How to Achieve Serviced Accommodation Success

Episode 38 of the The Serviced Accommodation Property Podcast podcast, hosted by Kevin Poneskis, titled "How to Achieve Serviced Accommodation Success" was published on January 27, 2020 and runs 32 minutes.

January 27, 2020 ·32m · The Serviced Accommodation Property Podcast

Summary

Register your interest in Serviced Accommodation Discovery Day here, and a member of our team will get back to you to confirm your place at your preferred date.     In this episode, Kevin shares a chapter from his much-anticipated book, ‘Serviced Accommodation Success’ which is due out in March. Kevin has created a process, the DEAL system, with end to end steps that can be followed by anyone who wants to know how to be successful in serviced accommodation. Due diligence -  what type of property works is there demand in your area? Explore - getting quotes, costs, and dealing with everything in your spreadsheet Acquisition -  there are multiple acquisition strategies required Logistics - the ongoing running of the SA property If you want to create a business you must create a system that you and your team can follow and Kevin shares the details of due diligence for serviced accommodation in this fascinating podcast.   KEY TAKEAWAYS D – Due Diligence Area - where is your SA goldmine area? There are many factors to consider and you should aim to meet as many of the criteria as possible when choosing an area. Find an area as near to where you live as possible. Construction sites can provide all year-round demand and can be profitable over extended periods if the development is extensive. Large businesses and organisations often have mobile workforces and can visit an area repeatedly. An airport will provide high demand but this will probably be mostly one-night stays, so costs will be higher for you, the operator. Operating Costs - The main operating costs for SA are cleaning and laundry. Guests staying for longer periods are much more profitable as you are only paying for 1 clean and laundry You can offer discounts for longer stays and still make more profit than a number of short stays with the associated costs per stay.  Venues - Sporting venues  also host other events such as music events so there is good potential for longer stays. Tourist attractions such as historical attractions, areas of natural beauty as well as theme parks. Hospitals – lots of scenarios where family and friends want to locate closer. Staff also undertake short term contracts. Target market - Once you have established your SA demand area you will know your target market, the type of people who are likely to be using your SA and this will help you decide on the right type of property. Everything from a one-bed apartment to a large mansion can be suitable it’s just a case of matching the type of guest with the property.    BEST MOMENTS  ‘Make a list of the SA demand points in an area and choose the area’ ‘You should always cater to demand if you want to make the most profit’  ‘There isn’t a specific use class that fits all types of serviced accommodation’ ‘The number of people at SA is the most likely reason neighbours will complain’   VALUABLE RESOURCES The Serviced Accommodation Property Podcast https://propertysoldier.co.uk/ Simple Crowdfunding website   ABOUT THE HOST Your host Kevin Poneskis enjoys public speaking, travelling, exercising and keeping fit. He also enjoys working with a charity called STOLL which provides accommodation and training for homeless veterans.   Kevin was in the British Army serving 24 years, mostly in a Commando unit and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of his Army career, Kevin was investing in property and has been a property investor now for over 27 years.   CONTACT METHOD https://en-gb.facebook.com/propertysoldier/ [email protected]

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