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Mark Fitzgerald shares essential knowledge for building a successful serviced accommodation business, covering everything from legal considerations to marketing strategies and property selection criteria.
• Serviced accommodation uses licensed agreements not ASTs, with new agreements needed every 28 days for stays over a month
• Understanding your target market (contractors, tourists, families, government workers) is crucial for success
• Short-term lets command significantly higher margins than traditional buy-to-lets
• Tax efficiencies exist when each property is treated as its own business
• Check for mortgage restrictions and leasehold conditions before starting
• Focus on creating a VIP experience with unexpected touches to generate word-of-mouth marketing
• Systemize your business from the beginning to avoid creating another job for yourself
• Consider competition and hotels as positive indicators of market demand
• Research growth potential in areas with upcoming developments or new businesses
• Prime locations with minimal refurbishment needs make ideal serviced accommodation properties
• Networking with other providers can help with overflow bookings and industry knowledge
Check out www.educationtoaction.com to join our community where we help teach all the skills needed for property success, with thousands of pounds worth of training available for a modest budget.
VALUABLE RESOURCES:
Let me help you build your property business, Check out how I can support your investing now.
- Visit https://www.thepropertyunleashed.com/home
- My Property Investing Community called Property Education To Action, This is the best place to achieve your property goals and build the life you desire. https://educationtoaction.com
- You can learn and take action on your property goals for just £1
- Visit www.educationtoaction.com to explore free Property Ebooks and guides in Rent-to-Rent, Serviced Accommodation, Deal Sourcing, PLOs and more and also our FREE training masterclasses to help you generating a sustainable income through property.
- https://www.facebook.com/groups/816926952556608 to meet like-minded property investors and be a part of the community.
CONNECT WITH ME:
Facebook: https://www.facebook.com/mark.fitzgerald.7921
Instagram: https://www.instagram.com/markfitzgeraldentrepreneur/
Linkedin: https://www.linkedin.com/in/mark-fitzge...
Chapters
1. Serviced Accommodation Fundamentals (00:00:00)
2. Understanding Market Niches and Clientele (00:03:58)
3. Cash Flow Benefits and Tax Efficiencies (00:05:33)
4. Overcoming Mortgage and Leasehold Restrictions (00:07:04)
5. Marketing and Customer Experience (00:09:07)
6. Finding Good Deals and Growth Areas (00:12:18)
7. Making Connections and Final Thoughts (00:18:56)
349 episodes
