For those still searching for strategies to make profit from a property deal, there are so many options out there using so many property strategies. To be honest, I could list over a hundred property income strategies. The key is that all start with a decision and Action. You need to get out there and take action. Reading books, attending seminars and courses will only get you to be knowledgeable, not rich.
One of the low cost strategies in property circles is known as Rent To Rent. In simple terms, it is when you agree Control of a property, bring it to a high standard after refurbishment and rent it to tenants on separate tenancy agreements on room basis, thereby increasing the income generating potential of that property to much higher return than it would rent for if let to a single family. A good job done in this strategy not only offers the residents a more affordable option to stay in a desirable property but also keeps the owner /landlord satisfied by bringing his or her property to a good standard and have occupants of a higher caliber stay there. Hence it is a good win win situation for all parties.
Does it work in most parts of the country?
The answer is yes, if you exclude the more rural parts of the country. Any region in the country which has good employment opportunities lends itself to such a strategy. This can be extended to offering high quality accommodation to those needing on short term basis like a couple of nights to up to 2 or 3 weeks, which is the traditional market for larger hotel chains. But it offers the client a more homely environment to stay in during their short visit to the area. Such strategy is more profitable in areas of tourist interest and especially if they also have large national employers like bank head offices, etc. Many regions of Essex offer good opportunities for these two strategies because of the proximity to London and a good rail infrastructure which offer short commute times into the hustle and bustle of London. Towns like Chelmsford, Harlow, Southend, Colchester are of special significance because of their closeness to rail travel and being cities of historical importance in the region. There are several other towns of significance in the region which draw a loss of tourists and employers like Ilford, Romford, Clacton, Sawbridgeworth, Epping Forest, Thurrock, Saffron Walden, Braintree and many others. These offer continual opportunities for landlords and property experts who wish to take advantage of the many opportunities offered by this region.
Harlow Property Network is a local event which is held once a month in the region which brings together many property and business professionals from around the area who get together to discuss issues of regional importance and business and property strategies to help grow your business network. We also dedicate time to issues surrounding the very important aspect of mindset change required to build larger business with dedicated talks by business minds.
If the property you have can be segregated into distinct areas because of its size and/our annex availability, the strategies of serviced accommodation can be offered in conjunction with good quality multi let option. But the overall appearance and standards at the property need to be of above average standard to attract a regular flow of short stay clients as a Serviced Accommodation.
There are many legal, logistical and management challenges to offering a property on such basis to your tenant clients, which may also differ from one regional council to another. Hence the importance of networking and local knowledge can never be overstated.
Come and join us every third Wednesday of the month in Harlow, Essex from 6.30pm till 1pm. For more details and to stay connected, please LIKE our Facebook page at www.facebook.com/HarlowPropNet/and also subscribe to our event listings at www.myproperty.coach.
Look forward to seeing you at our next event.