I recently explained on YouTube the exact things you need to look for in an apartment you plan to rent on AirBnB. Sometimes it can be hard for people to know where to start when it comes to finding a property suitable for a serviced apartment, but there is a simple way to do it.
It all comes down to the acronym FLAT. This set of criteria applies whether you are planning to buy the apartment or to manage it on a rent-to-rent basis. Applied properly, FLAT can help anyone assess if an apartment will do well on Airbnb and other short term let booking sites. In this article. I will explain exactly what FLAT means and how you can put it into action.
1. F is for Familiar
Most people think that they have to look far away from home to find an apartment. Maybe they have seen someone else have success in a particular city and now they think they need to go there. In reality, it is better to pick somewhere familiar, that is near to where you live.
If you pick somewhere close by, you will know where the goods spots and bad spots are; you will know what apartment blocks are near the attractions; and you will have a better idea of any problems with a particular development. On top of all that, when you first get your apartment there will be quite a bit of hands on set up. This is a lot easier to do if you don’t have a 6-hour round trip to the property!
2. L is for Legals
It is important to make sure that you are following the law when you are renting out a serviced apartment for short stay lets. While for the most part, the short stay market isn’t heavily regulated, there are some things to watch out for. It is very important that you know the law and follow the rules.
Firstly, areas can limit the number of nights you can offer an apartment for short stay lets without getting planning permission. Currently London is the only place in England that does so. Next, you need to make sure the head lease for apartment block doesn’t prohibit short stay lets. If you are buying a property, make sure your mortgage lender allows short stay lets. If you are doing a rent-to-rent make sure you get permission from the landlord.
3. A is for Access
When you offer your apartment on AirBnB, you want your guests to be able to access the apartment without you needing to be there. This means installing a key safe. Make sure there are no obstructions such as gates which might make it hard to install a key safe. Also, make sure the apartment block allows you to install key safes.
4. T is for Tourism
While tourists aren't the only customers for serviced apartments, it helps to be in a tourist area. One way to check if the area is good for tourism is to search “things to do in [name of area]” on Google and have a look at the local attractions. Does the area have lots of things to do or is it more sleepy and residential? Select an area that lots of people will want to visit.