Small tips to manage your rentals efficiently

You’re the proud owner of an apartment or villa in Phuket and you decided to jump into the holiday rental market.

You prefer to manage the rentals yourself because management fees requested are far too high to your taste. Keep in mind that owning a superb 3 bedrooms private pool villa close to the beach is not a guaranteed recipe for success.

Nowadays, it is extremely easy to find reviews (good or bad ones) left by former tenants on the internet. These comments will be your strongest sales force and the mandatory base to a steady and higher than average occupancy rate.

Here are some steps I recommend you take for each rental. You can apply them to any channel of booking (airbnb / booking.com / real estate agents…).

A clear and simple explanation on the rules and the organization of your clients’ arrival:

• Ask for the full flight details. This will allow you to schedule approximately the check in time and, on the day of arrival, to check on Phuket International Airport website, if the plane is late or on time. Try, as much as possible, to book the taxi for your clients. The driver will call you when he leaves the airport, this way you’ll know more precisely the check in time. If your clients prefer to arrange the transportation to your property by themselves, insist on them texting or calling you when they leave the airport.
• Communicate very clearly the time of check in and check out. For example, check in after 2 pm and check out before 11 am. If your clients request an early check in, ask them to book the day before, otherwise you risk losing a potential day of rental. Here goes the same for the check out. The 3 hours in between the check in and check out will allow you to have the property cleaned and prepared.
• Indicate clearly the amount of the security deposit to be paid upon check in and how to pay for it. As an individual, you most likely don’t have a credit card machine. If your mobile phone allows it, download a currency exchange rate application. Most of clients don’t think of changing their money before arriving. In this case, apply a lower than current exchange rate. Let’s say 5% lower. The currency exchange rate will certainly change during the stay and if needed, you won’t lose any money on the exchange rate. Please note that some websites such as airbnb don’t allow the exchange of cash between the owner and tenant. In this case you can apply an automatic security deposit on your listing. The exchange rate situation obviously applies in case of payment of the rent upon check in in cash.
• If you charge for the utilities such as electricity (highly recommended), water, internet…. Indicate it very clearly during the 1st exchange with the clients. It is a tremendous time saver and this will avoid any uncomfortable situation. The average cost of a KW in Thailand is THB 5 / KW. You can charge more, for example THB 7 / KW, this will help paying for the needed maintenance of the air conditioners for example.

A proper set up of your property:

• You get only one chance to make a good first impression. Make sure your property is cleaned, that all lamps are working…. Buy some welcome drinks (water, fruit juice), some shower gel and toilet paper. It costs nothing and will leave a good impression on your clients.
• Leave a mobile phone with THB 50 credit on the sim card. Not every client has messenger application such as whatsapp / viber….. a few sms per day on an international number will rapidly prove expensive. You can easily find basic phones at about THB 500.
• Prepare an information sheet with the wifi password, your contact details, some restaurants address and any information you think might be useful for your clients.
• Show the property to your clients. This will make them feel that you are serious and it will allow you to answer some practical questions right away.
• Before you leave your clients, check the electric meter with them. Take a photo of the reading and note it on a check in form you would have prepared. Make them sign it. It is also a good time to schedule their check out with them. This will certainly change during their stay but at least you can organize your calendar in advance.

Check on your clients:

• Don’t become intrusive but sending a message a few days after the check in to make sure everything is ok will show your clients that their wellbeing is important to you. You may even sense some issue you wouldn’t have time to fix on the day of the check out.

Prepare for the check out:

• Contact your clients a few days before the check out to confirm the time they will leave your property and ask them if they need you to book a taxi.
• Take the opportunity to tell them you will arrive 10 minutes before they leave to check the electric meter reading. Inform them that if they don’t have THB to pay for the electricity, you’ll have to apply a low exchange rate. Prepare some change (usually 999 THB).
• Here comes the day of the check out. You only need to collect the electricity fee and to check quickly for any potential damage prior to giving back the security deposit. Ask them how their stay went and if they feel you should improve anything for future clients.

Make sure you have the following contacts in your phone directory:

• A car/motorbike rental company.
• A taxi.
• A travel agency.
• An electrician.
• A water pump specialist.
• A maid.
• A cooking gas bottle salesman.

As usual, I have plenty more to say, do not hesitate to contact me.