While working as a Dominican Republic real estate broker for the past seven years, most clients want to discuss the subject of property rental income return. The subject is very important for all clients other than those who don’t wish to rent their property and they are in the minority. When clients have asked, “What rental occupancy and income can I expect from this property?” my answer has consistently been, “That depends very much upon how aggressively you are willing to market the property and what your marketing budget will be.” To say anything to the contrary would be misleading.
Of course for Dominican Republic rentals, location and amenities are crucial aspects of desirability. As long as a property offers similar guest benefits to competition in the area, the first step to a successful rental marketing plan is to present the property to as many potential guests as possible. Statistics show that properties with the highest visibility receive the most inquiries. Once an inquiry is received, the second step to success is having that contact handled properly. Research has proven that the highest conversion rate to a reservation that will result in occupancy and income is directly proportional to the speed and professionalism of the response.
Some sales agents may tell buyers that purchasing a property in a specific location guarantees rental income automatically. It doesn’t. In almost every community there will be properties that have a high rental occupancy rate right down to those with little or none. Inevitably, the major factor that sets them apart is the quality and extent of their rental marketing plan.
Although many vacation property owners don’t consider it so initially, successful marketing and rental of a vacation property for profit is a business and needs to be handled as such. Owners that are satisfied with the rental income generated from their properties inevitably are the ones that have invested in a marketing plan suited to their needs and desires.
For property management clients who are interested, we would be happy to schedule a consultation in order to customize a rental marketing plan to help achieve your goals with rentals in Dominican Republic
Rob Chenvert, ABR®