Marek is joined by Marika to talk about their speciality – Serviced Accommodation.

In this informative episode, they take us through what to look for when you are starting out including great tips on finding the right area through to the policies procedures and systems you need to have in place.

They share invaluable information gained from their own extensive experience in Serviced Accommodation about the practicalities and systems that really make a difference if you are building a SA business.

KEY TAKEAWAYS

• Serviced Accommodation can be anything from a treehouse, a room in an HMO to a penthouse.
• If you want to work in Serviced Accommodation you need to enjoy property and hospitality.
• Eviction law doesn’t apply in serviced accommodation
• You need to educate yourself and research carefully to find an area where Serviced Accommodation will work.
• When you are starting out you need to take a gentle approach with agents and vendors
• As you grow your business you will need to have a team to ensure that you are able to maintain and service your properties.
• A channel manager will help you to manage your bookings and there are free options.
• When you choose a payment merchant you need to review the percentage they take for each transaction
• You should have at least two payment merchants in case there is a dispute.
• To protect yourself you should have good policies and video the accommodation.
• To advertise your properties you need to focus on having a high profile across a variety of platforms.
• If you are running Serviced Accommodation in a block, house or building the safety rules and regulations are the same as a hotel
• Working closely with the fire service can help you to have the right processes and procedures in place
• Serviced accommodation is 24 hours a day, 7 days a week and you need to have a good procedure in place for emergencies.

BEST MOMENTS

‘We love being in property and providing really good accommodation’

‘We take our own payments so we can stay in control of the money’

‘You need to always fight your own corner’

‘You need to apply the same rules and regulations as a hotel’

VALUABLE RESOURCES

Investing Earning Living Podcast - https://omny.fm/shows/investing-earning-living

ABOUT THE HOSTS

Marika and Marek are experienced investors and owners of multiple successful businesses. The hosts went from having nothing to becoming multimillionaires in their early 30’s through hard work, dedication and desire to change lives.

They have battled unforeseen life’s circumstances and challenges which made them realise that they do not want to be in the same rat race as others. Valuing diverse investment strategies, business avenues and multiple income streams, they are passionate about helping others to succeed in life. Listen and learn.

CONTACT METHOD

Email-  info@investingearningliving.com 

Phone - 0333 050 9443

Facebook - https://www.facebook.com/Investing-Earning-Living-1669019896663211