Property management is difficult and with a bed and breakfast, this can be even more difficult. Though it can seem like a good way of living and working in one environment and has the potential to reap significant income, there are significant difficulties. Money and time are required to bring a B&B up to a standard suitable for guests. On top of this, there is no off time: you are always working and considering your guests. Owning a bed and breakfast in London is a whole different situation in of itself. Within London itself, there are many, many B&Bs, each one unique and each one vying for the attentions of their customers.
London is enjoying a record time in terms of tourism. 2013, in particular, saw a record number of tourists arrive. From January to September, 12.8 million visitors headed to London, with several billion pounds of spending occurring over the summer. As such, the potential for profit is there, and the customers are certainly available. Finefair can help you to turn your property into a bed and breakfast, but should you choose to run it yourself, you need to be prepared for everything. A meticulous degree of expert property or block management is required to ensure that you balance the books and can appeal to your potential guests.
It is not as simple as converting your property and throwing open the doors for customers to stay in your house. It requires a clear vision, meticulous planning and money. In order to be successful, the B&B needs to be known which requires money to be spent on marketing. Without marketing, your bed and breakfast will not reach its chosen audience. This means everything from a fully-functioning website up to and including business cards are needed. If you specialise in an area, flaunt it. You need to adopt a constant approach to marketing: Marketing for only a few months will not suffice. Money is also needed to refurbish and repair your rooms as needed. A bed and breakfast is subject to a lot more wear than an ordinary house, meaning a constant approach to maintenance is required. In cities such as London where tourism is at its peak, then this happens even more. On top of this, you need to be a hospitable person and you need to learn constantly on the job in order to run a successful bed and breakfast. From cooking breakfasts to cleaning the rooms and interacting cheerfully with the guests, good hospitality is key. There are many administration tasks related to running a bed and breakfast too, with everything from health and safety guidelines to insurance required for your business.
B&Bs make for excellent investment properties, especially as London property prices experience a surge, and either using or selling them has the potential to make a great deal of profit. The industry alone brings in roughly £2 billion worth of profit yearly, so the potential for gains is there. Finefair can lease a bed and breakfast from you for up to ten years, even if you’ve worked with us to convert your property. We can ensure that you receive a constant income for your investment and can deal with everything from licensing to paying the bills. Whether you have an existing bed and breakfast or you want to turn one of the properties in your portfolio into one, we can help. Yearly incomes of £100,000 are not unheard of and, though the figure can fluctuate, the potential profit in a major city such as London is huge. The risk is there, but so is the reward, and it is yours for the taking.