Are you thinking about renting your property for the first time but don’t know where to start?
In today’s tip I will be discussing the rental market.
Tip #5 Understanding the rental market
When renting your property for the first time it is important to conduct your market research. Before you decide on your pricing structure you must know your customer and determine what type of customer would be attracted to your property and its location.
Let me explain!
In order to get in the game you must know how the game is played and learn to play it, so do your research. Find properties in similar locations with similar specs and see what they are offering. This is to make sure your don’t price yourself out of the market. Whether by overpricing or underpricing.. And you offer a product comparative to what is already out there. Be willing to also adjust to the current market.
When COVID hit a few years ago there was a steady decline in travel (only the brave dared to venture out 🙄) which significantly affected holiday rentals and short term rentals. This meant that if you had a rental property you either had to use other income to keep the property running or you needed to change your rental type ( as discussed in Tip #1). It so happened that many owners opted to change their rental type from holiday/ short term to long term and with the introduction of the welcome stamp program this worked for many owners, since people were now encouraged to come to Barbados to live and work.
Knowing what is out there is vital to joining the game and staying in it.
For a more indepth discussion feel free to contact me directly.