Whether it’s a short break or a longer summer holiday, more and more of us are choosing to holiday in the UK.
As demand for holidays in the UK continues to grow, so do the opportunities available for those considering letting out a property to holiday makers.
If you’re thinking about starting a holiday let business, it can be an exciting yet daunting process. Here’s our guide:
Do Your Research
Before starting any business, it’s vital that you complete your research. So, the first step in setting up your holiday let business should always be to research the market, location and competition.
Points to consider in your research include:
- Is the location popular?
- Is there a demand for holiday lets in the area?
- How much rental income could you earn?
Work Out Your Letting Rates
Your research will also help on pricing your letting rates. It’s important that you get your rates just right – too high and you risk your property sitting empty and too low and your profit margins will be down.
Conduct your research then set your letting rates accordingly. Once you’ve launched your business, you should also constantly review and adjust your letting rates to ensure that they are in line with market trends.
Prepare Your Property
If you want to attract guests and ensure they have an enjoyable stay, you need to make sure that your holiday let is well presented and kitted out with all the expected amenities.
The first thing your potential guests will see is the photos of your property, so décor should be stylish and appealing.
As well as looking the part, your property needs to comply with all relevant legislation and regulations.
Start Your Marketing
Once your property is prepared and your holiday let business is ready to go, you’ll need to start marketing your property so that guests can find you easily and book their stay.
Your business should be as visible as possible online and it’s also beneficial to have an online booking system to make reserving rooms as simple and straightforward as possible.
Find Out More
If you’re thinking of starting a holiday let business, it’s important that you have the necessary funding in place. To find out more or for a free, no-obligation quote, please get in touch.