How To Set Up Serviced Accommodation: My property reality show, The Eviction 2024, is back on YouTube. This time, the contestants are living under one roof at my stunning 26-bedroom Willingham House hotel in Cambridge.
In Episode 1, it’s all about refurbishments and renovations! With a £2,000 budget, just 72 hours, and high expectations, the teams must transform rundown rooms into rentable, stylish apartments. If you would like to watch the full episode, you can do so at the top of this page or on my YouTube channel.
A lot of people are getting into serviced accommodation these days, either via properties they own or via rent-to-rent deals. Once they have acquired a serviced accommodation unit, however, it can be a big task to renovate and furnish them. In this article, I will give you 3 easy steps on how to set up serviced accommodation. If you follow this guide, you will have a high quality space at an affordable price.
This information could help a lot of people in the property sector. Add value by sharing this article on your social media pages. Your followers will thank you!
1. How To Set Up Serviced Accommodation: Step 1. Make A Plan
Before you start refurbishing, you need a plan. You need to think about your guests and what they will need for their stay. If you are gearing your property towards holidaymakers, they will need different amenities to a property targetting contractors, for example. Make a list of everything you need and decide on a colour scheme.
You should aim to make the property look like a hotel. That is to say, provide a wow factor, but also be relatively neutral. If you have a quirky personal sense of style, park that at the door. You want your property to appeal to as much of the general public as possible.
2. How To Set Up Serviced Accommodation: Step 2. Cut Costs, Not Quality
Now that you know what you need, it's time to make the purchases. Ideally, you want top quality pieces at rock bottom prices! One way to do that is to buy second hand items by looking in charity shops and on Facebook marketplace. You can find great deals on Facebook marketplace as people often simply want to get rid of the item, regardless of price. Avoid buying electricals from individuals, however, as they won’t have been safety tested.
Make sure that you only buy items that fit within your plan. Keep your colour scheme and chosen style in mind. When buying new items, search the internet to find the lowest prices possible. That said, you may want to buy a few pricier statement pieces, depending on your target market.
3. How To Set Up Serviced Accommodation: Step 3. Inspect And Fix
Now that you have your property ready, it is time to inspect every detail. Guests have high standards, and one negative review can kill a listing. Go through all the rooms checking paint work, furnishings, and that everything works correctly.
If you find mistakes, even minor ones, fix them. Take your time. If you are not the perfectionist type, have someone who is to look at the property with you. It is essential to get this right, particularly for the first stay.
How To Set Up Serviced Accommodation And Other Property Tips
Now that you know how to set up serviced accommodation, it's time to learn more property tips! Come and learn from a property expert! Join me at my next £1 training event!
On the course, you will learn how to:
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Become a property investor using other people’s money so that you can get started straight away
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Utilise the 5 different types of raised finance so that you know exactly what to offer and when
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Find the perfect properties for the BRRR strategy
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Recycle your money so that you can ‘rinse and repeat’
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Build a power team you can trust, so that you can save time and money
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And much more!
Tickets are only £1, and you can get yours here. If you are ready to take action, I hope to see you very soon!
