10 STEPS to starting SA business with Mark Fitzgerald & Graham Lindley
Last updated: 26 Dec 2023
In the much-awaited Episode 8 of Deals Finder’s Corner, Guillaume Black continues to deliver an exceptional lineup of industry experts, introducing the dynamic duo of Mark Fitzgerald and Graham Lindley. Mark Fitzgerald - property coach and mentor, host of the Property Unleashed Podcast & founder of multiple property businesses including: R2R, HMOs, PLO property management and deal sourcing and Graham Lindley - a highly regarded multiple SA related business owner, team up to share their extensive knowledge and experience in the world of property. With their combined expertise, they are poised to provide powerful insights that will undoubtedly captivate and inspire all hot deals enthusiasts. Mark Fitzgerald's remarkable charisma and Graham Lindley's astute SA strategies and thriving property portfolio make them an ideal duo to watch.
10 STEPS to starting SA business
Starting a Serviced Accommodation (SA) business can be a lucrative venture, but it requires a strategic approach and attention to detail. Learn from Mark and Graham how to do it right from the scratch.
Winning Mindset is Key
A winning mindset is the foundation of your success. Visualise yourself achieving your goals, set clear objectives, and approach challenges with a problem-solving attitude. Embrace the belief that there are no problems, only solutions. Like a muscle, continuously strengthen your mindset for resilience and determination.
Discover your area
SA business can succeed all across the UK, not just in major cities. Conduct thorough market research to identify different market types and assess their suitability for your business. Analyse competitors and nightly rates on platforms like Airbnb, Booking.com, and AirDNA to make informed decisions.
Setting Up for Success
Compliance is critical for your SA business. Meet all legal requirements and register with ICO to handle guest data securely. Invest in a professional domain and email inbox for effective communication.Think about tax benefits when creating the set up for operating and managing SA.
Deal Time
Explore the four ways to secure SA deals:
owner/landlord
rent-to-rent
jjoint ventures
management agreements
Network with landlords and agents, present yourself professionally, and showcase your expertise in deal stacking. Send out marketing materials and when you spot an opportunity do your numbers and make sure it will be profitable. By acting as a potential business partner to those you’re meeting, you will soon find someone who is genuinely willing to work with you and give you an early chance.
Negotiation skills
Approach negotiations with professionalism and early preparation. Be attentive and gather relevant information to create win-win situations. A robust follow-up system is essential for maintaining relationships and closing deals successfully.
Setting Up Your SA Units
Carefully plan your SA units for maximum revenue and occupancy. Consider zip and link beds for flexibility (i.e. a single room can be used for 2 unrelated people) and consider hiring furniture to reduce upfront costs. Remember that everything needs to be easily replaced, choose stylish, easy to clean and hard-wearing products. It’s the nature of business that things will get broken, and you want to have a selection of spares on hand for quick replacement. Invest in professional photography to attract guests and stand out from competitors. Always think about scaling: can this work for 10, 20, 50, 100 properties?
Management Mastery
Employ a decent channel manager and leverage online apps to automate business processes, manage bookings, and communicate with guests efficiently. Establish a reliable team and delegate tasks effectively to ensure smooth operations.
Things to consider:
Pay
Sign terms
Provide ID
Guest numbers
Fire safety measures and bed layout choices to manage security deposits
Management about sending access details
Remember that at the heart of successful SA business lies VIP SERVICE.
Hiring staff and suppliers
As your business grows, consider hiring assistance in housekeeping and virtual assistant (VA). Embrace automation to optimise time management and increase the value you bring to your business. Make sure your team delivers excellent service and your guests stay happy.
Revenue Management
Stay on top of nightly rates and implement advanced controls for booking rules and discounts. Encourage longer stays to maximise profits and prioritise this often overlooked aspect of the business. Avoid “set and forget” by all means.
Keep Momentum
To achieve long-term success, maintain momentum and focus on continuous improvement. Stay proactive in managing your SA business and delivering exceptional guest experiences.
Follow these 10 essential steps from Mark and Graham and you’ll be well-equipped to launch and run a successful SA business, achieving profitability and recognition within the market.
If you would like to find more about SA watch the full episode of Deal Finder’s Corner featuring Mark and Graham including the exclusive Q&A session where they share their insights about current market trends, practical tips and tricks and names of their trusted business partners.
