You bought a property and decided to turn it into a short-term rental Congratulations, this is the first step on becoming a successful investor! However, what will be the next steps? How will you guarantee your investment is worthwhile and brings you a good yield? Read all about it here.
We might be a little biased, but we believe that in order to get the best results, it is smart to partner up with a Property Management Company, such as Lisbeyond! But what do Property Managers actually do? What are their usual tasks? How do they add value to your property?
In this article we will tell you five fundamental solutions that a property management company assists with. The use of smart software tools, knowledge of specific legal and fiscal aspects for airbnbs and short-term rentals are some of the benefits a company like Lisbeyond can bring you!
One of our Porto Properties: the Lapa Studios – Check it by clicking here
Solution #1: Managing the revenue and pricing of your property
Defining the best nightly prices for your property is a very important part of property management. The layout of the house, the neighborhood, the level of luxury regarding the furniture, decoration, and amenities, market demand, and supply – all these elements are taken into account when setting up the pricing for your property;
Smart use of managing length of stays
To make the most out of your property, we set the minimum stay length according to the season. In this way, we make sure you can make the most revenue;
Automated price setting
At Lisbeyond we use a software tool called Beyond Pricing. Every day the pricing, market demand and occupancy in the area are checked by the tool. The algorithm automatically increases or decreases the price per night of the property accordingly;
One of our Lisbon Properties: the Amazing & Bright Loft in Arroios – Check it by clicking here
Solution #2: Managing accounting and other administrative matters
Dealing with the accounting behind a short-term rental is not an easy task, especially in Portugal, where you will have to keep up with the bureaucracy. It is vital to have a specialized team to take care of everything to make sure your property is working according to the law.
Registering the Alojamento Local
Taking care of the process and obtaining the short-term rental license for your property;
Collecting and paying the municipality taxes
For instance, in Lisbon guests need to pay € 2 per person, per night to the municipality for their stay (up until 7 days);
Creation of all the guest invoices
Did you know each guest should receive their invoice maximum 5 days after their check-out?
Registering the monthly earnings
One of our Lisbon Properties: the Castelo Studios (one of them) – Check it by clicking here
Solution #3: Maintaining the quality of your property;
Quality control visits
Thorough visits to check if everything on the properties is in check;
Checking the initial inventory of your property and making sure all is in its best state;
Managing the professional cleaning and laundry service;
Checking if the property needs any maintenance work – lightbulb exchange, painting, lock change, etc.
Making sure amenities such as shampoo, soaps, and more are all refilled and there is enough stock.
One of our Lisbon Properties: the Saldanha Studios – Check it by clicking here
Solution #4: Managing booking platforms
Managing the reservations
Controlling the received reviews of the guests
In case of feedback regarding the property, making sure action is taken to improve the services and answer the reviews on the platforms accordingly;
Answer to guest messages, coordinate check-ins and check-outs, act up if anything occurs during the stay of the guest;
One of our Aljezur Properties: the Sun and Surf Apartment – Check it by clicking here
Solution #5: Maintaining a good relationship with Guests and Property Owners
Welcoming guests and making them feel at home
Providing them with tips and recommendations about the area where they are staying;
Close by Follow-up
When working with Lisbeyond as a Property Management Company, you will always have one dedicated person to speak to for matters regarding your property. A lot of companies are big, and have several teams within the company, as a result, owners can get lost about to whom they should speak for what. As Lisbeyond is a smaller sized company, you will always have one person you can reach out to and trust with the operations of your property.
LisBeyond is always here to help, and also to answer all your questions, so if you have any ideas on a topic you would like to read, feel free to contact us only a click away.
We aim to share our best tips with you, local and authentic, and of partners that we trust. Get ready to get to know the Portugal we love so much! Follow us on social media to never miss an update