To run a successful rental property in Turkey, there are some basic steps you can take to ensure success. Avoid common problems by following the basic tips outlined in this article by Aydin Cakir.
Renting out your property in Turkey is an excellent way of covering some of its costs. A carefully managed rental property will also cost less in maintenance. That said, trying to manage a rental property becomes a nightmare for many people, because they go into it thinking that they will simply take a few photos and stick them up on Holiday Lettings and the other big portals. While this works for some people, most people come unstuck and end up regretting ever considering buying a fly to let property in Turkey.
Running a successful Turkish rental property is hard, but here are some tips you can employ to help make sure you succeed:
Do Your Homework
This may seem like common sense to some readers, but you’d be surprised just how many people buy Turkish property without paying a visit to their chosen location. If you plan to rent out your property, then it becomes even more vital that you spend some time in the area. We are not just talking a quick visit, but really spend some time there, getting a feel for the location and enjoying the same facilities and amenities, such as restaurants, that your guest will be enjoying. This will also give you a chance to assess the competition, because you can book it to stay in while you are there.
Part of the homework process is to think carefully about what type and size of property you plan to buy. Ok, rental yields on smaller units tend to be better, but larger properties can give you a bigger pool of potential tenants, as families go on holiday more often than single people. You should also look into liabilities insurance so you are safe if your guest should have any accidents.
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No Have-a-Go Photo
This is one of the biggest mistakes Turkish property owners make when trying to rent out (and sell) their property. DIY photos can make a property look anything from smaller than it actually is or dingy to downright terrible. At a cost of £100-£300, professional images pay for themselves in 1-2 rentals, and they really portray the property in the right light — in more ways than one. Try for no less than 10 photos, with the best exterior feature of your property as the first or top listing image, followed by wide-angle lens interior shots and a few of the property at night.
Friends and Family or Success?
One of the biggest dilemmas faced by owners of rental properties is when a friend or family members asks to stay at peak times. This is when people want to go on holiday, but it is also when a rental property makes the most money, and not only that, is also when it has the best chance of winning repeat business. In order to have a truly successful rental property you really need to fill every peak slot with paying guests.
The decision to say no is the easy part, explaining it is the hard part. However simply telling the party in question that the income from peak rentals is necessary for the upkeep of the property, and that even you don’t use the peak time, usually wins their understanding.
In Rentals Everyone Hears You Scream
You have done everything right above, and the bookings are flying in. However, before your welcome mat wipes the feet of your first guests, you or your management company should tour the property and ensure it lives up to the description you have posted. If it falls short in anyway this will almost certainly be posted online, and this can be damaging. This should also be done between each party, if you are employing a property manager ensure this as a prerequisite.
Where are all the Guests?
On the flip side, sometimes no matter how well you have followed these instructions, how perfect your property, photos, descriptions and everything else are, your property is still in a large void.
The first thing to look at is your price. If your property is cheaper or more expensive than others like it in the area, then this will put people off. If not your price, then try to find out what successful landlords in your area are doing and mimic it.
If you’ve managed to get inquires but no one has become a guest, make sure you’re responding to your potential renters in no more than a 24-hour period, and try not to be too aggressive or too quick to close the deal.