Manage episode 282543999 series 2462848
In this podcast, Kevin tells you about eight of his serviced accommodation predictions. He shares strategies to help you to overcome some of the challenges that could affect you and your SA business in 2021.
As well as talking about the opportunities that are most likely to emerge over the coming months. In this podcast, he covers contractor, corporate, and leisure bookings.
- With contractors, there is a behavioural shift towards SA.
- Despite Jan and Feb being traditionally quiet months for corporate clients things are still ticking over nicely. A positive sign for the rest of 2021.
- Corporate clients are now far less likely to share bedrooms. This is a challenge, but there is an opportunity there too. Kevin explains what it is in the podcast.
- In the summer, there was a staycation boom with people using SAs for the first time. Most people liked it.
- People wanting to visit family they have not seen for a while will be another opportunity, as restrictions lift. Kevin explains how to take advantage of this.
- There is a lot of pent-up demand.
- International travel restrictions have the potential to help SA owners.
- There is currently no evidence that licenses will be needed to run a SA. But you should futureproof your property.
- At the moment it does not look like there will be any change to how businesses who short term serviced accommodation lets are classified by HMRC.
- Stamp duty changes are highly likely to impact property prices.
- If you run HMOs or Buy to Lets as a Ltd company, you need to keep an eye on what happens with tax. This could represent another opportunity for SAs.
‘I see more positives than negatives.’
‘I predict that the corporate market is going to come back even stronger for 2021.’
‘There are lots of customers who previously had not done a staycation they had not stayed in serviced accommodation. They liked it. ‘
‘For most of us doing SA, C is the most appropriate use class. Do I think that's going to change in 2021? No. ‘
ABOUT THE HOST
Your host Kevin Poneskis enjoys public speaking, travelling, exercising, and keeping fit. He also enjoys working with a charity called STOLL which provides accommodation and training for homeless veterans.
Kevin was in the British Army serving 24 years, mostly in a Commando unit, and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of his Army career, Kevin was investing in property and has been a property investor now for over 27 years.
See omnystudio.com/listener for privacy information.