Nevertheless, many owners use a local letting agency in addition to doing their own marketing in their home country.
Rental Rates & Deposits
To get an idea of the rent you should charge, simply ring a few letting agencies and ask them what it would cost to rent a property such as yours in the same area at the time of year you plan to let. They’re likely to quote the highest possible rent you can charge. You should also check advertisements in newspapers and magazines and on websites. Set a realistic rent, as there’s a lot of competition.
Unless you insist on full payment with booking (which can deter clients), you should demand a booking deposit, which should be refundable only up to six weeks before the booked period. Add a returnable ‘damage’ deposit (e.g. €150 or a percentage of the rental charge) as security against loss (e.g. of keys) or breakages. You will need to have a simple contract or agreement form that includes details of deposit payments, etc.
Marketing
Marketing includes a wide spectrum of methods, some of them cheaper and more effective than advertising, for example:
- PR and promotions
- direct mail
- word of mouth
The key to successful marketing is to know your market. Do you want to let to seaside holidaymakers, dedicated hiking or mountain climbing enthusiasts or skiers? To families, couples or groups of friends? And what about language?
As well as visitors from the UK, Bulgaria is popular with German tourists – in fact, nearly half the tourists visiting Bulgaria are from Germany. Most German arrivals head for family holidays along the Black Sea coast. If you’re thinking of setting up a website to advertise your property (see below) you may want to provide a German-language version (although unless your German is up to scratch you should probably specify that bookings and queries must be made in English!).
At least 4m people visit Bulgaria every year, and the top ten countries for visitor numbers to Bulgaria are Macedonia, Serbia and Montenegro (35 per cent, although this includes a lot of ‘shuttle traffic’ – people spending only a day or two in Bulgaria), Germany (16 per cent), Greece (15 per cent), the UK (5 per cent), Russia (3 per cent), Romania (2 per cent – also includes ‘shuttle traffic’), Czech Republic, Israel, Sweden, Slovakia and Poland (less than 2 per cent each – around 70,000 visitors).
The more marketing you do, the more income you’re likely to earn. It also pays to work with other local people in the same business and send surplus guests to competitors (they will be more likely to do the same for you). You should have an answerphone and a fax machine for bookings and preferably an email address, if not a website.
Advertising
You may need to do some advertising, but it need not be expensive (e.g. in specialist magazines). You can advertise among friends and colleagues, in company and club magazines (which may even be free), and on notice boards in companies, shops and public places. As well as advertising in Bulgaria and your home country, you should consider the above-mentioned countries.
Brochures & Leaflets
It’s wise to produce a coloured brochure or leaflet (or a single colour brochure with coloured photographs glued to it, although this doesn’t look so professional) containing the following:
- external and internal pictures;
- important details of the property;
- the exact location and details of how to get there (with a small map);
- information about local attractions;
- the name, address and telephone number of your local caretaker or letting agent.
SURVIVAL TIP
It’s necessary to make a home look as attractive as possible in a brochure without distorting the facts or misrepresentation. Advertise honestly and don’t oversell.
Handling Enquiries
If you plan to let a home yourself, you will need to decide how to handle enquiries about flights and car hire. It’s easier (and safer!) to let clients make their own bookings, but you should be able to offer advice and put them in touch with airlines, travel agents and car hire companies.
You will also have to decide whether you want to let to smokers or accept pets or young children (some people don’t let to families with children under five because of the risk of bedwetting).
Enclose a stamped, addressed envelope when sending out leaflets. Finally, keep detailed records and ensure that you never double book!
Information Packs
You should provide information packs for clients who have booked: one to be sent to them before they leave home and another for them to use when they arrive.
Pre-arrival
After accepting a booking, you should provide guests with a pre-arrival information pack containing the following:
- a map of the local area and instructions on how to find the property;
- information about attractions and amenities in the local area (available free from tourist offices – usually in some sort of English!);
- emergency contact numbers for you in your home country and Bulgaria if guests have any problems or plan to arrive late;
- the keys or instructions on where to collect them on arrival.
Post-arrival
It’s an advantage if you can arrange for someone to be on hand to welcome your guests when they arrive, explain how things work, and deal with any special requests or minor problems. You should also provide an information pack in your home for guests explaining the following:
- how things work, e.g. kitchen appliances, TV/video, heating and air-conditioning;
- security measures;
- what not to do and possible dangers (e.g. a swimming pool);
- local emergency numbers and health services such as a doctor, dentist and hospital/clinic;
- ‘support services’ such as a general repairman, plumber, electrician and pool maintenance person or a local caretaker who can handle any problems;
- recommended shops, restaurants and attractions.
If you really want to impress your guests, you may wish to arrange for fresh flowers, fruit, a bottle of wine and a grocery pack to greet them on their arrival. It’s little touches like this that ensure repeat business and recommendations. If you go ‘the extra mile’, it will pay off and you may even find after the first year or two that you rarely need to advertise. Many people return to the same property each year and you should do an annual mail-shot to previous clients and send them some brochures. Word-of-mouth advertising is the cheapest and always the best.
Maintenance
If you do your own letting, you will need to arrange for cleaning and maintenance, including pool cleaning and a gardener if applicable. You should also allow for the cost of additional equipment, such as cots and highchairs for children.
WARNING
When letting a property, you should take care not to underestimate maintenance and running costs, which can be considerable.
Caretaker
If you have a second home in Bulgaria, you will find it beneficial or even essential to employ a local caretaker, irrespective of whether you let it. You can have your caretaker prepare the house for your family and guests as well as looking after it when it isn’t in use. If you have a holiday home in Bulgaria, it’s wise to have your caretaker check it once or twice a week and give him authority to carry out minor repairs (e.g. up to a certain cost). If you have a garden the caretaker can keep the grass down and look after the plants. Ideally, you should have someone on call seven days a week who can repair broken appliances or arrange any necessary maintenance.
WARNING
Properties are often damaged and occasionally ruined by holidaymakers, so make sure you have a good contract, take an adequate deposit and have your guests sign an inventory as well as having someone on call to repair the damage.
If you’re in a rural area, you can usually arrange a caretaker through the local mayor. Expect to pay around €5 per day for a caretaker, or around €30 per month for someone to visit your property once or twice a week.
This article is an extract from Buying a Home in Bulgaria
from Survival Books.