What’s better, Holiday Letting Agencies or Handling the Bookings yourself?
When it comes to renting out a holiday property in the Lake District, UK, property owners have a few different options for how to market and book their properties. One option is to use a letting agency, while another is to handle everything independently using a platform like Airbnb or Booking.com.
Using a letting agency can have a number of benefits. For one, a good agency will have experience and knowledge of the local market, which can help you set competitive rates and attract the right type of renters. They will also handle all of the advertising and bookings for you, which can save you a lot of time and hassle. Additionally, many agencies offer additional services such as cleaning and maintenance, which can take a lot of the burden off of property owners.
Below are two of the top holiday letting agencies in the area:
Lakelovers: With over 30 years of experience in the Lake District, Lakelovers is one of the most well-established and reputable letting agencies in the area. They have a wide range of properties available for rent, from cosy cottages to grand estates. They offer a full range of services, including advertising, bookings, and property management.
Cumbrian Cottages: With over 400 properties in the Lake District, Cumbrian Cottages is one of the largest and most diverse letting agencies in the area. They offer a variety of properties, from traditional Lakeland cottages to contemporary apartments. They also provide a range of services including, advertising, bookings, and property management.
Using a letting agency can have a number of advantages:
Local Market Expertise: A good holiday letting agency will have experience and knowledge of the local market, which can help property owners set competitive rates and attract the right type of renters. They also have a good understanding of the local regulations and can help property owners comply with them.
Full-Service Management: Many holiday letting agencies offer a full range of services including advertising, bookings, and property management. This can take a lot of the burden off of property owners, allowing them to focus on other things.
Quality Control: Agencies often have strict guidelines for the properties they accept, ensuring that properties are of a high standard, well-maintained, and equipped with everything that renters need. This can help to attract more renters and increase repeat business.
Professionalism: Agencies have professional teams that are trained to handle bookings, enquiries and provide good customer service. This can provide renters with a more professional and seamless experience when booking and staying at a property.
Additional Services: Many agencies offer additional services such as cleaning, laundry and maintenance, which can save property owners a lot of time and money.
Financial and Legal Support: Agencies often have financial experts who can help property owners with accounting and tax issues related to renting out their properties. They also have legal experts who can assist with contracts, insurance and disputes.
On the other hand, using a platform like Airbnb or Booking.com can also have its advantages. For one, these platforms have a large user base, which can make it easier to get bookings. Additionally, these platforms often offer features such as online payments and reviews that can make the booking process smoother for both property owners and renters.
Here are some of the advantages you can have if you are considering undertaking the marketing and bookings side of your holiday rental property:
Global Reach: Airbnb and Booking.com have a large global user base, which means that property owners can reach a much wider audience than they would be able to through a local agency or by advertising independently. This can greatly increase the chances of getting bookings, especially during off-peak seasons.
Increased Flexibility: With Airbnb and Booking.com, property owners have the ability to set their own rates, availability and house rules. This allows them to be more flexible with pricing and ensure they are getting the best return on their investment.
Online Payment and Review Systems: These platforms have built-in payment and review systems, which can make the booking process smoother for both property owners and renters. The review system helps in building trust between the property owner and the potential renters.
Cost-effective: As mentioned earlier, these platforms charge a commission for the bookings made through their platform which can be a significant amount. However, it also means that property owners don't have to pay a monthly management fee to a letting agency.
Data and Analytics: Airbnb and Booking.com provide property owners with detailed data and analytics to track their property's performance and see which dates are the most popular. This can help property owners make informed decisions about pricing and availability.
Brand Recognition: Airbnb and Booking.com are well-established and well-known brands, which can give renters more confidence in booking with them.
One major advantage that booking platforms like Airbnb or Booking.com have over agencies is the cost. These platforms charge a commission for the bookings made through their platform which can be a significant amount, where as a letting agency will charge a percentage of the rental income to manage the property.
Ultimately, the decision of whether to use a letting agency or handle bookings independently will depend on the specific needs and preferences of each property owner. Those who want the convenience and support of a professional agency may want to go that route, while those who are comfortable handling everything on their own may prefer to use a platform like Airbnb or Booking.com.
If you’d like to know more then don’t hesitate to give us a call. We have been working in the holiday property sector for over 6 years and have great relationships with almost all of the letting agencies in the Lake District and we would be happy to pass over our recommendations! Or if you’d like some advice on looking after the bookings yourself we can guide you in the best practices and give you an insight into what works.