Are you a property owner looking for ways to maximise your investment? Do you want to generate steady income without the stress and strain of day-to-day property management? You’ve come to the right place! In this blog, we will discuss how to turn your property into a lucrative serviced accommodation and how a property management company can help you do it – all in a completely hands-free manner.
What is Serviced Accommodation?
In the simplest terms, serviced accommodation is a fully furnished property available for both short-term and long-term stays. These accommodations provide hotel-like amenities such as housekeeping, a reception desk, and often some form of meal service. They’re a popular choice among business travellers, families on holiday, and people relocating, offering a home-like experience with the convenience of hotel services.
Why Opt for Serviced Accommodation?
The rise of the ‘experience economy’ has changed the way people travel. Today’s discerning travellers seek unique, personalised experiences, and serviced accommodations are perfectly positioned to deliver that. They offer a comfortable, homely environment combined with the luxury of hotel-like services. For property owners, this translates into higher occupancy rates and potentially higher income compared to traditional rental models.
Transforming Your Property into Serviced Accommodation
Turning your property into serviced accommodation might seem daunting, but with careful planning and execution, it can be a fruitful venture. Here’s a step-by-step guide on how you can do it:
- Understanding the Legalities
The first step is to familiarise yourself with the legalities involved. In the UK, some local councils require planning permission to use a property for serviced accommodation. Make sure to check with your local authority or a legal adviser.
- Design and Furnishing
Next, think about design and furnishing. The aim is to create a welcoming and comfortable space that guests would want to stay in. Quality furniture, functional kitchens, and reliable Wi-Fi are just a few essentials that guests look for in serviced accommodations.
- Services and Amenities
Consider the services and amenities you’ll provide. These can range from weekly housekeeping to a 24/7 concierge service. The more services you offer, the more attractive your property becomes to potential guests.
- Marketing
Finally, marketing your property is crucial. Use online platforms like Airbnb or Booking.com to reach a global audience. Professional photos and detailed descriptions can make a significant difference in attracting bookings.
The Role of Property Management Companies
While the idea of converting and running a serviced accommodation sounds lucrative, it also involves a considerable amount of work. This is where property management companies come into the picture. They take over the hassle of day-to-day management, allowing you to enjoy the income your property generates without the associated stress.
What Can a Property Management Company Do For You?
A property management company handles a wide range of tasks, including:
– Property Maintenance: They ensure your property is always in top shape, dealing with any repairs or maintenance issues that arise.
– Tenant Management: From screening potential tenants to dealing with any issues that arise during their stay, a property management company handles it all.
– Marketing: Property management companies often have extensive marketing resources to ensure your property is always booked.
– Legal Compliance: They stay up-to-date with all the latest property laws and regulations, ensuring your property remains compliant.
By handing over these responsibilities to professionals, you can enjoy a hands-free, passive income from your property.
