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Started by dreams99 on Jan 26, 2021 1:43:07 PM
Advice for managing a holiday let

Does anyone have experience with owning and managing a holiday let far from where they live?

Are managing agents reliable? What about maintenance and cleaning?

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binturong - 09 Mar 2021 20:02:23 (#1 of 11)

Short let management companies will organise maintenance and cleaning, as well as handling the bookings. They charge between about 20% of the rent - that includes organising the cleaning and laundry, but the actual cost of both of those are extra. And they generally advertise through AirB&B, Booking.com, Expedia etc - all of which also take a percentage of the rent.

Total costs for managing agent, booking site commissions, cleaning and laundry will be around 50% of the gross income. You then need to deduct utilities, maintenance, any building service charges (if it's a flat), and tax.

dreams99 - 09 Mar 2021 20:16:36 (#2 of 11)

Thanks. Probably not going to let out commercially, just to friends. Hassle of managing isn't worth it.

mingmong - 09 Mar 2021 20:28:25 (#3 of 11)

1) Ideally, have someone local who you trust to act as a key holder/pointsman and perhaps even manager.

2) Be mindful and respectful of neighbours living around your property. Don't dismiss the whingey/complainy ones: they are your early warning system, the canary in the mine

3) your idea of just renting to friends etc is probably sensible. Running a thing like this as a profit-driven exercise almost inevitably leads to friction with the local community, who will tend not to appreciate endless weekends of stag parties etc. If making money is the aim, buy a flat in London or a terraced house in a university town

4) Make sure you get to enjoy it yourself. Block out days from the bookings calendar well in advance. We usually go for midweek slots for short stays, so as not to get in the way of weekend bookings. But we like to do a good 10 day or two week stretch at least once a year. That was the original point, for us. The guests are just to help cover the overheads

thisonehasalittlehat - 09 Mar 2021 20:48:46 (#4 of 11)

I'll be key holder. I'm very trustworthy.

mingmong - 09 Mar 2021 20:49:51 (#5 of 11)

But you live in Croydon, Hatters. Who would have a holiday home in Croydon?

Sunfish - 09 Mar 2021 20:54:17 (#6 of 11)

Grace Jones. It was her time there that inspired Nightclubbing.

dreams99 - 09 Mar 2021 20:57:35 (#7 of 11)

If I get the right property, the worry about neighbour disturbance won't feature. I'm looking to cover my costs with lettings - hopefully I'll find plenty of term time ones from childless/retired friends to fill out the calendar. The main point of it is for ourselves.

mingmong - 09 Mar 2021 21:10:36 (#8 of 11)

#6 maybe Hatters should approach Grace Jones offering his key-holding services

JennyRad - 09 Mar 2021 22:57:19 (#9 of 11)

Hatters is in Croydon? Hey, what's your rate for catsitting, hatters?

(Wrt holiday letting, my only advice is that it's potentially good income in a tax department, because there's a weirdarse tax rule about furnished holiday letting. I can't remember the details, but I can look them up for you if you need, dreams. I won't bother if you're already aware!)

Tenesmus - 10 Mar 2021 00:07:44 (#10 of 11)

We have a set of keys to next door which is a holiday bolthole. Once a month I go in to make sure the roof leak isn't any worse and that the freezer is still working. And to put some flowers, beer and prosecco on the table when our friends are coming down.

CarlosFandango - 10 Mar 2021 00:43:25 (#11 of 11)

They know it's you doing this, right?

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