Well February has kicked off with gusto. In amongst a week that saw Chris and I viewing a decent commercial conversion opportunity and progressing a couple of potential R2R for SA deals, the highlight was the SA Summit on Wednesday.
I’ll start with saying a massive thank you and congrats to Jason and Lee for thinking up and putting together such a great event. And of course to all the speakers who shared their experience and great insights.
Here are my 6 learns and tips for you all (amongst many) from each of the day’s speakers.
- Matthew & Jason – a great end to end overview on setting up an SA units. TOP TIP aim to meet the kind of standards being set by ASAP (Association of Serviced Accommodation Providers) – i.e. use mattresses and curtains that are fire retardant. And don’t overlook using lighting that can create an ambience in the living room – makes a big difference.
- Duncan – super inspiring talk about using houses as SA for contractors.TOP TIP – in looking for repeat bookings – if the name paying is different to the guest staying then it may be a company booking for contractors so contact them to ask they might need to stay longer or return in the future.
- Paul – a brilliant talk on the business structure and mindset on which to build our SA business. TOP TIP – the real definition of a business – “a profitable enterprise that continuously improves without you”. That’s the way you want to build your SA business. Noted Paul, you’ve successfully shifted my perception, on to it 🙂
- Chris Poulter – very inspiring talk on how his first SA project was a 29 bed hotel. TOP TIP– apply the entrepreneur’s question and mindset when considering a deal with a hotel/guest house vendor. The question to have in the back of your head and the approach to take is, “What’s the problem and what’s the solution we can make money from?”
- Emelia – I think everyone was inspired by Emelia’s quest for direct booking. TOP TIP– don’t sit back and let the OTA (booking.com, airbnb etc) do it all – that is not a business you are in control of (I confess Emelia and Sandra, we are culprit of this, but that will all change going forwards). In other words either learn how to do online marketing yourself or outsource it and take direct bookings via your own booking website.
- Lee- aka “the entertainment” – wow what energy Lee has up on stage, and passion for this business of SA. TOP TIP – this is a hospitality business, not just a property investment strategy, therefore act as such. Really understand why guests are coming to your area and serve that audience. Using the example of a recent commercial conversion project, Lee showed how he reverse engineered the whole product to the end user of corporate guests. Now in operation, he offers free/reduced Sunday night stays with a Mon-Thu booking in addition to a laundry service for their shirts/suits etc and even an order and delivered supermarket shop.
It really was a great day and I’m sure all attendees are super grateful for the organisers, speakers and sponsors. As sweet finish to the the day I was one of a handful drawn from a hat to win a £250 voucher with Fusion Furniture solutions.
So, these are my top take-aways and for anyone interested in the other anecdotes and lessons that resonated with me, I have typed up my notes into a pdf doc and would be happy to share. Just shoot me an email to tsen@adaeroproperty.com and I’ll reply within 48 hours with notes attached.
For further advice and specialist help I would encourage those interested to follow up with each of the speakers regarding their specialist areas.
Have a great weekend all.