Obtaining your mortgage support letter can be a tough task, however Sykes are here with a quick, free service...
Are you looking at trying to improve your holiday let income? With years of experience in the holiday let industry, we have pulled together our top tips for maximising your income from your holiday let.
Everybody running a holiday let wants to make sure they stand out from the competition and receive the maximum possible income. Delivering a wonderfully presented property and a great customer experience is a fantastic start – now, these extra tips could help make your current income grow faster.
Listen to our podcast around maximising your holiday let income:
Purchasing a hot tub for your holiday let is a substantial investment, however it is one that is certain to be worth it in the long run.
Not only will offering a hot tub with your holiday let will allow you to raise your rental rates, it will also bring in more bookings by making you stand out as being better than an average holiday let.
Our data shows that properties with hot tubs can earn more than 50% in additional revenue compared to those that don’t, making it a very wise investment to maximise your income.
With social media and streaming being so popular in the modern day, WiFi is now almost expected to be offered in a holiday let. Your income can increase by 16% just by offering WiFi – a simple and inexpensive way to generate more income from your holiday let.
One issue to be wary of is the quality of your WiFi, as having slow broadband is arguably worse than having no WiFi at all. It’s important that your WiFi can handle having multiple devices connected to it, and is strong enough to allow everything from replying to emails to downloading and streaming films.
Allowing pets is a simple way to increase your holiday let income, as pet-friendly properties can earn an additional 10% in revenue.
Accepting pets opens you up to a wide audience. Around 1 in every 3 Sykes bookings include pets, and more than half of our properties welcome them. There are some adjustments that you may need to make in order to accommodate pets, such as beds, feeding bowls, waste bags and maybe even a treat or two in your welcome pack.
Read our guide on how to make your holiday let dog-friendly for more information.
There’s nothing more welcoming than an open fire or a log burner, especially in the colder months. With there being a quieter demand for holiday cottages during winter, adding a log burner or an open fire is a great way to make your property stand out above the competition.
Holiday lets with this feature can generate an additional 34% of income during the winter months, justifying this investment by improving your holiday let income.
At Sykes, our in-house Revenue Management team have created a market-leading pricing strategy designed to maximise your income.
Our dedicated team are constantly monitoring market demand and seasonality to adjust your prices and find that balance between rental rate and booking numbers to optimise your income.
Choosing the location of your holiday let is arguably the most important decision of your entire journey, as this will be one of the major factors in how successful you will be. It’s vital that you choose a location that suits both you and your target audience.
When you are looking at where to buy a holiday let in the UK, it’s wise to choose a location that is open for the entire year. Some of the popular seaside resorts in the UK shut down during the off-season, meaning that attractions, shops, bars and restaurants are closed. If there is nothing attracting people to the area throughout the year, this will significantly damage your income.
A sensible rule of thumb to follow is to choose a property that is within a maximum two-hour drive of a major town or city. This captures a vast group of people that are looking for a getaway that’s not too far from home, and could really capitalise on the recent surge in short breaks.
By being flexible and accepting short breaks as well as long stays, it can really help fill your calendar up and help secure bookings year-round.
It may seem that accepting short breaks is going to take away from your more valuable week-long bookings, however this flexibility really helps to attract guests throughout the year.
This gives people the option of getting away for the weekend, rather than just marketing to those looking for a weeklong stay. If you choose Friday as your changeover day, you could potentially cater for a Friday-Monday stay, and then a Monday-Friday stay to fill your weeks as much as possible – this is an efficient way to achieve consistent bookings throughout the year.
People like to think of their holidays being full of sunbathing, ice creams and beach trips, however this is often not the case. If you want to attract bookings year-round, this is something that you also have to consider and accommodate for.
We all know what the British weather’s like, and it really pays off to be prepared for the more miserable weather so that your guests have something to do to keep them occupied when they’re stuck indoors.
Including an open fire or woodburning stove can be an effective way to bring in bookings during the winter. As well as this, you can ensure your kitchen is big enough and amply equipped for a day of baking, or to go all out, you could dedicate a room of your holiday let to being a games room or a cinema room to keep everyone occupied on a rainy day.
No matter how luxurious and well-located your property is, your guests’ experience will likely be a negative one if they can’t sleep or sit comfortably.
You may be able to economise with some items when furnishing your holiday let, however soft furnishings such as sofas, chairs and especially beds must be as comfortable as possible. Ensuring that your guests can sleep peacefully is a sure-fire way of earning good reviews and repeat bookings.
You are likely to attract more bookings if you set your property up to suit a certain party type, rather than fitting your property out with furnishings that you think look good.
Before furnishing your holiday let, be sure to do your research on the kinds of people that visit the local area, then put yourself in their shoes set your property up to suit them. For example, if the local area is popular with walkers, you include an area to take off muddy boots, install a woodburner and cosy armchairs for them to rest up in of a night time and perhaps provide some maps of popular nearby walking routes.
By doing this, you are targeting an audience that is already coming to the area, instead of trying to find an audience that may not be there – which will ultimately generate more bookings if done right.
Although traditional holiday cottages are always popular, it definitely pays to be different when it comes to holiday letting.
Whether your holiday itself is unique, or you choose to adopt quirky colour schemes and styles, having a one-of-a-kind feature will help you stand out from the rest, instead of being a choice between a handful of similar properties.
*Based on a 7 bedroom property in the Lake District with bookings between October 2017 to September 2018.
Are you on the phone to our call centre? Your Customer ID is: