One of the much newer strategies and for obvious reasons has seen considerable growth as it can real enhance the financial return for a property compared with an assured shorthold letting.
What is the normal checks taken out by landlords for Buy to let properties?
We take a deposit, do checks, have guarantors for the tenants and generally ensure that our potential tenant is able to afford the rent. So the questions we have to ask is why isn’t the same done for serviced accommodation (SA)?
Why safeguard yourselves?
- Who is it that is staying in your property? Are they giving their correct details?
- Is the booking system that you are using secure? Do they take a deposit?
- What is a guest steals furniture or cause damage?
- What if your guests decide not to leave?
It seems that the current system can be manipulated far too easily at the moment, even if you have not currently come across any problems that is great but this might be due to luck rather than a business design.
The suggestion is to review your current procedure for guest bookings:
- Contact them on receipt of booking to verify their telephone number
- Ask them for proof of address prior to arrival
- Take a holding deposit as most hotels do
- Use coded locks rather than keys
- Use motion sensing for heating, AC & lighting to reduce costs
SA can be a great way to meet a range of different people. Some basic checks from the beginning can make the whole process safer, more professional and more financially beneficial.