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Costly mistakes to avoid in Serviced Accommodation
Manage episode 427089820 series 3504934
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On today's podcast, Mark discusses the costly mistakes to avoid when engaging in Serviced Accommodation (SA) ventures.
One of the primary points Mark emphasises is the importance of clear communication with landlords when undertaking rent-to-rent deals. It's crucial that the landlord is fully informed about your intentions for the property.
Transparency is key; you should propose your arrangement in a professional and respectful manner, ensuring that the landlord is comfortable and satisfied with the monthly rental figure you offer. This approach not only builds trust but also lays a solid foundation for a mutually beneficial relationship.
Mark also highlights the necessity of understanding the lease terms thoroughly. Before finalising any agreement with a landlord or agent, you should always request to see the lease.
This step is vital because the lease will outline what activities are permitted and which ones are not. Knowing these details in advance can prevent legal issues and misunderstandings down the line. It ensures that your business operations remain compliant with the terms set forth by the property owner.
Additionally, Mark underscores the importance of marketing and self-promotion in the success of your SA business. Putting yourself out there is essential for attracting potential clients to your properties.
Effective marketing strategies can significantly boost your occupancy rates and profitability. Whether it's through online platforms, social media, or networking events, making your properties visible and appealing to prospective guests is a critical component of a successful SA venture.
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