The holiday rental industry is relatively mature, but has grabbed the attention of many large public companies in recent years. This has meant a more corporate attitude and legal structure being adopted to control the owners and booking process. The individuality and personal service that many owners used to experience may have disappeared and is being replaced by shareholder value. You may have noticed less bookings, smaller income and more demands as these businesses grow and feel the need to change!
We are aware that many owners contracts with agencies can be quite rigid and with substantial penalties, quickly enforced! Even small companies may attempt to tie you in and even if they underperform, they will produce your agreeement in the event you wish to move on. In this situation you have four options:-
1. Let them know how much they underperformed and request a simple letter of termination.
2. You can contest the agreement based on lack of performance.
3.You can submit your notice within the correct notice period.
4.You can send your agreement to us in complete confidence for advice. For those who wish to join our happy band of owners we have bought a number of owners out of their contractual obligations early.
In the last few years we have been contacted by many owners who have either become dissatisfied with their agency or have found marketing their property themselves more and more difficult. This is a common trend as an increased number of holiday homes have been brought to the rental market as a result of economy.
The advertising sites are now nearly all owned by large public or VC funded enterprises and prices have become untenable for many small businesses and owners. In addition calendar synchronisations are needed, blogs contributions, social media marketing, online payments, PCI compliance and even extended hours to answer calls are the norm. Add in short breaks, by the night pricing and flexible turn around days and the old self catering industry is being changed beyond measure.
All these changes result in stress, less income and concern over the family home or investment. We advise that owners in this position look to expand their marketing reach with partners non-exclusively. Although most agents won't admit to sharing properties with other agents, many do, as they do not wish to lose their inventory. Owners who have gone it alone for many years may wish to add an agency aswell, to boost bookings. To do this just means synchronised calendars between owner and agent!
We are very happy to represent owners who book themselves or work alongside other agencies. We have lots of happy partners in this situation!
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