If done correctly, investing in property business is one of the most profitable ways of making passive income. There are different property investment strategies that you can venture into, but today, I am discussing Serviced Accommodations.
The SA sector is the fastest-growing facet of the property business industry. In the UK alone, the latest data studies project it to value at £3.7 billion by the end of 2022.
While the business is indeed thriving, it is also attracting more and more property owners wanting a share of the treasure mound. Therefore, you would need an effective marketing approach and know the key selling points that you should highlight in able to attract potential guests.
Here is a list of my personal recommendations that you can use as a guide:
Property Location & Nearby Places
In almost all cases, travellers will first decide on their destination before looking for accommodation within that area. This means the location is in fact the first and foremost consideration and it only makes sense that you stress this in all your marketing platforms.
You should also highlight key places and establishments that are near the property. Being in close proximity to the beach, tourist hotspots, historic or cultural sites, entertainment venues, restaurants, and shops can also boost the desirability of your accommodation. Access points are also very important such as the local airport or train station.
Popular Local Activities
According to a recent report by the World Travel and Tourism Council, short-term rentals help localities by expanding local community participation in tourism. This means many travellers who book serviced accommodations, also engage in activities offered in the region.
I suggest citing popular experiences such as a visit to a local museum, trekking through a national park, attending an annual event, dining at a trending restaurant, and the like.
Amenities & Facilities
While must-sees and must-dos near the property are prime selling points, it is also important to highlight the offerings that are in the actual property. Potential guests will always look for accommodations that have a rich selection of amenities. These are in-house features that give comfort, entertainment, and convenience to occupants.
Amenities can vary widely depending on how much you have invested in your property. Some offer very basic items such as bedding, kitchen appliances, bathroom essentials, and perhaps a TV. Others can be very luxurious with facilities such as swimming pools, hot tubs, gyms, cinemas, sports facilities, and more.
In-house Services
In-house services will require added operational costs and manpower. However, it can greatly elevate the rental value of your property and allow you to apply higher prices.
The services you can incorporate will depend on your sources and capacity. To give an idea, some of the most common ones include concierge, housekeeping, security, butler, chauffeur, chef, and tour guide services.
Home Decor & Design
Seeable features will draw in more attention than worded information. This is why the architecture and interior design of your property will highly affect the initial impression of your guests. Before booking any accommodation, people will always try to imagine themselves being in the place and their sole basis for this is how you visually present your property.
Guest Reviews
Based on a survey conducted by a leading accommodation software company, 81% of travellers frequently or always read reviews published by previous guests. It is therefore a leading factor affecting the decision of clients.
Collecting positive and credible reviews is both challenging and delicate but achieving this will surely put your property in an excellent position.
Specialty Features
Many accommodation businesses become successful by becoming specialist players. If your property offers a particular service or facility that can set it apart from most, then it could be a feature that you should highlight.
If your place provides pet-friendly policies or wheelchair-friendly facilities; if it uses renewable energy or grows its own produce, then these are good selling points that are worth mentioning.
Before you go…
If you are just starting your SA business, then make sure to read my previous article about the things you need to know about setting up a serviced accommodation.
Better yet, I invite you to join my FREE event, The Serviced Accommodation Summit!
