colleagues.
A picture is worth a thousand words
We mentioned above that you should have your property professionally cleaned before taking your marketing photos/videos. Photography is another area where you should hire a professional. It’s crucial to help potential clients “connect” with your property if they can’t see it in person. High quality photos are essential to maximizing rental income, especially if you are using social media.
Take a step forward in your marketing campaigns
Using Social Media – Website and Facebook
If you are a high-end real estate owner, you may want to consider creating your own website. Creating and maintaining your website is relatively inexpensive in this area with a good IT person.
The website works well with the Facebook page. However, if you don’t want to create a website, prefer a Facebook page dedicated to your property.
Contact each real estate agent in Phuket, Thailand
A real estate agent is one of the most effective ways to find potential short or long term tenants, especially during quiet periods. Contact every real estate agent in Phuket. It takes a little time but it is an easy task to do.
Attention to detail will make your property unique. If you do the little things the right way, the big things tend to come together.