The event that you own just one apartment. In addition, if you’re contemplating buying an apartment and then convert it into a serviced unit These tips will prove extremely helpful.
1. Utilize space properly
It is essential to understand the dimensions of. In general, extended stays can be classified as studios 1 BHK, 2 BHK. This is the space that determines how many guests you will be able to accommodate in your home and then you can plan the furnishing aspect in accordance with .
If you live in an unfurnished studio space which is large enough for up to two guests. After doing some initial calculations, you arrive at the conclusion that it is able to be furnished with specific items including refrigerator, a bed and TV, wardrobe and the list goes on.
2. Put money into important facilities
It’s a given that apartments with service must be completely furnished. However, that does not mean you have to fill every square inch of space with every piece of furniture and facilities available on the market. Let me provide you with a an overview of this.
3. Employ staff to manage the property
Similar to other establishments in the hospitality industry and serviced apartments, they also need regular care in the form of repairs and housekeeping. In order to do that, you’ll require a dedicated staff on site at your residence.
I’d recommend keeping at least two housekeeping employees who are responsible for the maintenance of the house. Make sure that they are professionally groomed and trained and follow the SOPs that were designed .
When guests check in at your home Don’t forget to inform them of the shift times of your the housekeeping personnel.
4. Use technology to help you
Technology has transformed the structures of hospitality. In actuality there are a variety of SaaS businesses that offer a variety of options for establishments in the hospitality industry.
Get started by investing in an online booking system. It will assist in keeping an eye on bookings and manage requisitions on one dashboard, collecting and storing guest information and other data.
In addition, you can incorporate the software with your channel management system. It will assist you in updating the inventory in real-time and advancing rates across all online portals at once.
5. Divide and then sell
This isn’t something I thought of when studying the freedom movement in India. If I refer to divide and market, it implies that instead of selling your home in its entirety however, you could sell the property on a per-bedroom basis. Let me give you an illustration.
As an example, suppose you own a serviced apartment of 2BHK. Now, you’ve put the property on a variety of booking websites with a cost of Rs. 3500 per day. In this way your home is able to be rented to groups or families. Other segments, such as couples, individuals working in the field and solo travellers are not allowed to rent your property.
6. Offer packages and tariffs that are feasible
Another way to help your serviced apartments business become profitable is to offer flexible tariffs. This is among the primary reasons people choose longer stay.
As you work on your tariffs, make sure that the idea of log-in remains in your head. In addition, you can design packages that allow for lengthy stays such as a week or even one month.
7. Have a flexible cancellation policy
A lot of guests make changes to their plans for travel and this leads to cancellation of their reservations. However, the cancellation policy of the accommodation providers are typically very strict. This means that either they lose money or the customer suffers a loss.
This is why it is suggested to set up flexible cancellation policies that will be beneficial to guests and the serviced apartments business. In particular, for instance you may be charged an additional penalty of 25 to 50 percent if guests cancel their reservations 3 days before the check-in time.
8. Create a strong marketing plan
Marketing is among the essential aspects of every business to increase the awareness of their products or services with their customers. There are numerous strategies for marketing that you can employ to market your serviced apartments business.
It is important to know which methods are suitable for your situation. Let’s look at an example to help us understand it more clearly.
9. Concentrate on the satisfaction of guests
The goal of customer satisfaction is at the heart of the hospitality business. The objective is to provide guests with a an enjoyable and luxurious experience that is worth the investment.
Therefore, when you have guests at your home be sure to provide the top quality services to guests. Additionally, you should try to add a the guests a personal experience during your guests’ stay by offering them local knowledge-based suggestions.
10. Be aware of your online reputation
If you believed that reviews and reputation were something just for hotels, then you’re mistaken. Like hotels reviews, reviews play an important role in the serviced apartments business.
Conclusion
The serviced apartment industry is one of the lucrative sectors in the hospitality industry. It’s actually an ideal way for builders and owners of apartments to make more money from their vacant apartments. If you’re one of these people, this article is perfect for you.