
With the property market starting to pick up momentum again in the UK, it’s important for buy-to-let landlords to understand how they can plan for success once the final bricks have been placed. On Average, 32% of UK properties are sold before construction has even begun, proving how important it is to get planning for high occupancy rates.
This article highlights why off-plan properties are ideal for turning into serviced homestays and how owners can guarantee their investment offers a return in record time.
Do off Plan Properties Make Good Serviced Accommodation Properties?
Off-plan property investments can make excellent and versatile serviced accommodation investments if they are viewed with a strategic eye from the moment paperwork is signed. Choosing areas which are expanding as a place to run an accommodation business is a great idea as it means more footfall is likely to be arriving. Also, if there is a new development near companies, the corporate traveller market can be accessed.
Since off-plan properties are merely architectural drawings when purchased, landlords can design these homes to make perfect serviced stays. This includes customising layouts, designing the finish of rooms, and ensuring there are spots for all amenities before building begins. The modern design and new-build status of these properties are also perfect for a wide number of guests, as curb appeal is vital for any service stay.
Finally, purchasing a property from plans gives landlords time to start advertising their properties for future guests by establishing their presence on various listing sites.
How Can Off-Plan Properties Be Optimised for Instant ATS Success?
A common misconception amongst buy-to-let new builds is that there isn’t any point in starting to plan for future success until the completion date is offered. However, with these properties flying up in record time, thanks to the increasing size of construction teams and advancements in building methods, landlords don’t have too long to wait.
By putting the wheels in motion, landlords are able to hit the ground running once construction has finished with competitive fees and high occupancy levels.
Scope a Target Market
Serviced accommodation is a popular choice for many people, given the focus that guests now place on security, privacy and cleanliness. With many guests to select from, the most successful serviced stays are aimed at a niche set of clients.
Choosing a target market will determine if you will cater to business travellers, tourists, families, or a specific niche market. Understanding your target audience will help you tailor the property’s amenities plus highlight the best online spaces to advertise for guests.
Find an ATS
Sourcing an ATS for listing a property is essential, as the chosen platform says a lot about what is available during the stay. An example of this is Comfy Workers, a website focused on supplying serviced accommodation for contractors and other business professionals.
The right ATS team will be able to help with crafting standout listings, managing aspects such as fees and marketing plus generate initial interest in properties so that initial guests are already secured for when construction is complete.
Invest in CGI Images or Photography
Even if a property is off-plan and unavailable for photographs to be taken until construction has finished, most building projects offer access to CGI images. These can be used to initially market a property and are simple to replace once professional shots have been taken when the serviced stay is completed.
Confirm Policies, Pricing and Services
Buy-to-let landlords should start as they mean to go on when managing a property. The best way to do this is to define all rules and regulations before guests start to make bookings.
A simple way to do this is to establish clear and concise guest policies regarding bookings, check-in/check-out procedures, house rules, and any additional services offered. Landlords should also ensure that guests have access to important information such as emergency contact numbers, Wi-Fi details, and local recommendations to enhance their stay.
By considering each of these initial steps, off-plan properties can be quickly turned into profitable businesses for savvy landlords.