If you are a property owner and need help in marketing your property, turuncholidays.com can assist you. Marketing via the WWW is perhaps one of the most effective ways of reaching specific marketplace areas. If you would like to discuss your property marketing plan, and how I can assist you further - please contact me on 0208 395 0075 or email at colin@turuncholidays.com
All properties need marketing - the overseas property marketplace is very hard to trade in, without first getting some essential planning done. Get smart here - no matter where the property is located, there are always things that will crop up in the bigger scheme of things which may affect your target of achieveing good rental capacity/income. Good marketing plays an important part of your overall business plan for the property - or should! This acronym of Smart may help:
- Sensible - (Affordable and Planned, UK and resort orientated - seek advice!)
- Marketing - (Web presence, Networking, specialist trade advertising, self marketing)
- Achieves - (Measurable, Performance Indicators - Enquiries/Phone Calls etc)
- Realistic - (Levels of occupancy, property spec, SWOT Analysis carried out?)
- Targets - (Levels of break even income, delapidation/refurbishment funding, communal maintenance charges, tax declarations etc, etc, etc!!!
All of the above bullett points need to be looked at carefully and worked in to your Business Plan! Haven't got a Business Plan? Now would be a good time to start working on one!
Hopefully, before buying your property you carried out a SWOT Analysis of the area you bought in? Yes!! No Problem! No? This may be a good time for you to do one - even retrospectively, as this will allow you to realise where a few problems / issues may be - who/what/where/when and how may be competing against you, pricing issues, transport, accessibility, lack of marketing etc, etc, etc!!
Marketing your property needn't be expensive - but it has to be planned for - and costed within your Business Plan. If you haven't given any thought about marketing your property - perhaps this would be a good time to start to do so!
I have listened to many a good sob story of property owners in despair, who have rushed out and bought property overseas - believeing that they are buying a potential goldmine and living the dream - usually based on a yarn spun by good sales people and ultra impressive T.V shows! The reality of which - turns out to be somewhat different. You should always regard your property rental income as potential income - and never count on this potential income to cover any mortgage payments you may have on this property!
Property management companies will entice you to do business with them by guaranteeing that they will give you a high percentage of occupancy if they are allowed to manage the property - be careful here -and ensure that you read the small print very carefully.
Tourism is a fickle trade - and holiday property rentals is a tough market to compete in. Make sure that you are aware of any exclusivity clauses / charges which may be incorporated in any agreement presented to you as a contract! Never ever sign a document which could commit you both legally and finacially - in short use a reputable solicitor / practice that specialises in overseas property rentals / ownership!!
Be warned - talk is cheap when it comes to making a sale - that applies all the world over! Take nothing at face value and talk / network with people who may have a little more experience of the resort/place than you have. Sales people care about one thing - sales commission!! Most sales people dont care what they sell, or to whom - so long as the punter can afford it - they will sell it!
Putting your trust in a property management company can be an interesting experience - which could lead to extra costs - which may not have been planned for. It can also lead to false promises / false expectations between both parties. Make sure that you know what you are entering in to, when you sign up with a property management company!
There are good and bad property management companies the world over - it is after all a lucrative business!! Spain, Portugal and Cyprus are littered with them - Good, Bad and Indifferent - and Turkey is becoming an increasing development area for them all!
Ascertain exactly what you are getting for your money and how much of their annual budget is spent in real marketing terms promoting the business? Find out what publications they are listed in - and how frequently they advertise. Check dates of publications - see that they are current publications - not years / months old!
Get a feel for their competence and professionalism - its your money - so be assured that they are working for it - not just taking it!! They will possibly fall short of allowing you to look over their books - but they should be willing to discuss this in an open, honest and frank manner. On the other hand......reluctance and over exuberance can tell another story.
In order to successfully market your property abroad - wherever it may be - you will need to integrate within that community. This cannot be over stressed - the key to successful marketing of property abroad is acceptance of the community you are in. I
If you are looking at wanting to make long term plans and stay within the community and be accepted, begin to learn the language, use local labour where possible, buy locally, attend local meetings / gatherings, respect their values, the culture and heritage of the community you are amongst. Do not attempt to turn the community in to a British Enclave community - Spain, Portugal and France are paying the price for allowing this too happen. Register your property with the appropriate authorities, pay taxes at all times and keep within the boundaries of fair play to all!
By doing this, local people will be supportive towards you, help in difficulty and welcome you into the community. Contribution in any society brings dividends. Contempt of local values and traditions will breed hostility towards you and other property owners - I advise strongly against going down that road.