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Welcome to another episode of The Serviced Accommodation Property Podcast! In today’s episode, Kevin lays out the key aspects that should be looked at when you’re choosing your serviced accommodation property. So, first things first, it’s important to be mindful of how’s the supply and demand in your area. What creates the demand will be the basis of what, where, and for whom is your serviced accommodation property – and that’s what this episode is all about. So, determine what you should be ticking on your checklists to make sure you’re hitting a goldmine when you listen to this episode!

KEY TAKEAWAYS

• Know your location:
  • Are there any building sites, industries, town centres, train stations, theme parks, universities, sports venues or airports near your area? Places that People who come work their need SA. Commute. Traffic of people.
  • Longer stays are better. It saves energy, money, and time to do tasks (e.g. prepping, cleaning, etc.)
  • Hotel futures report. it tells if there is enough demand for short-term stays in the area.
• Know your target customers:
  • White collar workers? Blue collar workers? Holiday-makers?
  • Tradesmen are less seasonal. They work all year round.
• What type of property of serviced accommodation?
  • It could be normal houses and terrace houses, not just apartments.
  • You can have high-end SA properties depending on the demand.
• Look at your competitors.
  • Go to Booking.com, you’ll see where the SAs and hotels in your area.
  • com is much better a booking agent.
  • Try to model yours with SAs that scores higher than 8.5.
• Assess demand for SA through the Chamber of Commerce. It will tell you any big businesses and projects that are coming in your area.
• Understand your cost. Due diligence is all about getting to understand whether or not it's going to work before you spend all your money. Get quotes from accountants for insurance, furniture, cleaners, utilities, etc.

BEST MOMENTS

• "We are noticing year on year a massive shift in behaviour... tradesmen are looking for serviced accommodation first now before they look into staying in hotels, guesthouses and B&B’s."
• "Remember: You only want to be modelling yourself on the listings that are getting good reviews."

VALUABLE RESOURCES

• com
• Airbnb
• British Chamber of Commerce

ABOUT THE HOST

Kevin Poneskis, also known as the Property Soldier, has been a full-time property investor and mentor since 2011. This happened after he served the army for 24 years. He spent a majority of these years in the 29 Commando Regiment RA and finished his time in the army as a Regimental Sergeant Major. Even during his time in the army, Kevin was already building his property portfolio and educating himself everything about real estate investments.

Right now, he is writing his book Property Soldier, in which 100% of the profit from the book will go to homeless veterans, and hosting The Serviced Accommodation Podcast which educates people who want to explore and earn from serviced accommodation property investing.

CONTACT METHOD

• Kevin’s Facebook

Kevin’s LinkedIn