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From working in this industry and in conversation with various other entrepreneurs who worked in this industry, we’ve come up with a set of best practises. Now, some of these things are going to be somewhat obvious in hindsight. Some of them might be new to you, but these are all things which we found and have been emphasised to us in our conversations. So firstly, when you’re looking for properties, make sure you prioritise finding properties that are in good condition or have been recently refurbished. One of the biggest costs that’s going to come along and one of the biggest headaches is the maintenance burden of a lot of these properties. So if you can prioritise and concentrate on properties where that’s gonna be less of an issue, it’s going to be far less of a headache for you. You can have more head space to be able to spend on better things, setting your prices right. Making the most profit. You’ll be spending less on maintenance. So really emphasise that go for the good condition. Refurbished places. If you can’t tell think you ought to be looking for. Make sure that the properties ideally furnished to a high standard. They’ve got a modern TV. They’ve got a fully equipped kitchen with all the necessary utensils, et cetera, ready to go. Basically you want to find product properties which are ready to go. That’s that’s the point, really. When it comes to furnishing, IKEA furnishings is fine for student places. We would say to avoid it for more premium properties. People will expect better if you pay a bit more, get higher quality stuff, more sturdy stuff, then you’re going to be making savings in the long run because it’s going to last longer. When it comes to conversations with a landlord in negotiations with a landlord, double cheque, that that person actually is the landlord. You’d be surprised who’s out there. So you ought to be doing things like asking for and checking their licences, checking their insurance, checking their contents, insurance policy. You want to be talking to the neighbours, seeing if there’s any problems either with the landlord or with the existing tenants or previous tenants. You also want to be talking to the neighbours to find out if there may be problem neighbours who might take on a property, only to find that the next door neighbours are nightmare central. Everything that you can do to try and head off some of these problems before you actually get into the deal. That’s what you will be doing for cleaning and maintenance properties. One trick is patellar when you’re starting out is go to these service companies and buy on demand hourly packages so you can buy, for example, 10 hours of cleaning. You can redeem at any point in chunks from these companies. And it’s quite useful to do that because oftentimes at first you’re not going to have the regularity of need for this kind of stuff. So, you know, you can set pay out a single price. Know what it is that you’re paying and know that you got that service available to you rather than getting them on a regular retainer, weekly, daily or whatever it might be, contracts. So go for the on demand stuff first until it makes financial sense to move on to the retained packages we’ve mentioned before in this course. But keep on top of your news. Keep on top of your local news, local newsletters that you can sign up for, e-mail, newsletters, local circulars, things from the local council or parish council or local Chamber of Commerce, real estate circulars. The more information you can have about the local area, the more you can be pre warned about things that are coming up, either positive or negative. The better feeling you get for an area, the better you are able to pick and choose. Amongst the properties in the in the area, the the better you’re going to be picking winners and the better you’re going to be avoiding problems when it comes to the listings themselves, listings on these platforms. We’ve got some best practises for how you want those listings is to be displayed, what you want to include in them. So obviously, the most important thing really for listings is the photos. You want to have at least three per room. You want to make sure there’s good lighting in the photos. You want to make sure there’s no cables or clutter or anything like that on display. Close your windows. You want to show the rooms as a blank canvas as far as possible. So make sure you’re clearing out the clutter. No food, no towels. You’d be surprised what you see in some of these photos. You also don’t want to oversell the place or oversell the rooms. Don’t do anything to try make the rooms look bigger than they actually are. You won’t be shining like the reality here. You don’t want people to turn up and be disappointed. You want people to turn up, say, oh, yes, this is how is advertised. When it comes to the title of your listing, a good formula that we found is to use a.. Location brand. So A. is something like spacious, cosy, modern family, something like that. So if your brand is X, Y, Z and your is in north west London, you can say spacious modern family to bed flat in north west London provided by. Why is it. Your description is going to be different depending upon what it is that you’re offering. What occupancy model you’re offering? So if it’s a short term, let you want to be emphasising the people that it’s for what the local areas, like what places of interest there are out there. When we’re talking about people, you know, we’re saying like mention is good for families, is good for couples, it’s good for business people, whatever it might be for medium term. Let’s you will emphasise the proximity to big local events, things that might be going on, the reasons why people might be visiting or wanting a property in the local area also emphasise, you know, the transport links, how easy it is to get around. You want to be having phrases like five minutes by foot from the underground station for long term. Let’s you want to be emphasising the highlights of the property that the big highlight features so that things like it’s got a large garden, it’s been recently refurbished, it’s got lots of street parking for two cars. It’s got front and back garden. It’s got a giant swimming pool, Jacuzzi, whatever it might be.
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