The Serviced Accommodation Property Podcast

For this episode, Paul is joined by Alistaire Handyside MBE the chair of the Professional Association of Self Caterers (PASC UK Ltd). He and his team support the self-catering, short-term lets, holiday lets and serviced accommodation sectors in England and Wales. This includes successfully lobbying the government for reforms that enable these industries to thrive and continue to significantly contribute to the UK economy at a local and national level. Alistair’s unique position within the industry means that this is a true state of the nation episode for SA entrepreneurs. It provides valuable insights into how recent and upcoming legislative changes will have on serviced accommodation and its profitability. KEY TAKEAWAYS The people who work for PASC all have highly relevant experience of the industry and/or the writing of legislation, the way parliament works and how legislation is likely to be interpreted and enforced. PASC got some amendments made to the Furnished Holiday Lettings (FHL)  abolition legislation. Details can be found on their website, so you can assess the impact on your taxes. Statutory registration is messy, but progressing fast, so is likely to be in effect across all authorities within a couple of years. Longer term contracts that do not give tenancy rights may still be possible, but only under certain circumstances. Alistair outlined the changes surrounding drip pricing and fake reviews. PASC is actively trying to prevent you from having to publicly share your name and contact details for your product. The plan is that by 2028 all private rental and short-term rental properties will need to be EPC C. PASC is galvanising relevant organisations to effectively challenge this. BEST MOMENTS ‘Today's presentation is a State of the Union type address on all things serviced accommodation.’ ‘We´ve (PASC) got advocacy experts in the Labour, Conservative and Liberal Democrat parties.’ ‘They won't be able to implement a levy without a statutory registration scheme.’ ‘We are really trying to make the case against this kind of non-standardisation.’ ‘We've managed to get the Energy Council to write a short paper about why the whole proposed EPC metrics don't work for short term rentals.’ ’There is, I believe, the beginnings of a market readjustment.’ GUEST AND EPISODE RESOURCES https://www.pascuk.co.uk https://www.linkedin.com/in/alistair-handyside-mbe-4170b216 VALUABLE RESOURCES Discovery Day Sign-Up Page -  https://progressivepropertyreferral.com/serviced-accommodation-discovery-day/amb0676 The Serviced Accommodation Property Podcast - https://itunes.apple.com/gb/podcast/the-serviced-accommodation-property-podcast/id1436005279?mt=2 https://propertysoldier.co.uk/ Serviced Accommodation Success by Kevin Poneskis Rich Dad, Poor Dad by Robert T Kiyosaki ABOUT THE HOST Your host Kevin Poneskis enjoys public speaking, travelling, exercising, and keeping fit. He also enjoys working with a charity called STOLL, which provides accommodation and training for homeless veterans. Kevin was in the British Army serving 24 years, mostly in a Commando unit and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of his Army career, Kevin was investing in property and has been a property investor now for over 27 years.  CONTACT METHOD https://en-gb.facebook.com/propertysoldier [email protected]

During this episode, Di Forster who is a social media, and marketing expert who has been working with businesses like yours for 19+ years, shares some highly effective tips and techniques. Golden nuggets of information that are especially relevant for SA owners. She provides you with a breakdown of each of the marketing channels, shares the pros and cons of each of them and explains how you as a SA owner can use them to increase bookings. KEY TAKEAWAYS You have to cut through the noise and get people´s attention.  You can´t outspend the big companies, but you can be smarter. Know your audience and create content that appeals to them.  A website for mostly contractor guests will look very different from one aimed at attracting families. Focus on solving problems for your target guests e.g. highlight free parking. Make sure your website answers your audience´s questions. Focus your marketing efforts on people who are ready to book, rather than those who are just browsing. How you set up your Google Business Profile matters. Putting the right content on your website enables you to rank high for people who are looking for accommodation in your area. Do the maths when paying for ads. Use the social media platforms that your target audience uses. Di explains how to work out which ones to use. Re-purpose your content e.g. a single video can be cut up and posted across multiple platforms. Start posting on YouTube, it´s a Google asset. Post regularly if you don´t you´ll slip down the rankings. Use offers to tempt people to book direct. Target local events that attract visitors e.g. graduations, Christmas markets, etc. Plan your marketing now for events that are taking place next year in your area. For each block of a page include a call to action and the ability to book. Include WhatsApp as a contact method. Most people now prefer to use WA. BEST MOMENTS ‘You have to differentiate yourself from everybody else because there's so much c**p out there.’ ‘$436.6 billion is spent on advertising. ’ ‘So, you've got a higher chance of beating booking.com and Airbnb because you're focusing on location. ’ “Your customer needs to see the telephone number, to see the button to book now, because they can't be asked to scroll back up” “Content is still king, that's not changed for 20 years.” GUEST RESOURCES https://www.linkedin.com/in/diforsterecommerce https://www.advansys.com VALUABLE RESOURCES Discovery Day Sign-Up Page -  https://progressivepropertyreferral.com/serviced-accommodation-discovery-day/amb0676 The Serviced Accommodation Property Podcast- https://itunes.apple.com/gb/podcast/the-serviced-accommodation-property-podcast/id1436005279?mt=2 https://propertysoldier.co.uk/ Serviced Accommodation Success by Kevin Poneskis Rich Dad, Poor Dad by Robert T Kiyosaki ABOUT THE HOST Your host Kevin Poneskis enjoys public speaking, travelling, exercising, and keeping fit. He also enjoys working with a charity called STOLL which provides accommodation and training for homeless veterans. Kevin was in the British Army serving 24 years, mostly in a Commando unit and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of his Army career, Kevin was investing in property and has been a property investor now for over 27 years.  CONTACT METHOD https://en-gb.facebook.com/propertysoldier [email protected]

Today´s guest Shimon Rudich is a prolific property investor who has used all of the different strategies and taught over 13,000 people to do the same. He also runs MS Law, a firm Kevin has personally used, for many years. For this episode, Shimon focuses on creative financing strategies. In particular, the different ways you can use lease options, title-splitting and commercial to residential deals. Importantly, Shimon also explains how to avoid the most common issues with these more creative property investment strategies. KEY TAKEAWAYS Using lease options avoids the need for a deposit, or a mortgage and avoids all kinds of legal fees. Lease options enable you to make money from a property as if it were already yours. Use short lease options to make money faster. Exercise your right to buy as soon as you can.  Don´t forget to exercise your right to buy on time. Surprisingly, a lot of people do forget to do so. Be realistic and fully understand what happens if the vendor or tenant breaks the contract. You must keep in touch with the vendor throughout the lease period. Shimon explains why not doing so can cost you a lot of money. Look for large properties with a staircase in the middle to convert into flats and use title-splitting. Title-splitting can be used for commercial conversions, which are still incredibly profitable. Especially when combined with SA. Win wins clinch deals fast. Always use proper joint venture agreements drawn up by a contract solicitor. BEST MOMENTS ‘I have a vested interest that you are successful – I make money only if you are successful.’ ‘The best way to get people (the vendor) to stay in touch is to incentivise them.’ ‘If you are not closing deals every single month you are not doing something right.’ ‘You can still make money from commercial conventions, even if you don't have any money. ’ GUEST RESOURCES https://ms-law.co.uk/ [email protected] https://www.facebook.com/shimon.rudich/ VALUABLE RESOURCES Discovery Day Sign-Up Page -  https://progressivepropertyreferral.com/serviced-accommodation-discovery-day/amb0676 The Serviced Accommodation Property Podcast- https://itunes.apple.com/gb/podcast/the-serviced-accommodation-property-podcast/id1436005279?mt=2 https://propertysoldier.co.uk/ Serviced Accommodation Success by Kevin Poneskis Rich Dad, Poor Dad by Robert T Kiyosaki ABOUT THE HOST Your host Kevin Poneskis enjoys public speaking, travelling, exercising, and keeping fit. He also enjoys working with a charity called STOLL which provides accommodation and training for homeless veterans. Kevin was in the British Army serving 24 years, mostly in a Commando unit and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of his Army career, Kevin was investing in property and has been a property investor now for over 27 years.  CONTACT METHOD https://en-gb.facebook.com/propertysoldier [email protected]

This episode is Kevin´s initial reaction to the UK´s Spring Budget of 2024 and other reforms. Including the Renter´s Reform Bill, the abolition of section 24, changes to the furnished holiday let tax regime, new short-term rental regimes, enhanced fire safety standards, the Tour Operators Margin Schemes (TOMS) and more. Kevin explains why despite the changes, building and running a property portfolio is still an excellent business option, especially the various SA models. Listen to find out how to navigate these changes and turn them to your advantage. KEY TAKEAWAYS Changes to legislation, the market etc. are inevitable. No matter what that change is the answer is always to stay calm, adapt and carry on. Lots of people are put off by change, so will leave the sector, which creates more opportunities for those who persevere. Often, seemingly negative changes actually generate more opportunities e.g. SA went nuts during CoVid. There are always ways around things. New ways to do business. Most of the SA-related changes do not affect hotels or B&Bs. The rent to SA playing field just got better. More Buy to Let landlords are going to say yes to rent to SA. The VAT changes creates more opportunities. Commercial conversion to SA is not affected by the new legislation. BEST MOMENTS ‘When more people pull out of the sector that just creates opportunities.’ ‘The Renter´s Reform Bill is actually going to help serviced accommodation.’ ‘Hysterical headlines are going to help.’   VALUABLE RESOURCES Discovery Day Sign-Up Page -  https://progressivepropertyreferral.com/serviced-accommodation-discovery-day/amb0676 The Serviced Accommodation Property Podcast- https://itunes.apple.com/gb/podcast/the-serviced-accommodation-property-podcast/id1436005279?mt=2 https://propertysoldier.co.uk/ Serviced Accommodation Success by Kevin Poneskis Rich Dad, Poor Dad by Robert T Kiyosaki ABOUT THE HOST Your host Kevin Poneskis enjoys public speaking, travelling, exercising, and keeping fit. He also enjoys working with a charity called STOLL which provides accommodation and training for homeless veterans. Kevin was in the British Army serving 24 years, mostly in a Commando unit and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of his Army career, Kevin was investing in property and has been a property investor now for over 27 years.  CONTACT METHOD https://en-gb.facebook.com/propertysoldier [email protected]

Today’s episode of the Serviced Accommodation Podcast is all about turning guesthouses, B&Bs and hotels into apart-hotels. Something that Mark Hodgkiss has already done several times, so the information in this podcast is like gold dust. It includes how to source properties, convince owners to sell, structure an exchange with a delayed completion deal, finance it, complete the transformation, and run the business. KEY TAKEAWAYS Turning hotels and B&Bs into serviced accommodation (SA), should not be the first SA deal you do. B&Bs are typically found in central locations, undervalued and there are not many buyers. Adding rooms and improving the quality of the rooms can easily double profitability. Locals typically view this type of development favourably. Apart hotels are not 100% hands-off, but they are easier to run than you think. Adding kitchenettes makes them more attractive. You don´t have to necessarily wait until the business is put up for sale. Mark explains how to approach owners and put a business proposition to them that is hard to resist.  BEST MOMENTS ‘That will result in almost doubling of the business.’ ‘It´s not set and forget, but it´s getting easier.’ ‘If you can offer the tools to be able to fulfil what they need out of the sale you are in a good position.’ VALUABLE RESOURCES Discovery Day Sign-Up Page - https://progressivepropertyreferral.com/serviced-accommodation-discovery-day/amb0676 The Serviced Accommodation Property Podcast- https://itunes.apple.com/gb/podcast/the-serviced-accommodation-property-podcast/id1436005279?mt=2 https://propertysoldier.co.uk/ Serviced Accommodation Success by Kevin Poneskis Rich Dad, Poor Dad by Robert T Kiyosaki EPISODE RESOURCES [email protected] https://www.facebook.com/InHotProperty/ Property Log Chrome Extension - https://chromewebstore.google.com/detail/property-log/jccihedpilhidcbkconacnalppdeecno?hl=en-GB Podio - https://www.podio.com/   ABOUT THE HOST Your host Kevin Poneskis enjoys public speaking, travelling, exercising, and keeping fit. He also enjoys working with a charity called STOLL which provides accommodation and training for homeless veterans. Kevin was in the British Army serving 24 years, mostly in a Commando unit and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of his Army career, Kevin was investing in property and has been a property investor now for over 27 years.   CONTACT METHOD https://en-gb.facebook.com/propertysoldier [email protected]