A serviced apartment’s location is arguably the most important factor in determining its success. Once it’s up and going, it’s the only thing that can’t be changed. If you get it wrong, success will be nearly impossible. If you get it right, it will be your property’s most valuable asset, and one that you won’t have to work on in the future.
It is not as straightforward as it may appear to determine whether an area is good or not. Just because a home is appealing to live in does not guarantee that it will be booked frequently. You would believe that having quick access to the motorway is a significant benefit, though it is possible that your visitors will think it’s excessively loud. A 15-minute bus ride into town may appear to be quite short, but your guest might want to be within 5 minutes walking distance.
In the end, the market will decide whether or not a certain area is viable and the bookings and reviews inevitably get your answer. You definitely don’t want to cross your fingers and hope for the best. The great thing about this profession is that you can be resourceful and use booking sites to learn from others who are already in business in your area.
The first step is to look online to see if any other established serviced flats are located in the same building or on the same street. To do so, go to both booking.com and Airbnb’s map functions.
Look for properties that are similar to yours by zooming in. It’s crucial to observe whether they are indeed similar, if they aren’t, it will be misleading. It’s pointless to look at data from three-bedroom apartments if yours is only one for example.
Once you’ve located a few properties that are similar in your region. Open the listings and look at the property’s Airbnb calendar to see how busy it is. This is a great way to see how popular a location is.
Keep in mind that it’s not an exact science because if the host has blocked off evenings for any reason, they’ll appear as if the property is booked. It’s also worth mentioning that the dates appear to be banned.
It’s impossible to tell what types of reservations make up the banned dates. It could be a series of one-night stays or a lengthy reservation. That’s why it’s crucial to look at many listings to see if any patterns emerge.
The next step is to look into the rates for the property. To acquire a precise estimate, look at numerous dates. It’s critical to examine weekdays and weekends, as well as different lengths of stay, such as 1 night, 2 nights, and 7 nights. And at various months of the year.
Another option is to pay for a service like AirDNA, which offers a comprehensive market comparison.
Now that you’ve discovered various homes in your region, you’ve seen what they charge and how busy they are. The next step is to look at the property’s reviews to discover how satisfied previous visitors were. This is one of the most crucial things you can do.
Take the time to read as many reviews as you can! What are the opinions of the locals? What are their thoughts on the residential complex?
Do they believe parking is tough to come across? Perhaps there is a trend of those staying not liking the distance between them and a supermarket. Are there any obnoxious neighbours on the block?
The evaluations also provide insight into the types of people who book properties in this area. If you see a lot of family reviews, you know it’s a popular spot for them. Similarly, many reviews from young people or business travellers means that area is popular for them.
By determining who is interested in the properties in your neighbourhood, you can adjust the wording you use to sell them. Is it for contractors, corporate travellers, or leisure? Each of these types of guests has their own preferences, which you should learn about so you can be prepared and equip the property appropriately.
Take a look at the images. If you don’t reproduce the quality of the attributes you’re observing, all of this concept validation would have been of no benefit to you. Opening a serviced apartment on the same street as other successful ones does not guarantee that yours will succeed. It’s critical to pull out all the stops in a refurbishment to at least match, if not outperform the competition currently in place. They have a track record of positive ratings, which gives them an advantage over you and your new business. To get off the ground, you must stand out and capture the attention of potential guests, as well as work harder than your competitors.
Finding the ideal place is, of course, only the first step. The actual job comes after you have purchased the property. You’ll have read some great reviews of how the host did this or that during your “reviews” research process. There were also some negative comments about how the host handled certain situations. Indeed, all of the procedures can give you an idea of how difficult it is to run a successful serviced apartment. There is a significant amount of time and work required.
Central Belfast Apartments is a company that manages Airbnb rentals in Belfast. We handle all aspects of our clients’ serviced accommodation, so once they’ve selected the ideal spot, their work is done. Since 2019, we’ve been named No. 1 on TripAdvisor, and our reviews have placed us in the top 10% of hotels globally. We’ve welcomed over 10,000 guests to Belfast, generating millions of pounds in revenue for our clients and the city.
On YouTube, our videos showing Belfast have received over 100k views. Our objective is to provide excellent Belfast experiences, beginning with our lodging. Belfast, in my vision, will become one of the most popular tourist destinations in the world. It all starts with choosing the appropriate place.
Visit our serviced accommodation management site to see what we can do for your perfectly located property. https://belfastairbnbmanagement.co.uk/