Malta is a beautiful vacation destination, and thus, a lucrative opportunity for entrepreneurial-minded property owners. If you have a family property or a desire to get into real estate, now is the time to develop an action plan for success.
Start with one property, and think about the steps you would take to generate income from that property. You need to consider metrics like return on investment (ROI), tenant acquisition, and property value.
The right short-term rental tenants deliver higher ROIs, keep repair expenses low, and save you money on turnover marketing.
So, how do you attract these ideal tenants?
Read on for essential pointers.
Clarify What You Want
Remember, it's your rental property, so you're in control. Be clear about what you want in a tenant to avoid the high costs of property damage, unpaid rent, and tenant-landlord conflicts.
Start with drafting the short-term lease first. You'll need an experienced lawyer by your side. At this stage, you may want to consider working with a property management company experienced in drawing up lease contracts.
For example, PMI Malta is a full-service property management agency that manages the vacation rental process from beginning to end.
This process includes:
- Leasing management
- Property maintenance
- Tenant procurement
- Rent collection
- Financial accounting
- Property Marketing
Accessing one hub for all of these services will save you money on having to use multiple companies.
Control Your Tenant Screening
Not screening for tenants adequately is a rookie mistake that will cost you in the end. This, again, speaks to the importance of clarifying what you want from a tenant.
Your property manager will describe ideal qualities in property marketing material to attract responsible tenants. Next, your manager will screen these leads thoroughly.
Data points include:
- Stellar past vacation rental history
- Proof of income
- Rental deposit proof
- Credit score
- Criminal background screening
- Proof of identification
Your property manager will also interview short-listed leads to find the perfect tenant. Prospective tenants will also view the lease to ensure they understand the terms of the contract. You may want to include an arbitration clause to avoid high legal fees for any potential conflicts.
Appeal to the Right Short-Term Rental Tenant
It's important to voice ideal qualities in your real estate listings. These qualities may include "responsible," "quiet," or "proven rental history."
However, you must create a real estate marketing experience that appeals to the perfect tenants. Unkempt rental units with old HVAC systems and faulty plumbing will turn your best leads away. Thus, you have to invest in necessary upgrades like new countertops, flooring, interior painting, and curb appeal.
Consider adding a driveway if you have the space. You may need to install fresh sodding or hire a tree-trimming service to remove lawn hazards. Installing a pool in the backyard can attract ideal tenants and improve rental value, as well.
Book an inspection to find all necessary repairs so that your rental can shine in real estate photos.
Build the Perfect Malta Vacation Experience
You have a prime location to create memorable vacation experiences. Think about using a full-service management solution to make the most of your short-term rental in Malta. Learn what professional tenant screening, marketing, and upgrades can do for your rental income.
PMI Malta wants to lend its experience to help your rental prosper. Call us today to book an appointment!
