Bed and breakfast and hotel mortgages when base rate is high

Is it worth getting a commercial mortgage at a high Bank of England base rate?

If you’ve been considering buying a quality bed and breakfast or a hotel, believe it or not, now is not the time to flinch at the Bank of England Base Rate (BoE BR) increases, in fact this should be seen as a rare and unique opportunity to purchase your dream lifestyle hospitality business.

5% used to be a normal and competitive interest rate for hospitality
mortgages

Although BoE BRs are at a recent all-time high, they are still relatively low in comparison to the pre-financial crash back in 2008, when the BoE BR was 6%, at the time this rate was the norm and reasonably competitive.

The current prevailing rate of 5% can in this context still be seen as reasonably competitive and importantly this didn’t prohibit people buying businesses back in the day.

Interest rates are more realistic in 2023

It is only since the financial crash of 2008 that we’ve seen BoE BRs plummet to near zero and which in-turn led to an unprecedent rise in business values, because cheap money was readily available, supported by the Bank of England’s policy of quantitative easing and latterly the financial support offered by the UK Government to businesses during and post pandemic.

Despite the ups and downs of Base Rates, Lenders who are considering lending to people requiring commercial mortgages have always factored in potential rises in BoE BRs to ensure that their loan servicing was secure, even if BoE BRs increased to 12% which is a doomsday scenario.

On a positive, the increase in Base Rate to 5% has led to more realistic pricing of hospitality and leisure businesses, as there is a real perception out there that these increases will make borrowing money more expensive, which it indeed will.

Cost of borrowing offset by reduction in market pricing

Conversely, the increased cost of borrowing will be off-set by a reduction in market pricing, especially so in the hospitality and leisure sectors that are prone to discretionary expenditure, so on balance, you’ll not be overly disadvantaged by higher BoE BRs, when buying a hospitality or leisure business.

You might ask why this is the case, the answer is simpler than you might think: vendors generally sell their hospitality and leisure business for a variety of reasons, retirement being the most common, followed by death, divorce and debt.

As a consequence, business owners who want a rapid exit with an expeditious sale are very concerned that the increases in BoE BRs have caused market uncertainty, with commercial mortgage debt being considered as unaffordable by many prospective purchasers, when in fact debt is still comparatively cheap.

Hotel and Bed and Breakfast purchase prices discounted by up to 20%

To counter these concerns, vendors are turning to discounting the guiding price of their businesses for an expeditious sale, sometimes by up to 20% or more, which wouldn’t have even been considered by the vendor or by their sales agent some 18 months ago.

So how can you take advantage of this unique and limited opportunity before the market corrects itself and prices of hospitality and leisure businesses return to pre-BoE BR increase norms.

Specialist commercial mortgage brokers can help

Quite simply, you need to engage with a firm of specialist hospitality and leisure brokers, such as Stewart Hindley, who have the sector expertise and knowledge to provide a funding solution that ticks the lenders’ boxes and one that is affordable at the current BoE BR.

Stewart Hindley can provide funding solutions over longer terms, ensuring that your loan repayment are affordable at the current BoE BR, with options like interest only payments and capital repayment holidays, to off-set the current high cost of borrowing until Base Rates reduce, as well as seasonal payments to improve cash flow and debt servicing.

The future of base rate hikes in 2023

Looking to the future, BoE BR are predicted to reduce to circa 2.5% by the 2nd Qtr. of 2024, so the hike in Base Rates will be short lived and will result in businesses returning to more robust market pricing in the 2nd Qtr. so, there is a limited window of opportunity to realise your dream of owning your own life style Bed & Breakfast or Hotel.

In summary, Stewart Hindley can not only secure the most competitive commercial mortgage debt for you, but also manages all aspects of the debt raising, ensuring that you are not over paying for your business purchase and that your debt is affordable even if Base Rates increase in the future

To hear more about how Stewart Hindley can help you with a commercial mortgage to buy your life style business, get in touch

Can I get a mortgage for a B&B, Guest House or Hotel when B of E base rates are high?

The answer is yes! Whilst the recent rise in Bank of England base rates can be described as unprecedented, in reality, borrowing money is still cheap in comparison to what it cost 7 or 8 years ago when base rates were at a similar level.

The determining factor is not whether you can afford higher base rate, but whether or not the business can afford to pay the higher base rates, when the lenders’ interest margin is added, this is commonly known as the lenders’ pay rate which is invariably based on the lenders Standard Variable Rate (SVR) which tracks the prevailing Bank of England base rate.

With Bank of England base rates expected to peak by the end of May to 4.5%, they are then expected to decline to circa 2.5% / 3% by the Autumn making for more affordable lending position.

When buying a B&B, Guest House or Hotel you need to consider the businesses Trading Profit, not the Net Profit, as the Trading Profit is before Loan Interest, Depreciation and other Exceptional or Extra Ordinary Expenditure.

Lenders will consider the Trading Profit as the means to service their commercial mortgage, on a full repayment basis over the term of the loan, when considered against the Bank of England prevailing base rate and their margin and when stress tested to allow for future rises in base rates.

So, the question is, do you buy a B&B, Guest House or Hotel when base rates are at a recent all time high, or do you wait until they reduce and possibly lose out on your dream of a life stye business.

The answer is, that when lending is considered expensive, due to base rate increases, this leads to a stagnation in market sales activity due to perceived affordability issues.

Sales Agents and Vendors then become concerned if their pricing is reflective of the market and transactional lead times.

This provides a unique and time limited opportunity to acquire a B&B, Guest House or Hotel with a realistic price reduction ,given the uncertainty in the market and the desire of the vendors’ to move on, given that increases in base rates also have an impact on the cost of living, which also increases  residential mortgage payments which is a good example, as individuals and household money available for discretionary expenditure, such weekends away, or holiday stays, becomes constrained or is perceived to be so, which is a mind set and doesn’t always reflect reality.

For your peace of mind, no reputable broker would recommend a mortgage that wasn’t affordable when considered on prevailing base rates, moreover lenders only consider after stress testing, to ensure that their loan is serviceable even if base rates went to 10% which is as much about protecting their best interests as it is much as yours.

If you’d like to discuss whether or not a commercial loan is affordable to purchase a B&B, Guest House or Hotel, get in touch with one of our expert brokers for a impartial and no obligation chat.

How to Manage Commercial Loan Repayments

In these uncertain economic times, compounded by the increase of Bank of England base rates, which have resulted in an increase of the  cost of borrowing and loan repayments, there is a unprecedented pressure on all businesses to make ends meet, especially so when it comes to managing their loan repayments. The question is, how can I manage my businesses loan repayments when there simply isn’t any spare capacity in my cash flow to do so?

Many business owners have experienced sleepless nights worrying about repaying their loan, this problem which if not managed, can result in business failure.  So how can you avoid this potentially disastrous situation? Surprisingly the solution is relatively straight forward. There are a number of options available to business owners like you.

Communication with the lender is key

The first and most important thing is to communicate with your lender. Advise them as soon as possible that you have a problem, ideally well before the debt debit for your loan is returned as unpaid as this is often followed by a call from your lender, which puts you on the back foot as it indicates that you are not in control of your business finances and making for spur of the moment implausible excuses. This could lead to the transfer of your loan account to your lenders business support team, this isn’t a place where you need to be and worst case this transfer can lead to recoveries action.

How you do maintain lender confidence in your business?

It is important to understand that the lender is there to help you wherever possible, they have a mandate under their terms of business to do so. Explain succinctly how the problem has arisen, which could be the after effects of the pandemic or some equally significant situation such as an unexpected loss of revenue, or perhaps a personal family matter.  The lender will want to understand how long the problem is likely to last for and what you are going to do about it, all of which can represent challenges for you and the lender.

Short term cash flow resolutions for a commercial loan

One instance may be a short-term cash flow situation which can be resolved by micro managing your cash flow to meet loan repayments. If there isn’t the scope within your business to do so, then there are various other ways that can improve the situation. For example you could request a loan repayment holiday for 3 months to provide you with some breathing space to remedy matters, alternately, request that for a period of time, say 12 months, that your loan reverts to interest only payments or just capital repayments and finally ask for an extension of the loan term to make your loan repayments more affordable and in line with your businesses cash flow.

These steps will help your business survive but will also improve you relationship with your lender as they always appreciate transparency.

If you feel somewhat daunted and possibly embarrassed dealing with your lender, a specialist finance intermediary, such as Stewart Hindley & Partners can act for you to secure the best possible outcome. Get in touch with us today.

Interest Rates and Hospitality Loans

I think it’s fair to say that there is never a right or wrong time to buy a B&B, Guest House or Hotel, and in these uncertain and challenging times perhaps now is definitely not the right time to buy.

However, despite economic sentiment there’s really never been a better time to buy these lucrative businesses as market sentiment is softening due to the staycation market returning to pre pandemic norms and vendors being more realistic about pricing.

What are the effect of high interest rates?

“What about high interest rates?” I hear you say, “Are lenders still willing to lend despite the high interest rates?” which are actually driven by Bank of England base rate and not the lenders themselves.

Whilst the Bank of England base rate has increased from an unprecedented 0% to 4.5%, this is recognised as a short-term expedient to reduce inflation. Most financial pundits are forecasting base rates at 2% by the autumn making funding more affordable and very near recent historic lows. It wasn’t that long ago in 2007 (pre the financial crisis), base rates were 5.5%, so in the scheme of things a 4.5% base rate isn’t unprecedented.

Unfortunately current market sentiment more often than not is driven by the MSM (mainstream media) and has resulted in a cautious approach for lenders, sellers and purchasers alike. Lenders are concerned that commercial debt must be serviceable in real terms also when stress tested and sensitised to allow for future increases in base rates, the latest hike being a case in point.

Sellers are concerned that higher base rates will mean that purchasers will stand back from buying their businesses until base rates returns to recent norms of 0% which they won’t. Purchasers will just take the view that borrowing is unaffordable and as a consequence lenders won’t consider funding, so will also sit on their hands until base rates reduce to recent norms. All of this causes transaction stagnation in the market be it hospitality or other sectors.

How is the trading profit factored into a loan?

In the real world, the cost of borrowing is simply factored into the borrowing and transaction process. Lenders have always considered on this basis and the $64,000 question… Is the loan affordable when considered in relation to the trading profit outcome?  As businesses are invariably priced on their trading profit attainment, the answer is a resounding yes!

The challenge is how the trading profit is assessed and calculated for the purposes of borrowing and this is where an experienced hospitality and leisure broker such as Stewart Hindley & Partners can make a significant difference in achieving a successful and timely outcome.

If you want to buy a B&B, Guest House or Hotel, don’t be put off by high base rates.

Whilst the market for these businesses continues to represent excellent value, once base rates reduce and lending becomes more affordable again, the sellers resolve to secure their market price will strengthen, which means less opportunity to secure a price reduction.

As it takes some 3 to 4 months from enquiry to drawn down, the lenders interest rate pricing will reflect the anticipated reduction in base rates by the autumn, making for a commercial affordable lending proposition.

Get it touch with us today for an expert opinion.

Buying a B&B, hotel or guest house – how much does the interest rate matter?

Good time to buy a hotel, b&b or guest house?

I think it’s fair to say that there is never a right or wrong time to buy a B&B, Guest House or Hotel, and in these uncertain and challenging times perhaps now is definitely not the right time to buy.

However, despite economic sentiment there’s really never been a better time to buy these lucrative businesses as market sentiment is softening due to the staycation market returning to pre pandemic norms and vendors being more realistic about pricing.

“What about high interest rates?” I hear you say, “Are lenders still willing to lend despite the high interest rates?” which are actually driven by Bank of England base rate and not the lenders themselves.

Whilst the Bank of England base rate has increased from an unprecedented 0% to 4%, this is recognised as a short-term expedient to reduce inflation. Most financial pundits are forecasting base rates at 2% by the autumn making funding more affordable and very near recent historic lows. It wasn’t that long ago in 2007 (pre the financial crisis), base rates were 5.5%, so in the scheme of things a 4% base rate isn’t unprecedented.

Current market lending sentiment

Unfortunately current market sentiment more often than not is driven by the mainstream media and has resulted in a cautious approach for lenders, sellers and purchasers alike. Lenders are concerned that commercial debt must be serviceable in real terms also when stress tested and sensitised to allow for future increases in base rates, the latest hike being a case in point.

Sellers are concerned that higher base rates will mean that purchasers will stand back from buying their businesses until base rates returns to recent norms of 0% which they won’t. Purchasers will just take the view that borrowing is unaffordable and as a consequence lenders won’t consider funding, so will also sit on their hands until base rates reduce to recent norms. All of this causes transaction stagnation in the market be it hospitality or other sectors.

In the real world, the cost of borrowing is simply factored into the borrowing and transaction process. Lenders have always considered on this basis and the $64,000 question… ‘Is the loan affordable when considered in relation to the trading profit outcome?’  As businesses are invariably priced on their trading profit attainment, the answer is a resounding yes!

How can a specialist commercial loan broker help?

The challenge is how the trading profit is assessed and calculated for the purposes of borrowing and this is where an experienced hospitality and leisure broker such as Stewart Hindley & Partners can make a significant difference in achieving a successful and timely outcome.

So, if you have the desire to buy a B&B, guest house or hotel, don’t be put off by high base rates.

Whilst the market for these businesses continues to represent excellent value, once base rates reduce and lending becomes more affordable again, the sellers resolve to secure their market price will strengthen, which means less opportunity to secure a price reduction.

As it takes some 3 to 4 months from enquiry to drawn down, the lenders interest rate pricing will reflect the anticipated reduction in base rates by the autumn, making for a commercial affordable lending proposition.

Get it touch with our hotel finance specialists today for an expert opinion.

 

Refinancing a Commercial Loan

Increase in loan repayments

We’ve all seen the doom and gloom in the print and digital media around the cost of borrowing and have probably experienced an increase in our monthly commercial loan repayments, unless on a fixed rate loan, which despite the initial higher cost of borrowing is now paying dividends.

As we know, the increase in the current cost of borrowing is in theory to curb inflation.  Whilst this is a laudable aim, it doesn’t take away from the fact that in the medium term, you’ll be paying approx. 20% more each month, over a typical 20-year loan.

When will the Bank of England reduce the base rate?

The $64,000 question is ‘when will the Bank of England Base Rate reduce?’ The answer is probably when inflation returns to the Bank’s target of 2%. This could be some time, with analysts predicting at least 3 to 5 years before the inflationary supply side chain returns to normal, as too many people are chasing too few goods with energy, petrol, diesel and food stuffs all being key drivers to supply chain inflationary pressures.

This begs the question…

What can I do about my commercial loan repayments in the short to medium term?

What can you do in the short to medium term to counter these pressures that directly impact on your ability to service your loan repayments?

The old saying “cash is king” has never been more apt.  Having liquid funds available are essential, as they provide flexibility during an inflationary period or crisis and many lenders look to your businesses’ cash flow for loan servicing. In banking terms this is known as CFADS (Cash Flow Available for Debt Servicing).

Generally, it is not declining profitability that drives a business into duress or insolvency, but the ability to service its creditors, principally bank loans and VAT liabilities, which result in cash flow duress.

As Basil Fawlty once said “I may be stating the bleedin’ obvious”, but it is generally recognised that many operators focus to much time and attention on revenue, rather than cash flow which in many ways can be seen as counterintuitive, as a top-down strategy is broadly accepted by business pundits, but there is a strong case for a bottom-up strategy, cash flow being the case in point, to avoid duress and an insolvent situation which all lenders test for.

Improve your businesses cash flow by extending the term of your existing loan.

If your existing lender isn’t sympathetic to rescheduling or extending your loan, then there are a number or lenders in the market who’ll consider the case for refinancing.

This could be on an interest only, or part interest basis over an extended period and lenders often offer a 12-month capital repayment holiday, to take you over the initial cost of the refinancing.

Refinancing your loan may help your business remain secure

Refinancing should be seen in the context of putting your business on a secure basis, as retrospective comparisons on interest rate and the cost of borrowing pail into insignificance, when your business is under threat from your creditors or indeed your own lender.

 

To find out more how Stewart Hindley & Partners can assist you with your commercial loan or hotel loan refinancing and cash flow, get in touch on 01488 684834 or email info@stewarthindley.co.uk

 

5 Bed & Breakfast Design Ideas

The hospitality world is constantly evolving, and it’s more important than ever before that B&Bs ensure that their bed and breakfast is comfortable, inviting and most importantly, stands out from the crowd.

After all, with many people now booking holidays, short breaks, weekends away and business trips again, there are plenty of opportunities to attract new guests to your bed and breakfast.

Whether you’re in the process of opening a new B&B or want to give your existing bed and breakfast a fresh new look, here are some of our favourite bed and breakfast design ideas.

Create an impactful entrance

There’s no denying that first impressions count and the entrance to your B&B is your first opportunity to make a real impact.

The design possibilities are endless when it comes to decorating this part of your B&B. Some of the best entrances are fun, playful and drenched in bold colour to create a unique atmosphere from the moment your guests step through the door. But equally, an understated entrance with lots of attention to detail can look truly timeless.

Mirrors can also make your entrance feel bigger and grander, whereas fun accessories, flooring and lamps can create striking focal points.

Layered lighting

Layered lighting in the bedroom is a lovely design feature that is both practical and striking.

Invest in a dimmable pendant or downlighters for the main source of light in a room, paired with statement lamps to create an inviting atmosphere. Bedside lights are incredibly important, especially if your guests enjoy reading at night.

And don’t be afraid to opt for feature lights which add another unique dimension to a space.

Choose practical yet stylish furniture

Accessible furniture that is comfortable, stylish and easy to use is super important in any B&B. From comfy beds and dressing tables to inviting sofas and dining furniture, you should opt for accessible furniture that is not only durable but also inviting.

It’s also worth investing in extra features such as sofabeds and portable cribs to optimise your offering to guests.

Dress your dining room

A well-dressed dining room instantly sets the mood and creates a special atmosphere.

With this in mind, all communal dining spaces should look the part. Popular dining room themes at the moment include feature walls designed around elements of nature, oversized everything, casual table scaping, bright and bold dining tables, and traditional aesthetics.

Pick a look that works for your bed and breakfast!

Create a personalised experience

Guests love a personalised experience and this is a great way to set you apart from your competitors. From recognising your guest’s birthday and ensuring that all finishing touches are in line with your guests’ needs, there are lots of ways that you can create personalised experiences to impress.

Above all, you should always make your guests feel special and reward customer loyalty at the end of their stay.

If you’re considering buying your own hotel, get in touch with a member of our skilled and experienced team who is on hand to help you discover your dream B&B property.

The Benefits of Running a Bed and Breakfast

There are many wonderful benefits of running a bed and breakfast, with one of the greatest advantages being the ability to be your own boss to create a better work-life balance.

Whether you’re considering starting up your own bed and breakfast or have just made the move, running a bed and breakfast can be a rewarding and successful venture.

This article will highlight the benefits of running a bed and breakfast and everything you should know before you do so.

What is it like to run a bed and breakfast?

Running a bed and breakfast requires a variety of different skills to provide your guests with exceptional stays.

Owning a bed and breakfast is a rewarding career that allows you to work at something you are passionate about, develop meaningful business connections, and meet interesting people from all walks of life.

What are the advantages of running a bed and breakfast?

Entering the bed and breakfast industry is an exciting and interesting opportunity that can come with great prospects and rewards. For many, running a bed and breakfast is a dream job but is it the right business for you?

If you’re thinking about becoming a bed and breakfast owner, here are some advantages to be aware of:

You are your own boss

By becoming a bed and breakfast owner, you also become your own boss. You are the one who decides your schedule and makes the decisions.

Running a bed and breakfast is also a great way to spend more time with your partner and family, creating an improved work-life balance.

You work from home

Most bed and breakfast owners live on their business property which eliminates long commutes spent stuck in heavy traffic and presents you with more time to spend with family in the home.

Creating a successful business from the comfort of your home is highly rewarding and comforting.

You can meet new people

Running a bed and breakfast means you come face to face with new guests every day which is great for those people who thrive on human interaction. You’ll come across many interesting and friendly faces whom you may be lucky enough to welcome back.

If you love meeting new people and providing them with a safe and clean place to stay, running a bed and breakfast could be the perfect business for you.

It’s a profitable business

Running a bed and breakfast is a great way to boost your income. Owning a bed and breakfast can be a profitable, enjoyable, and rewarding business venture but requires commitment, hard work, and dedication.

It is rewarding work

Starting a bed and breakfast is rewarding work as you provide guests with a great place to stay while you build your business exactly to your taste at your own pace.

Seeing satisfied guests return to your bed and breakfast as loyal customers who leave positive reviews is an unparalleled feeling.

How can I start my own bed and breakfast?

For more information about bed and breakfast finance, get in touch to discuss the plans and options available for you!

How to Make Money from Your Bed and Breakfast

The prospect of setting up your bed and breakfast can be an exciting thought. Whether you plan on transforming a second home or have a spare room or two in your current house, B&Bs can be a great way to generate income.

But with so many upfront costs, how can you make money from your bed and breakfast? This article will highlight five ways you can save and make money from your bed and breakfast.

1. Calculate the costs

Operating a bed and breakfast is about more than just what meets the eye. There are many hidden costs in running a B&B that need to be carefully managed to ensure you are running a profitable business.

It is expected that at some point you will need to invest in redecorating, guest room furniture and furnishings and building maintenance but this is on top of safety tests and regulations, marketing and advertising costs and soaring energy bills.

To ensure your bed and breakfast is making you money, regularly calculate your costs. This means comparing your monthly expenditure to your income to see where and how you can make cuts if necessary.

2. Offer fast wi-fi speeds

It may seem a simple suggestion but living in a digital age means fast-speed internet access is a priority to many. Guests will appreciate good internet speeds during their stay so they can remain connected to friends and family.

If the Wi-Fi password is not immediately obvious, your guests will be sure to ask. Keep things simple by presenting the Wi-Fi name and password to all guests on arrival.

Remember, if you are offering the fastest broadband in your area, this can be reflected in your pricing.

3. Go above and beyond

Word of mouth is one of the most powerful forms of marketing. If your guests feel welcomed, looked after and valued, they are increasingly likely to recommend your bed and breakfast to friends and family. They even leave you a glowing review on TripAdvisor or Google!

An exemplary service can be reflected in the price you charge for a stay at your B&B. By catering to each guest’s needs and requests, you provide a unique experience that can’t be replicated elsewhere.

4. Be spending smart

It may be obvious that you will need to monitor your spending but some purchases that you deem essential may be the total opposite.

For example, if your bed and breakfast has many rooms, each with a different colour palette or theme, it can be tempting to purchase colour-coordinated bed sheets and towels. However, purchasing white bedding and white towels for every room within your B&B can significantly help to cut down the amount of spare bedding required which consequently saves you money.

Similarly, if you serve breakfast, consider cutting costs by offering a limited menu rather than a buffet. This ensures your guests still get to enjoy a well-prepared meal while cutting down on waste.

5. Only accept bookings for multiple nights

In the beginning, you will want to attract as many guests as possible to your bed and breakfast even if they’re only staying for one night. Although this is a great way to generate reviews and ratings, it is a lot of physical work for a limited amount of money.

Between each guest changeover, you will be required to clean the room, wash bedding and towels and meet and greet each set of guests. Over a long period, this can become a costly and tiresome process.

Once established, consider only accepting booking for a minimum of two nights. This gives you more time to create great relationships with your guests and cut down on cleaning, laundry and ironing costs.

At Stewart Hindley, we are proven financial brokers that are proud of what we do. For information about bed and breakfast finance, please get in touch and find out how we can help you.

How to Market Your Holiday Home

Whether you’re a first-time holiday home owner or you’re struggling to attract people to your guest house or B&B, effectively marketing your holiday home is vital.

And, with the travel industry starting to pick up again, it’s more important than ever before that you make marketing your holiday home a top priority.

Not sure where to start when it comes to marketing your holiday home? We’ve created a helpful guide outlining everything that you need to know.

5 ways to market your holiday home

1. Shout about how great your holiday home is!

The key to marketing your holiday home is to shout about your property’s USPs – what makes you different? Why should people book to stay with you over your competitors?

Whether your property has a garden that is perfect for outdoor dining, or it has lots of high ceilings, natural light and spaces for entertaining, make sure people know what makes it great.

2. Let your photos do the talking

They say that a photo speaks a thousand words and that is certainly the case when it comes to inspiring potential guests to book your property.

Investing in professional photography that portrays your holiday home in the best possible light is a great way to attract attention and increase bookings.

As well as using these images on your website and marketing materials, you can also share them widely on your social media platforms – trust us, they’ll be well worth their investment!

3. Social media

Social media is now one of the most powerful communication tools so you definitely shouldn’t overlook it when marketing your holiday home.

Think about where your target audience is spending time, and then set up your own accounts so you can reach them. Make sure you share engaging, relevant, and interesting content regularly and consistently. And remember, social media isn’t a one-way street – it’s all about building a community. Make sure that you respond to any comments or queries, and try to start conversations with your audience.

4. Reviews

Encourage guests to leave reviews on your holiday through social review sites such as TripAdvisor and Google My Business. They’re a great way for prospective guests to learn more about your property, and as reviews are great trust signals, they can help transform them from potential to paying guests.

5. Advertise using holiday rental portals and agencies

Holiday rental portals and agencies are a great way to advertise your property and optimise its booking potential.

More people than ever before are booking online, so advertising using holiday rental portals and agencies will allow you to not only expand your reach, but it will make your life a whole lot easier when it comes to managing the booking process.

And remember, sites such as Airbnb and Holiday Cottages already have a huge amount of credibility, meaning people are more likely to book properties listed on these sites.

Where we come in

If you’re considering becoming a bed and breakfast host, get in touch with a member of our skilled and experienced team who is on hand to help you discover your dream B&B property.