Tips on Entering into the Short-Term Rental Market in Surrey
For some of us, 2019 is all about finding a second income or even a change in career. Luckily there is plenty of readily available opportunities for the short-term rental sector. The concept of short-term rental isn’t new, but it has been reimagined to the point where it’s unrecognisable now. And with the rise in demand for various online platforms that provide people with more short-term rental options, the industry is growing. This level of popularity has seen an influx of new landlords, and it’s a relatively easy business sector for entry-level entrepreneurs.
Surrey is an ideal place for any new business venture, and tens of thousands of new SMEs and freelancers begin life here every year. With so many businesses in nearby London, you’re bound to find the right people and companies. It’s essential that any prospective short-term rental landlord begins to plan as soon as possible. A good suggestion would be to start this while you’re currently in employment. That way, you can find suitable companies to partner with and save or apply for money for your new business venture.
The Huge Potential for Short-Term Rentals in Surrey and London –
For some people, the reason they consider becoming a short-term rental landlord is to earn a second income. If done correctly, it can also represent a viable new career option for people who are desperate for a change. One thing you’ll obviously need is a house or apartment you aren’t currently living in. So, for the sake of this blog, let’s assume that you might be starting from scratch.
The first thing you should do is work out what sort of budget you have to buy a property. One option that could work is a buy-to-let mortgage, although they are on the decline. If you go online and do some homework, you’ll find various purchasing schemes that may assist you in getting your first rental property. You should also consult with a mortgage broker to see what other options are available.
Another route to getting a second or multiple properties is to purchase at auction. You will need to develop the property, so remember that this isn’t an easier route. This is the most time-consuming and labour-intensive of your options. Financially, you could save lots of money by utilising the auction houses to buy a property. Not only that, you may find that you have a knack for it and house-flipping may be another source of income.
You also need to go online to research what sort of options you have when it comes to advertising your short-term rental property. Airbnb is the number one website for short-term online rentals. Their team are very active with new clients, and they will assist you throughout your application. It’s in their interests to have your property’s profile ready to attract customers, as they take a fee to host you on their platform. So, do your research and learn to navigate the site.
Focus on what the asking price is for similar properties to yours. You’ll need to draft a business plan to ensure you make a profit. Write down all your starting costs and additional ones you’ll incur. Then, you’ll need to decide if you’re taking on the landlord duties, or you’re outsourcing them to a management company or agent.
Managing Furnished Short-Term Rental Properties in Surrey –
As you begin and make progress in the short-term rental market, you’ll need to create a network that includes sub-contractors and associate companies. Furthermore, you’ll need to purchase or repair furniture, appliances and undertake maintenance of your rental property. And one company you should include in your network is WH Cox & Son.
WH Cox works with landlords who use us to transport furniture and make collections and deliveries. Additionally, we provide storage for many professional landlords with multiple properties and related trades like interior design and property development.
WH Cox’s Man & Van service charges by the hour, which is ideal for keeping costs low. You only pay for the time you use our service, unlike the various similar man with a van services who charge per day. By using our Man & Van service, you will have the full use of the vehicle as well as two members of WH Cox’s elite team to do the heavy lifting.
Even if you decide to outsource your management, you will still oversee the maintenance of the property and furniture. That means working out what you want to leave in your house or apartment for future guests, and items that you’d prefer to remove before they arrive. And that means finding suitable storage space.
WH Cox has excellent storage facilities at our branch in Surrey, and we work with several landlords. It’s wise for you to partner up with us, so you have a storage unit for your new enterprise. Most of our landlords use our Man & Van service to collect any furniture and items they don’t want their guests to use. And they have everything transported to their storage unit.
WH Cox & Son – Surrey’s Favourite Company for Short-Term Property Freelancers –
The WH Cox team works with several landlords in Surrey every week. That’s why we understand the needs of people in this industry. We often talk with our customers to get feedback on what they use our services for. This is how we’re aware of how much the short-term rental market is increasing in popularity.
We work with thousands of business customers every year from just about every sector you can imagine. There are always common factors that are true to every industry. And one of the most important things that an associate company needs to do is turn up on time and complete to deadlines.
The short-term rental sector has lots of potential for growth. We believe that it will increase in size as more people look to become landlords in this industry. In comparison to many other fields, being a short-term rental landlord can provide a much quicker turnaround for seeing a return on your investment.
At WH Cox & Son, we have the right people and equipment to undertake any job. Moreover, we have the right attitude and work ethos to compliment any short-term rental landlord. Our dedication to customer service is what makes us a reliable company to work with. Additionally, we believe that it helps us gain hundreds of new customers every month.
If you want to work with Surrey’s best removals and storage company, contact us today. We have the right services to help your short-term rental venture.