4 Questions you Should Ask Before Self-Managing Serviced Accommodation

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Serviced accommodation units are time-demanding, and they require commitment and effort to be completely set up. Besides providing accommodation for your customers, you must ensure that the serviced accommodation is matching the quality of service and efficiency of a hotel. It is vital to offer an environment that makes travellers feel at home – despite the fact that they are away from their actual home. So to help you, here are 4 questions you should ask before self managing serviced accommodation.

Serviced apartments must be well equipped with everything the guest needs for daily use. These apartments must be furnished with amenities and, at the same time, be a cost-effective accommodation option for people travelling for leisure or work-related reasons.

As an investor, it is from the utmost importance that you identify the good and the bad aspects of the business. Also, it is essential that you understand how serviced accommodations can be very lucrative if done correctly.

Things to ask before having this type of business

There are basically four things that you should consider before starting a serviced accommodation business:

Are your goals well-set?

Any business owner or manager needs to ask this question. You can also ask “what are my personal & financial objectives for setting up my own business?”. Once you know why you are considering this business, set SMART goals:

  • Specific
  • Measurable
  • Attainable
  • Relevant
  • Time-bound.

Goal-setting is one of (if not the most) important step in this entire process.

Do you know your clients?

After goal-setting, make sure you know exactly for whom you are working. You can also ask these questions to understand the client’s profile:

  • Who are my customers?
  • Where are my customers?
  • How much are they willing to spend?
  • What are their accommodation needs?

A tip is to focus on a specific client, and then make sure all their needs are met. If you choose corporate guests over tourists, for instance, it is essential to create an equipped workspace.

Do you understand compliance?

There is nowhere to run – no matter if you are not fond of rules, you need to understand them as an entrepreneur. Following the right rules, negotiating with the right people and having all the proper documents is an unavoidable step to success.

Some tips on starting serviced accommodation

Some other tips to help you start a successful serviced accommodation business are:

Implement a serviced accommodation marketing strategy

Implementing a marketing strategy is a necessary step for any business. Your marketing strategy will use the question “Do you know your clients?” to help your potential clients find your business and services. Find out what type of marketing message will appeal to them, and where to place this message. On social posts? Blog? Facebook? Magazine print ads?

Depending on your customer profile, you can find them more online or offline – choose the vehicle, and create the message.

Identify the type of accommodation

Within the serviced accommodation business, there are several types of accommodations to choose from – which property is the best for you to maintain and operate? You can choose between some options: houses or apartments, studio units, 1 to 4-bedroom apartments, and more.

Partner with a good property management company

After you have your plan, it is the time to choose the best serviced accommodation management company for your needs and wishes. A trusted company will have enough experience to mentor you and to help you with resources and support. After all, should you self manage serviced accommodation?

Understand the business is worthy

Yes, launching a serviced apartment business, if done correctly, is worth it. It is an exciting industry, but like any other business, it has its ups and downs. It will be hard in the beginning, but the effort you put in setting up your serviced accommodation business is worth in the end.