There is a good article on the ‘One Touch Investment’ web site; worth a read if you’re currently operating HMO’s and are looking to expand your horizons into Serviced Apartments.
Serviced Property Group Ltd manage properties for landlords involved in both the Serviced Apartments and HMO sectors. Many property investors do not want to deal with the day to day responsibilities of operating Serviced Apartments. The bigger the Serviced Apartment property portfolio the more involved a landlord would need to be. Therefore landlords wishing to convert HMO’s into Serviced Apartments’s may have to provide further investment to bring the property up to a suitable standard. Management companies invest in furniture based on their knowledge of what is required for any given property.
Serviced Apartments are categorised within the hospitality sector so there are things that an Serviced Apartment must offer that an HMO need not. Bedding & towels, cleaning & laundry service, basic vitals (tea & coffee). These requirements require support services who work with the management company to maintain the operation capability.
So what will the landlord get for handing management over to a company such as the Serviced Property Group Ltd? The landlord receives a guaranteed monthly rent with no voids. A management agreement would normally run for three or five years. The Properties are well maintained, cleaned regularly and returned to the landlord as good or in better condition than when taken on. Thats the peace of mind element…
Operating Serviced Apartments is all about management, managing clients needs and expectations and the associated trades people and services that support the Serviced Apartment operator!
Our job as property managers is twofold, protect the landlords investment and provide high quality accommodation to our clients. By doing the first part well we ensure the ongoing commitment of the landlord and by keeping the client happy we fulfil our aim to maximise occupancy potential.
Using specialist property management companies such as the Serviced Property Group is a win win situation for all involved. The landlord wins, the letting agents win and the Serviced Property Group continue to offer great service to our clients.