Hotels are passé. Once you get past the glitz and glamour of staying in a four or five-star hotel it’s all the same. When you’ve seen one, you’ve seen them all. Nonetheless, most travellers are blindsided by the additional costs that are billed come check-out.
Serviced Accommodations take a step forward into providing a more unique experience. It is one of the fastest growing booking and property letting service. As it aims to promote client satisfaction and ease to handle. But hold on a second, what is serviced accommodations anyway?
What is Serviced Accommodation?
Serviced Accommodations provide short term accommodation to guests as an alternative to hotels. Guests can opt to stay by the night or for a short period of time. The good thing about it is the system doesn’t surprise you with additional costs upon check out. Everything is upfront and clear.
As a property manager, you can let out your serviced accommodations for a night, a week, a month or longer depending on your guest. This option is highly attractive to a wider range of clients. They can opt for a short stay instead of having a 6-month or one-year tenancy like buy-to-lets. Serviced accommodation is completely flexible with length of stay since it does not require an AST, assured shorthold tenancy as a minimum.
Why Choose Serviced Accommodation?
Getting in to the market offers the possibility of great return and potential. Typically, the properties fitted for serviced accommodation have 1 to 4 bedrooms that can fit one client or even a family. They are well-equipped with a kitchen, living areas and parking.
The amenities found in a serviced accommodation offer an enticing package that traditional hotels don’t usually have. This creates a higher demand for travellers who prefer to feel at home. Most clients seals the deal when they see the convenience that most of these properties offer since they are situated near train stations, supermarkets and entertainment hubs.
The takeaway to consider is earning a net profit between £500 and £1000 per month. The market for serviced accommodation is continuously growing. There are plenty of online platforms that can be tapped to expand reach and advertising gain.
A single let can garner much profit and can be comparable to a multi HMO. The good thing about this is that a single let offers less liability. Fewer headaches mean fewer problems for you as a property manager.
What Is The Future Of Serviced Accommodation?
The growth of serviced accommodation has been remarkable and shows no signs of slowing down. If you are keen on trying and investing in serviced accommodation this is a great time to start. However, you need due diligence and educate yourself on how it works. This may take some time.
Where Can I Find Assistance?
If you’re a new entrepreneur, unsure of how to start your serviced accommodation venture then hiring a virtual assistant may be a good idea. Virtual assistants have the knowledge and the necessary tools to help you set up your very own serviced accommodation. Having someone or a team of exemplary individuals you can rely on will make the process easy and more enjoyable.
We at VaVaVoom aim to help you find the best matched virtual assistant. You can expect a trained VA who will help you maximise your growth investment. If you want to find out more, click HERE.