What You Need to Know Before Starting a Vacation Property Rental Agent in Malaysia
There are challenges in starting any form of business, and owning a vacation property rental agent in Malaysia is no exception. Running a thriving vacation rental agent can be exceedingly lucrative, that’s true. But in fact, you’re soaring into a ferociously competitive industry. Now, if you’ve decided to go through this line of business, you should ask yourself what kind of services you can offer. Get to know what other companies in the same industry are offering whether it is property maintenance, property enhancements, or marketing.
With that in mind, let’s get into what you should know before launching a vacation property rental agent in Malaysia.
Formulate a Strategic Plan
The nature of this kind of business is so challenging that if you don’t possess the will-power, you shouldn’t get into it in the first place. Vacation property rental agent in Malaysia is gaining popularity, and many investors are getting into it and setting standards.
However, for you to flourish in this business, you must formulate a strategic plan. You should ask yourself where you want your business to be in the next five-ten years. You may be trading with a few properties now, but if you don’t look ahead and set some goals, you may end up losing your clientele and investment. Ensure that that strategic plan is realistic and fits well with your mission and vision.
Create a Partnership with Property Owners
Most property owners may not have time to manage their properties, and this is where you come in as an agent. For you to get into business with such owners, you must build that trust before engaging in a partnership with them. You have to make it clear right from the beginning that it’s a partnership where the owners do their part as you do your part. This means that before you agree, you must categorically ask the property owners on what they want with their properties.
Build a reputation with agents who’ve managed vacation property and possess a good repute. From them, you can learn the challenges about running a vacation property rental agent in Malaysia. Additionally, you get a chance to brand yourself and, therefore, you must look at how you’re going to get yourself out there.
Select the Right Location
When it comes to this line of business, the location matters a lot. You must station your business close to a large number of vacation properties that you can have easy accessibility. Most of the vacation properties seat close to attractive tourist areas, and for that reason, your vacation property rental agent in Malaysia should be in and around such areas. If you’ve no idea where to find these locations, request the information from the tourist agencies in Malaysia. You’ll be able to locate several families own vacation homes and which are the most popular.
Remember, as you’re looking for the right locations, don’t go beyond your budgeted startup costs. Do your survey of the area before deciding to set up your business within a particular location.
Develop a Professional Website and Marketing Material
Today, we have a digitalized world, and every business has an up and running website. By having an online presence, you stand to get more clients than you can imagine. Ensure that your website is professional describing what kind of services you are offering, how you can be reached, and the rates you charge. Get into social media marketing and choose the right platform to share your content. To do so, conduct some research to determine what sites your audiences frequently visit and search for information. On the other hand, responding to your client inquiries is the root of getting more bookings.
Formulate a Detailed Business Plan
Getting your services out there and succeeding will only be possible if you have a business plan. Right from the start, you cannot operate on a vacuum, and, therefore, you must set your path on how you’re going to move from point A to point B. Now, when formulating your business plan, ensure that it outlines your financial, marketing, competitive, and customer strategies.
Moreover, do your business SWOT analysis exploring every possible opportunity and ironing out any grey areas. Include your executive summary so that any prospective property owner or financier can know that this business is run professionally with experienced individuals. Since vacation rental business is lucrative, your sheer determination, passion, and commitment will pull you through. Even if it takes you money to seek a professional business plan writer, you better do so.
Get a Property Management License
If you are planning to get into a vacation property rental agent in Malaysia, you must get a property management license. Once you’ve got that, your odds of attracting property owners go higher increasing customer confidence. However, it is prudent to ask the property owner to ensure their property meets every legal requirement before getting into any contract. In Malaysia, property managers need to register with the Board of Valuers, Appraisers, Estate Agents, and Property Managers (BOVAEP).
After registration, if you so wish to offer the services, then you must set up an agency company. You need to register your company with the Companies Commission of Malaysia by submitting all the relevant documents. Likewise, operating a company requires a corporate bank account to conduct your financial activities. Again, take the initiative of registering for a physical address, and if you find it cumbersome, you might seek the services of business consultant companies.