How do I achieve better rental income?

With the present economic slowdown it is now more important than ever to effectively market your property. One thing is for sure, 2009 is going to be a very challenging year for holiday rentals.
 
So, what to do?

Most owners have probably thought of the internet as a solution, and to that end certain web sites offer cheap and (normally) effective advertising in the markets that they are working in. Assuming that the problems of having a local contact to monitor the property have been addressed, then the next step is to increase your advertising. And here's the problem. Simply to increase ads on the same media is only going to appeal to the same audience that you are already advertising to. Result? It just costs more to do the same job.
 
So what's the answer?
 
A good marketing strategy is paramount. To appeal to all your markets advertising must be directed to all your potential clients. Get your message out to all markets including those that don't speak your language. Let other nationalities know that you exist.
The secret always is to find the optimum web site for the country/language that you want to advertise in. Remember, in Europe's 250 million population only 60 million are native English speakers, and although a great deal more CAN speak English, most will feel more comfortable surfing in their own language. That's 190 million potential clients that you are not appealing to. And that's just Europe! In the USA today there are many non English speakers, Spanish and French being only two of a huge bilingual market.
 
Remember
 
Target your clients.
Use specialised local sites.
Think like the holiday maker.
Don't rely on just one language.
 
At this stage a professional in the industry is probably a good idea! Ask your local agent/real estate agent how they can help. However if you feel confident to give it a go yourself then online translation services maybe the answer. DIY marketing is not for the faint hearted, it requires hard work and dedication but the rewards can be rewarding both financially and emotionally. 
 
 
Martin Brown is the proprietor of Prestige Property Spain. More info available on  news.prestigepropertyspain.com .