If there's a fantastic destination to invest in a vacation property, it's Malta! According to official tourism statistics, the country received over three million visitors last year.
But what happens if you don't live in Malta? What happens if you can't always fly over there to manage your short-term rental property?
Rental vacation management can be done remotely and achieve great results. This guide will show you how to succeed in managing a vacation home in Malta.
Here's what you must know:
Use a Vacation Rental Platform
The best way to attract tenants is to use a vacation rental platform. This is also the ideal method for managing your bookings and reservations.
Guests will request a booking using the platform. You can log in to your account to approve or reject any reservations. These platforms are also great for messaging your guests directly.
Set Up a Payment Processor
The next step is to use at least one payment processing service. This is the easiest way to collect payments from your guests.
You can send them an invoice which will have a unique link for guests to pay. They can use a credit card or debit card to make the payment. If you live outside of the Eurozone, you can charge in your preferred currency while the guests pay in Euros.
Find Local Help
While you'll be operating remotely, you'll need to have a few talented workers on the ground in Malta. The first group of people to hire are contractors. This includes electricians, plumbers, painters, carpenters, cleaning services, etc.
You should also contact real estate lawyers in Malta. You need someone who understands local laws regarding landlords and tenants. They can help you draft contracts and resolve disputes.
Furthermore, make sure you build a connection with a rental property inspector. They'll visit your property to check if it's being maintained to the highest quality. They can alert you of any damage, hazards, faults, etc.
It's also great to make friends with your neighbors if possible. While you might not live in Malta, locals should know that you're the owner of a vacation property. Find locals who can help you and your guests in case of an emergency.
Hire Property Management
The final step is to find a local vacation rental management company. A property manager can handle most of the tasks for you.
They'll speak with contractors whenever your property has an issue. They can collect rent from tenants. They're crucial if you want to build a full-time business with your vacation home.
Remote Rental Vacation Management Is Possible
While it's certainly a challenge, remote rental vacation management is a worthy undertaking!
Make sure you advertise your property on a rental platform for the best results. You'll also need to set up an account with a payment processor. With a property management company, you'll have a helping hand.
PMI Malta is part of a franchise with over 20 years of experience in property management. We've helped many Malta-based landlords, and we look forward to helping you.
Contact us to learn more!
