If you have just bought your UK holiday home, you may be deciding whether to use a Managing Agent to market and look after your property, or to do it yourself.
Here we discuss what you need to consider with each option:
- you have tighter control over whom you to let to as well as no restriction as to when you can use the property yourself (some Managing Agents put in place restrictions as to when you can use your property)
- you are able to offer last minute deals or discounts
- you will not have to pay out fees to the managing agent, so will save money
- it can be time consuming if you are taking bookings, managing the property, and meeting and greeting your guests
- you will need to spend some time marketing the property
- is your holiday let property nearby, so that it is easy to get to and to manage?
- managing your own property means you have a more intimate experience with your property and will know what needs repairing and fixing, and the general appearance of it
- in addition to holiday let insurance (which you will require whichever option you choose), if you employ people at the property (such as cleaners or a gardener) you need to ensure you have employers’ liability cover (to protect yourself against third party claims due to loss or damage caused while on or around your premises)
- you don’t have to worry about taking bookings, meeting and greeting your guests, or marketing your property
- the location of your holiday let is not a problem – your managing agents will be there to deal with any emergency (such as the heating breaking down)
- Managing Agents will be experienced in marketing holiday homes and may have a wider reach than you yourself can do alone
- they will also have current knowledge of realistic rental prices as well as the local area
- Managing Agents may be better placed to check out potential guests and spot those guests that could be problematic
- Agents will be up to date on the latest legislation relating to holiday lets, so may be able to advise you of any changes as appropriate
- Managing Agents will already have a possible client bank for your property so you could get bookings fast!
As you can see, there are benefits and downsides to whatever way you decide to go. Some people start off using a Managing Agent, pick up some experience, and then decide to go it alone. Others UK holiday homeowners do it themselves from scratch, may be making a few mistakes a long the way, but always picking up experience!
Only you can decide whether to manage your own holiday let or seek specialist help.