A serviced apartment is a fully furnished place that people prefer for long-term stays. Even if it is more expensive than other types of residential properties, it also offers a range of comforts and conveniences. Also termed as extended stays or serviced condos, this hospitality segment is undoubtedly a profit-making industry at present. As the industry is booming rapidly, it is the right time to invest in this business.
Is a service apartment business a good idea?
Earlier only business travelers booked their stays at serviced apartments, but now these are popular among families and couples as well. As service apartments offer the comforts of a home and are more spacious than hotels, they are high in demand these days. So, you can make good money from your Serviced Apartment in Dulwich.
Here are the top 3 reasons why you should invest in this business:
- Even with 50% occupancy, you will make a lot more than you get from regular rent in a month.
- You won’t have to deal with tenants and their never-ending problems.
- Once you are adept at managing a service apartment, you can start multiple service accommodations in different locations and become a brand.
Tips for first-timers in the service apartment business
- Expenses- Owning spacious accommodation in Dulwich is not enough. You have to renovate the place and make it look aesthetically pleasing. You need to invest in amenities like air conditioning, a bed, a private washroom, a television, and everything else that a hotel room provides.
As it is a serviced apartment, you will also have to equip the place with modern amenities like a dining table, coffee maker, induction stove, water purifier, geyser, washing machine, refrigerator, and a fully functional kitchen where guests can prepare their own meals. - Location- The location of your property will have a significant impact on how successful your business will be. So, you must ensure that the property is in a good location in the heart of the city. Your guests should not face any issues getting public transport or finding a departmental store. It is essential to choose a location that has good connectivity, access to amenities and attractions, and a safe neighborhood. Additionally, consider the size of the apartments you will be renting out – it should be suitable for your target audience.
- Security- If the security features are not good, people wouldn’t feel comfortable staying at your property. This is the first thing that any client will check. So, a security guard and CCTV cameras are necessary to make your visitors feel safe during their stay. This will help you keep track of who is entering and leaving your property at any given time. You should also invest in high-quality locks for all doors and windows, as well as CCTV surveillance systems for added safety measures.
- Hire Maintenance Staff- Just like any other hospitality establishment, a serviced apartment also needs daily maintenance like housekeeping twice a week and occasional repair work. Whether you are dealing with plumbing issues or general repairs, it is essential to have reliable maintenance staff to ensure that your property is kept in top condition. Hiring the right people and providing them with adequate training can go a long way in helping you run your service apartment business successfully.
- Marketing- If you want to survive in the competitive business market, take advertising and marketing seriously. You have to list your property on hotel and apartment booking websites. Only then people will know about your serviced apartment in Dulwich. So, click some nice photos to make the place appear visually attractive.
Conclusion
From honeymooners to solo travelers – everyone is searching for serviced apartments these days. So, if you can market your property well, you will soon receive guests throughout the year. It is certainly a profitable business promising great ROI.
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