STR's in Europe
Does anyone have any experience with short term rentals in Europe? Currently have a couple of STR's in the US, but have seen some good looking, affordable properties in Spain, France, and Italy. Would hopefully self manage, does anyone know if this is a viable option?
Thanks
Quote from @Rudy Schmidt:I would imagine the management side would be just about exactly the same. You are most likely working with multiple time zones here, so you may find the need to hire a VA to handle messaging.
Does anyone have any experience with short term rentals in Europe? Currently have a couple of STR's in the US, but have seen some good looking, affordable properties in Spain, France, and Italy. Would hopefully self manage, does anyone know if this is a viable option?
Thanks
I would expect setting up a support team would be difficult unless you speak the language or find a fluent management company that specializes in vacation rentals that would give you suggestions on cleaners and handymen. I have considered the same thing but would lean on my connections that are from the countries I want to target to help me set it all up.
Quote from @Rudy Schmidt:
Does anyone have any experience with short term rentals in Europe? Currently have a couple of STR's in the US, but have seen some good looking, affordable properties in Spain, France, and Italy. Would hopefully self manage, does anyone know if this is a viable option?
Thanks
I agree it would be difficult to manage. Time zones, language barriers, not knowing the market, and other factors. I wouldn't do it unless you were 100% fluent, capable of handling time differences, and traveling there regularly to keep an eye on things.
Hi guys, we are investing in and developing STR for investors here in Spain where we also live. The time difference is something we can't do anything about of course, but as far as the other points, we know a thing or two.
A property management company will charge you anywhere between 20-30% of the gross rental income and will take care of most you need to consider: bookings, customer service, maintenance, reviews, and cleaning. You as the owner would still need to oversee the occupancy, prices, and the total income they are generating.
I wouldn't worry too much about knowing the language because the property management company will be able to speak English and most of the time your bookings will be with international people.
We own properties in different countries and there’s a huge number of Americans who do it successfully. It’s no issue. Some do it on their own and since use property managers.
Like in the US, some are more successful than others and some markets and properties work while others don’t.
Italian investor here 👋🏻
When it comes to self-managing in Italy, unless you speak Italian and have local connections, I would say it's not realistic. You need to be very careful about who you hire, because if they know you are an absent owner there are many who will seek to take advantage of the fact.
I would try to find a trustworthy management team with foreign owner reviews/testimonials.
If Italy is a top contender, my husband and I also help foreign investors by being "on the ground". We recently moved back to Canada, but plan to spend our olive harvest seasons in Italy and we are moving back full-time in about 3 years. More than happy to help where we can! (Our properties are in the province of Campania)
If you're curious, I also have a few videos on my YouTube channel that discuss the nuances of real estate in Italy, show a couple of our renos, etc.
I have a STR in Portugal. There have been zero issues with communication or time difference. The management fee is 22.5% plus platform fees (AirBnB, Booking.com, etc.). Overall, I've been very happy with the level of communication and management of the unit. This is my first year and I got a late start due to the holiday season. Although I projected a slight loss, I may actually generate a bit of income.
@Torri Oats The fees you're being charged are pretty high! You can get less than that in Portugal. Did you shop around?
Quote from @Mike Lambert:
@Torri Oats The fees you're being charged are pretty high! You can get less than that in Portugal. Did you shop around?
Yes, I did. I spoke with every companies it was slightly higher than one (lower than most) but when I looked at the cleaning and additional fees, it ends up being a little less. I also felt very comfortable when I talked to them.
Quote from @Amber Roy:
Italian investor here 👋🏻
When it comes to self-managing in Italy, unless you speak Italian and have local connections, I would say it's not realistic. You need to be very careful about who you hire, because if they know you are an absent owner there are many who will seek to take advantage of the fact.
I would try to find a trustworthy management team with foreign owner reviews/testimonials.
If Italy is a top contender, my husband and I also help foreign investors by being "on the ground". We recently moved back to Canada, but plan to spend our olive harvest seasons in Italy and we are moving back full-time in about 3 years. More than happy to help where we can! (Our properties are in the province of Campania)
If you're curious, I also have a few videos on my YouTube channel that discuss the nuances of real estate in Italy, show a couple of our renos, etc.
Hi! I have both Italian and American citizenship. Based on your experience, would you invest in property using one or the other, or does it matter? Will there be less hoops to jump through if I use my Italian citizenship?
I speak Italian and have connections in Italy, but I live in the US currently.
brand new to investing but want to start with Italy
When it comes to real estate investing, citizenship generally doesn't matter. It's residency that counts and can make a difference. Most Asian countries are the exception as they have restrictions regarding foreign ownership but countries like Italy and the US don't.