Next Steps & Scaling Up in SA, Live Mentoring Call

Episode 30 of the The Serviced Accommodation Property Podcast podcast, hosted by Kevin Poneskis, titled "Next Steps & Scaling Up in SA, Live Mentoring Call" was published on October 13, 2019 and runs 32 minutes.

October 13, 2019 ·32m · The Serviced Accommodation Property Podcast

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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 live mentoring call with Sam who is relatively new to serviced accommodation. He began in May and currently has 4 units in the Leicestershire area, 3 of the properties were Buy to Let converted to SA and he has now taken on a fourth property, a rent to SA to develop his business further. Sam is an avid listener to the Serviced Accommodation Podcast and has been successful in his venture to date implementing strategies and advice from the series. Kevin answers Sam’s specific questions and shares his SA expertise in this podcast which is inspiring for anyone who is thinking about getting started in serviced accommodation. KEY TAKEAWAYS Location In the summer months, there is always more demand and occupancy is higher due to tourism and family travel. Serviced accommodation should be located where there is demand in the winter. This means having serviced accommodation where there is construction and businesses meaning there will be contractors and working people in need of accommodation. Channel managers If you have more than one property you should have a channel manager With a channel manager, there is no risk of double bookings and it will help you to organise your calendar With rent to Sa once you move beyond the fixed term rental period the landlord or owner could give you 2 month’s notice so only having a calendar open for 2 months in advance and then repeatedly moving it is the best way forward. Scaling up Properties that are geographically close allow you to effectively maintain cleaning and meet and greet and maintenance with a single team. When you scale up and have properties across the country you will need to organise multiple teams to maintain the service level. Rent to SA or SA management For SA management there is a higher level of responsibility involved when taking someone’s property and managing it as SA. When you undertake rent to SA you are fulfilling your part of the contract with the owner by paying a set rent it’s easy for the owner. The year There are area-specific variables but typically January and February are the quietest months followed by increased demand in the following months through to September when it begins to drop off. Businesses and trade support demand over the winter months for SA. If you get your price point at the right level then at least 50% of your bookings will be within 2 weeks of check-in Reviews Lots of people will not book unless they can see the reviews and an average review score. If you are using 1-night stays as a way to get reviews quickly on new SA ensure you vet the guests by being there to meet and greet You can lower your price to get bookings in quickly then increase your price when you have enough reviews to qualify for a review score. BEST MOMENTS ‘If you choose an area with 70,000 plus thebe there will be the demand’ ‘If you have 100% occupancy then you are too cheap’ ‘You need reliable trades in the team in order to be able to manage remotely’ ‘Don’t scale too quickly in an area of lower population’ ‘You are more likely to get bookings if people can see your reviews and average review score as long as they are decent’ VALUABLE RESOURCES The Serviced Accommodation Property Podcast https://propertysoldier.co.uk/ 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]