Maximising Profits with Serviced Accommodation: Tips for Property Owners

If you are a property owner looking to turn your property into a serviced accommodation, then you are in the right place. Serviced accommodation has become a popular choice for travellers, especially those who are staying for a longer period of time. As a property owner, you can maximise your profits with serviced accommodation. However, it is important that you know how to do it right. In this blog post, we will provide you with tips that will help you maximise your profits with serviced accommodation.

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Know your target market

Before you start turning your property into a serviced accommodation, it is important that you know your target market. Who are the travellers that you would like to attract? Are they long-term travellers or short-term travellers? Once you know your target market, you can tailor your accommodation accordingly. For example, if you want to attract long-term travellers, you may want to consider providing a washing machine and a dryer.

Make your property stand out

In a market where there are many serviced accommodations available, it is important that your property stands out. To do this, you need to make sure that your property is well-maintained and has all the necessary amenities. You may want to consider providing a welcome pack for your guests, which includes essentials such as tea, coffee, and sugar.

Price your accommodation competitively

When it comes to pricing your accommodation, it is important that you do it competitively. You need to know what your competitors are charging and make sure that you are not overcharging your guests. However, you also need to make sure that you are not undercharging, as you need to cover your expenses and make a profit.

Provide excellent customer service

Providing excellent customer service is key to success in the serviced accommodation industry. You need to make sure that your guests are happy and have everything they need. If your guests have a good experience at your accommodation, they are more likely to recommend it to others and return in the future.

Use a property management company

Managing a serviced accommodation can be time-consuming, especially if you have other commitments. In order to maximise your profits, you may want to consider using a property management company. A property management company will take care of everything for you, from cleaning and maintenance to bookings and guest communication.

Maximising profits with serviced accommodation is not an easy task, but with these tips, you will be on the right track. By knowing your target market, making your property stand out, pricing your accommodation competitively, providing excellent customer service, and using a property management company, you can maximise your profits and make your serviced accommodation a success.