Making the switch from buy-to-let to serviced apartments can be daunting for a landlord.
We are often asked why anybody would book a 1 bed flat in Hitchin or a log cabin in Luton. They aren’t exactly holiday destinations.
However, the serviced apartment market is flourishing and if done correctly, there’s no reason why you can’t make money in Hitchin or Luton.
Unlike buy-to-let, serviced apartment are directly competitive.
Property Keeper uses an arsenal of technology to ensure our clients have a competitive edge. Consider the following when purchasing or turning your property into a serviced apartment.
It’s important to understand the biggest demographic in your town or city and tailor your space to attract them.
In our other article [How to Airbnb like a pro]
We offered some basic tips and revealed who the main users of serviced accommodation.
Every town in the UK is different and if your town is famous for a TV show or a historic event it makes sense to target those people and decorate your apartment to their tastes.
As an entrepreneur maybe you want to think bigger and brand your apartment with something of nationwide appeal.
Steps must be taken to minimise poor quality guests. Whilst we can’t prevent the odd stained duvet or scratched wall, part of our job is to put these things right with the absolute minimum of cost.
Having control over your expenses and keeping them to a minimum will definitely make your serviced apartment journey less stressful.
Charging someone £50 to change a light bulb is unacceptable and you must avoid unscrupulous management companies that try tactics like this.
Just to be clear, Property Keeper would never charge you anything to change a light bulb!
We want to keep our costs to you low and transparent, at all times. This is how we keep long-lasting relationships with our customers.
If the bulk of your profits are going to a property management company, something is wrong.
The location of your property can directly influence the revenue you are able to achieve. In addition, the guest demographic varies a lot depending on where your space is positioned.
Understanding the local patch and who is on it will help to establish a base price based on the local supply.
Your property must be positioned close to all local amenities. Even holiday lets have basic requirements of a nearby pub and restaurants.
Rail and bus links are equally important as a lot of guests use public transport. In some cities, this is higher than 50%.
Think about the type of guests your property will attract. Are they young travellers eager to explore or is your apartment going to be booked by corporate travellers? Ask us and we will help.
Your apartment must be at least a self-contained flat. It needs a good size bathroom (with a bath). Storage space must be provided within the property. A washer/tumble dryer will increase booking rates.
Think like a guest and try to create a home from home with all mod cons.
Use professionals that are invested in the marketplace
Use an experienced property management company.
In todays competitive market making money from Airbnb and serviced accommodation requires an investment in technology.We identify key serviced apartment competitors in the local area and target their market space with aggressive listing optimisation. This is our science. Click To Tweet
We identify key serviced apartment competitors in the local area and target their market space with aggressive listing optimisation. This is our science.
Airbnb is just one of the many platforms we utilise. Part of our role as property managers is ensuring our client’s properties listings have all the right credentials to be favoured on the best booking sites.
*Property Keeper Management LTD is an independent management service and is not affiliated with Airbnb.