Start a Serviced Accommodation Business

1. Intro: In this course, you'll learn how to start an Airbnb or sometimes known as accommodation business. You will learn how to find your investment area. How do you set up your area with cleaners and other suppliers? How to pitch it landlords and letting agents for properties. How to market your property on Airbnb booking.com, google and corporate agencies, how to set up your property, how to automate your business so you're able to run it from an iPhone, how to set up guests or a vacation to avoid fraudulent bookings, and how to set up a limited company to operate this business. This course will teach you everything you need step-by-step in order to sort yourselves commendation business. So let's get started. 2. Choosing a Business Model : In this session, we're going to be going through the service combination business model and the three different strategies which work within services accommodation. Now, before we get into the strategy is we first have to work out well. What exactly is Serbs combination? What type of properties work as service accommodation? I think a lot of people think that service combination is essentially apartments in the city center or maybe a house in the suburbs, or maybe a cottage somewhere. But the reality is all of those can be serviced accommodation, service combination. The easiest way to think about service accommodation is essentially short-term rental or maybe even a holiday home rental, essentially a place which you are renting for a few days, maybe a few weeks or even a few months. And all of that is really categorized as still short-term. Because if you want to move somewhere to a different country, to a different town and you were to rent accommodation generally, the contract so from about 12 months. So anything which is below that is almost consider short-lived. So even if it was three months, four months, I mean, the longest guests we've had is 11 months, but it's anything which is short-term accommodation and accommodation that you can provide where people can stay for a short period of days or weeks or months. That is considered service accommodation because you're essentially servicing this apartment or this house, you might be offering a cleaning service and so on and so on. And people get to stay for a short term. Now, why exactly does that business model work? And to explain why the business model works, I have to ask you this question, which is, why do people pay for Spotify or Apple Music when you can get music for free. Now, if you think about that for a second, pupil can get any sort of music they want for free without spending any money, you go to YouTube. You can download music, you can do whatever you want. But a lot of people, including myself, people end up paying for music services like Spotify, YouTube, Music, Apple Music, When all of that is essentially free. So it does beg the question, well, why are people willing to pay for something which is free? And I remember going to torque by Spotify or back in 2016. And they said the reason a is the answer here is convenience. Because see if you download music in the normal way and you open up a laptop and you search the songs and so on and so on. And then maybe download it and get your phone and plug the wire into the laptop. It takes it takes a lot of time, it's a lot of effort. Whereas when you have a service like Spotify, you press one button and essentially you have the song in your phone and same with the rest. So essentially what's happening is that people are paying for convenience. And actually you make money with Airbnb. You make money with your service accommodation exactly the same way. So let me give you an example for one of our properties. So now this is two-bedroom property that we rented. And we went to this for £1200. Now, when we render this for £1200 within put it onto AirBnB, we had the professional pictures, we furnished this, so on and so on. And we start this onto AirBnB. Now, on Airbnb, We received a booking for 34 nights for £2726, which is considerably more than £1200 a month that I'm paying. I'm paying £1200 a month and I guess there's just paid me £2700 foods, just just slightly over a month. So my question to you is this, if I'm renting a property for 1200 a month and I rent that out to someone else for £2700 a month. Why are they willing to pay almost double what I'm paying to my landlord because this is a rental rental which we'll get onto in a second. But why are they willing to pay a lot more money? And again, the answer is because of convenience. Now, you might be thinking, well, why is this more convenient than renting something else? And here's a here's a bunch of different reasons as to what really makes AirBnB and service commendation convenient. And that is essentially where the margin is, which is that if you can make something more convenient for someone else, they will, they will pay you the premium. No different to Spotify, apple Music, so on and so on. So here are some ways that this model of renting a place for a few days, a few weeks is a lot more convenient. The first one is that there's no long-term contracts. So think about it normally. What happens is if you want to rent a place and you move for university, you move for work, you may, for whatever reason that you're moving to a different area. If you want a house or an apartment, normally you'd have to get a 12 month contract minimum. You might be able to, you might get lucky and you might get a six month contract, but, but generally you're about 12 months. Whereas with this, if someone wants 34 nights, they can get exactly 34 nights. They don't have to get Betty 89 to 28. Nice. There's no there's no limitations. You can get exactly what you want because you have flexibility. That is a form of convenience. The next thing is, everything is already set up for you. So when a guest enters the property, the Internet is set up, the WiFi, the bills that everything which needs to be setup is already set up in the property. And so there's nothing for them to waste their time doing and getting providers and so on and so on. Whereas, again, if you rented a property for six months, 12 months, you then have to get the Wi-Fi, you have to get them set up their bills, the Internet, and the list goes on and on and on. And again, you don't have any of them because as when the when this person checks in for 34 days, everything is already set up. So it's a lot more convenient for him to sort of be in and out as he pleases. The next thing is cooking facilities. So again, this is a comparison more to hotels rather than houses, which is if someone was living in a hotel, it is actually not that convenient because if you wanted to make your own food, now, let's say you are, you're in a hotel for a week or maybe two weeks or even a month? Well, your only option is to basically eat out every single day. You don't really have the choice of making your own food. Whereas when you have your own kitchen and all those facilities, you can essentially make whatever you want. So it's a lot more convenient than going out every single day when you can just make your own food. And last but not least, the family is essentially in one place. So again, this is a comparison to hotels, which is, let's say there's a family afforded is for people to adults, to children. And what would typically happen in a hotel is you would get two rooms and maybe you have one parent and one child and another parent and other child in separate rooms or maybe the parents and children in separate rooms. Again, it's not as convenient. Whereas if you have one apartment with, let's say it's a two-bedroom apartment and everyone's in one place. It makes it much, much easier for parents. There's a lot more secure because the kids are in one apartment as opposed to down the hallway or in separate rooms. So again, it just makes the whole process a lot more convenient. That is really how the short lead business works, which is you're making a markup you met, you're making a margin purely because while you're making a product, which is a lot more convenient for people when it comes to accommodation, when it comes to stays. So anyone who's coming to the area, they can pick exactly the number of nights they want and they can pick exactly the facilities they need from that particular apartment depending on which one they book. And it just makes the process a lot, lot easier rather than them going to a brand new place and taking a rental property. And again, even when you compare it to hotels, is a lot more convenience offered by service combination compared to traditional hotels. So that is a reason services, accommodation works. That is the reason you have this, you know, I always compare it to this model of, there's a lot of people who bring a lot of product from, let's say China. And they get a wholesale, So they might buy 2 thousand of them and they might do a bulk order and they get it very cheap. So they might get it £1 per piece. So for example, if they buy 2 thousand pieces of maybe headphones or something, they might get it for £1 each. So they spent 2 thousand. But when they're selling it to someone else, the other person, the consumer doesn't have to buy 2 thousand minimum order. He can buy one if he wants to. He or she can buy one unit. And because they have the flexibility, that convenience of being able to buy one, they now have to charge them £1. They can charge £5, they can tell us £6. And that is how the wholesale, wholesale business works, which is people who have bought, buying and they're restricted to those quantities and then they're selling in smaller quantities and no different to corner stores, convenience stores. If you think about your local convenience store, and you think about the prices in a convenience store competitor Tesco. Convenience stores are always colon stores, convenience stores or whatever you wanna call them, 7-Elevens. There are always more expensive than then Tesco and those sort of Tesco Asda, those little places. Purely because it's more convenient, for example, where I'm filming this right now there's a convenience or three minutes way. Or if I want to go Tesco, I have to walk about 1015 minutes. And because I don't want to walk 1015 minutes, I'd rather just go down in three minutes and maybe after pay another pound or something. But I'm happy to do them because it saves a lot of my time and it's a lot more convenient for me. And this model works exactly the same way, which is, people are willing to pay higher prices than what you've rented the property, add or maybe if you own the property which you rent it, our normal prices, they're willing to pay you more because it's more convenient for them. So that's how the overall model works. Now, within the model, there's three different main, three main strategies of how you can go by doing this. So the first one is by purchasing property. Now essentially what that means is you buy a residential property and you operate that as a service or accommodation unit. Now, surely will begin through some modelling and I'll be I'll be showing you exactly how these work. The second one is rent to rent. Now, rent to rent is essentially where you are renting a property from the open market and then you run that property as accommodation. So now let's say you find a landlord or lending agent, Hindu rental property from them. Once you rented this, you essentially just rent it back out as service accommodation on short-term mates and charge people are much, much higher price because of the convenience. And finally, you have the management model. The imaginary wall is very, very similar to letting agents. So imagine you find a landlord and they want to run their property as accommodation, but they don't want to do all of the work. So that's where you come in and you say to them, Well, I'll do all the work for you. I'll run the test service accommodation and essentially all take a fee for that. Fee might be 15% or the fee might be twenty-five percent around that sort of March. And that is a business model in itself. So now, if we look at the first model, which is the purchase property model. With the purchase property model, very, very simple, essentially. Imagine you have, imagine you bought a property. So you've acquired a normal property and you're making a cashflow every single month. So you might be making, for example, in this diagram, you might be making £500 every single month on that property. So you've got a mortgage, you've got bills, you've got all these costs in after everything is cleared off, you might be making about £500 a month. You then decide, well, I'm going to run this as a service or accommodation because I know I can charge much, much higher prices. So right now you're making about £500 a month. Anything? Well, maybe I can maybe you can charge a lot more money because there's a lot more convenient people are happy to pay more money for short-term accommodation. And so what happens is you turn your property into service combination. And essentially, it's a great, great way of just boosting your cashflow. So you might be making £500 a month cashflow. Now suddenly you are making an additional £500 cashflow because of accommodation and your cashflow is doubled. So you're making 500, Now you're making a thousand. And so you've created this margin in the middle where your cashflow just gone up enough. So the purchase model is very, very simple. Taking your properties which you already own or property you purchased, and then just simply just running that as service accommodation. The second model is the rent to rent business model. So with rent, rent, how that works is, let's say you have gone to the market and you rented a property, and then you turn that into service accommodation and your revenue every single month is twenty-five hundred pounds. So you take your property, you rent it from the market, and you turn into service accommodation. You advertise on Airbnb, booking.com all the marketing strategies that we're going to go through later. And you make twenty-five hundred pounds. Now, once you made twenty five hundred twenty-five hundred pounds, the first thing you have to do is pay your expenses, so you £2500, and then you pay the landlord their rent, which is £1 thousand. So £1 thousand is then deducted from your revenue of 2500. So you May 2500, then you pay the landlord their rent, which is a thousand pounds. So now you're down to 1500. Now after 1500 you have expenses. These will be your bills, your laundry, you're cleaning, maybe some system costs, so on and so on. And here I put £500, so you had £2500, you then pay the landlord there £1 thousand. You then pay all the bills, bills, systems, so on and so on, £500. Anything below that is essentially your profit. So if you look at the diagram, you have your revenue. You take all your rent cost away, you take all the expenses away. And everything left at the end is essentially your profit. So that is how they're meant to run business model works, which is a very, very simple. You're taking a rental property where you think there's a lot of potential that you can make a lot more money. And once you make a lot more money, you pay all your cost away and whatever is left at the end, that is essentially your profit. Very simple model will be doing a much, much deeper dive into this later on. And finally, you have the management model. So in the management model, what happens is that you essentially take a property and you again, you say to a landlord that I can make you a lot more money than you are currently making. So again, let's just assume the landlord was making £1 thousand rent every single month on this property, the landlord making a thousand pounds. And you say, Well, I think we can do a lot better than this. I can make you a lot more money if you let me run this as sepsis combination. And when I run this ourselves combination, I'll just take a fee for doing this because while you're gonna be making a lot more money anyway. So for this example, let's just say the landlords making about a thousand pounds every single month on his property. Now, you run this F service commendation. Their revenue goes up to 2500. So the revenue is 2500. You then take a fee. You say, Well, my fee for doing this is 20 per cent, so I'll take 500 of that. That's 20 per cent of the 2500. And so what's left goes to the landlord, which is 2000s. Now, the landlord previously was making 1 thousand, but now because you've supercharged the cash-flow then are making 2000s, they're making an additional thousand, you're making a £500 fee. I 20 per cent fee. Now sometimes that might be 15%, sometimes I might be 25 per cent. And it's a win-win for both because you make money for managing a property. They make money because, well, they're getting a lot more cashflow Now. Now of course, in these simplistic examples, I've left a lot of the numbers out. There's a lot of expenses I've left out just to sort of explain the model. Now when we go through the deal, analyze a system and when we evaluate these deals, it'll be a lot more clearer as to exactly how these numbers work for all of these strategies. So whether you do or rent or rent or you purchase or you do management, you can exactly you can put this into the calculator. It will tell you exactly how much money you're going to be making in every single deal, but that is how the model works. So the first thing to do is essentially to work out well, which of these three models do you want to follow? Do you want to buy a property, then turn them into service combination? Do you want to Rent properties and then do rent to rent, or do you want to not even have the risk of renting? Essentially, all you want to do is you just wanted to take a fee for doing it for someone else. And there's pros and cons to all the models. So for example, if you are purchasing the property, well, the benefit is there. Well, of course you're making a lot more money, but the downside is that depending on which area you're in throughout the country or it takes a lot of money to buy property, yet you have to deposit, you have a legal fees, you have stamped duty, there's a lot of expenses when it comes to buying your property. So even though it makes a lot of money and you have capital growth and you control the property, you own the property. The downside is it takes a lot of money. The upside with rent to rent as well. Essentially, there is no deposit, there's none of that. There's a deposit when it comes to renting a property. But it might cost you two thousand, three thousand, four thousand pounds and you can get started and you can start making money. And that's the huge, huge advantage or rent to rent. And that's why a lot of people follow the renter in strategy because with hardly any money, with a not hardly any money, we are with a very, very small amount of money compared to the mining needed to buy properties. You can get started and you can be making a lot of cashflow. The downside is, well, if you didn't do the deal analysis properly and you didn't find your area properly. You are not liable for their rent every single month. So the property doesn't perform while you take a bit of a head because essentially, well, the deal is not making money, but you still have to pay rent every single month. So that's the downside of renter in which is you might if you haven't done the deal analysis property and you haven't taken a good deal, you can potentially lose money. Now, when it comes to the management, the great thing with management is that you can't possibly lose any money because you're just making a fee for the potential money that you do make. So if there's a month where let's say you make no money. Well, because you're just taking a percentage. If there's no money made. Yeah, you don't make any money, but There's no way that you can lose any money either because well, you just take a portion of any money which comes in. The downside with management is that essentially, generally you make less cashflow Then you do with service accommodation or rent to rent. Purely because while your margin is slightly lower, with rent to rent, you take all the upside. Whereas with management you have to give most of it to the landlord and you take a 15%, 20 percent fee. So pros and cons to each model. And really in this lecture, in this segment, what do you need to do is work how well are the three strategies which 01:00 AM I going to focus on? And it might be that you want to focus on multiple strategies. You might you might want to buy some properties and do rent, rent. Well, you might say, well, I want to do a rent, rent and some management. So you can essentially do a mix. Now, of course, it's always easier to start with one and then transition and transition. But essentially you need to decide, well, which strategy is right for me based on how much time I have, how much money you have to invest in, so on and so on. So that is the goal of this session here, which is, I'll look through the three strategies and then work out well, which strategies are derived from me? 3. Initial Area Research : Once you have selected your areas or your potential three top areas, we're then going to start doing their research but that area and see well, the properties in this area, do they make any money or do we have to move on to the next area? Now, in order to do this, we need to use this tool called a DNA. You can access this by going onto a DNA dot c. Now there's a bottom to top right set which says login. If you don't have an account, you can just make an account very, very quickly. And it doesn't cost any money to make the account. So once you have major account on a DNA, you have to go on to this tool called AD in a market. That is, this is essentially the main tool a DNA has. Now, one of the areas that I've selected is called Milton Keynes is in the south of England. And as you can see, there is a button which says purchase, I haven't paid for any data yet. Everything you see here will be shown to you absolutely free for the areas you select anything which is with this lock icon. And on the left-hand side here as well, that is something you have to pay for in order to unlock. But what we're going to be doing is we are going to be using the free information. And if we think the area has a lot of potential, then we might consider paying and getting some more information in order to do some further research. So this is what you need to have setup, which is your AD and any account and input your area, then you need to open the deal analyze the system. Now when you open the deal analyzer, it will give you two options. Enable macros or disable macros. You need to click enable macros because this will essentially validate all the formulas which I have built for this spreadsheet. Now, we can just click this one. You can just click, don't update and simply open up the sheet. Now the first sheet, the first page says that type of property. Now, when we've selected Milton Keynes, we first need to know well, what type of property works in Milton Keynes. And because maybe a 1-bit has a lot of potential, but a three bed has no potential. So we need to see whatever property will possibly have potential in this area. So this is the first table that we need to fill in. Now, by the way, with this whole Excel file, irrespective of which page you're wrong, you only have to fill in anything which is in blue. So that is the only thing you have to input. Everything else will be calculated for you. So for example, if I go in this sheet here, anything which is gray, yellow, red, that will be done for you. The only thing you have to input are the blue fields. So let's open this one here. There are five main types of properties, sorry, six main types, which is the studio one, bed to bed 345 bit. We need to know which location these properties Our in your given area. What type of properties are they? What are their conditions and well, what is the rent that they are going for? I'll get through this one step at a time. Let me just make this slightly bigger. Let's look at the studios First. How you do that is if you go back onto a DNA, here you can see all the properties in Milton Keynes. Now, this icon here, which is the green icon, and you might be able to see that here, there is only a few of these green properties, like one or two, maybe. The green property essentially means that it is a shared room that someone is renting out. Now, we can uncheck this one because we're not interested in that. We're not renting out shared rooms. This one is a private room in and property. Again, we can uncheck this because we're not really in the market or renting out rooms. We are in the market or renting out in tide properties. Rooms are typically rented out by people who have a spare bedroom and so on and so on. So as you can see on the left-hand side, under a rental type shared rooms, There's actually only one you might be able to visit. Green dot right in the middle of turning on and off as I do this private rooms, There's quite a few. And the one we're interested in is the entire home, the entire property in this area. So again, we can uncheck this one as well. Now the only thing we're left with is the entire properties. So now we need to evaluate with the entire properties. Now, if I uncheck this, what it does is it gets rid of all the entire properties. So now nothing is checked. If I go back onto this and click studio, then it shows me all the studios which are available now in terms of the location. So that first thing we need is the location of the studio. Well, there actually isn't a one designated location when it comes to the studio, they seem to be scattered all over the place. So I will say scattered in terms of the property type. While studios are typically, if I go up here and hover over this, this to me, this is a bungalow. This one says it's a tiny house. I've never really seen a studio house and my life before, but okay. This one is a self-contained beds set. This is a studio flat. This is a unique how can this is an annex which is really again a flat. This is an apartment. This is an annex. This is a cabin. A lot of weird, weird property types of never seen this many variations, but generally they seem to be annexes or apartments. With this one, we can select both since you do have some annexes, which are technically I guess considered houses to some degree. You can click both. Now in terms of the next thing we need is in terms of the condition. Well, if we look at the condition, we can't really tell too much from because there's a lot of outside pictures. This one seems to be in okay condition. This one seems pretty modern. This one again seems okay. This one seems, this one seems pretty cool. If I just go up and look at this one, This one seems okay, So the condition seems fairly good. So I will give this around the seven out of ten. Now, the next thing we need is the rent. So we need to know what their rental is for studio apartments in this, in this location. So if I go into a right move and I search Milton Keynes, I'll put in Milton Keynes, Buckingham sheriff, and then go on to rent. And click Studio and go to Studio. Then generally I will select the lowest price, and then I will find the best property for lowest price, something which is in good condition. So this one doesn't seem to be an amazing condition. It is. How share anyway, this is a house share. It doesn't have many pictures. This one, This one seems in pretty good condition. And this one seems pretty, pretty good. This one seems nice and new. And same with this one. This one looks pretty good. I think the studios, we can say we can estimate that there are anywhere around this forebrain, 6752725. So we'll say we'll say around £700 per month is will the studios are being rented out. So now we go on to the next field here. Let me just make this not bold. Now, we go on to the next one, which is a one-bedroom. So if I go back onto here, Now, de-select Studio and select the one bedrooms. Now we can see the one bedrooms are generally around this area here. If I zoom in to see well, what exactly is this area? There might be a station nearby or a town center. So as we can see, this is probably Milton Keynes central station. So the one bedrooms all seem to be around the Milton Keynes central station. So if I go back here, location, train train station, this is where they generally are. What type of properties are there? So these are apartments. They all seem to be apartment in pretty good condition. Generally they seem to be in very good condition. So modern apartments, a lot of them seem to be new. Yep, they seem to be good. New, modern apartments. Okay. Interesting. So in terms of the property type will say they're flat condition, they seem pretty good. Now, let's find out what their rental is for these properties. So again, if I go back to right Move and now select one bedroom. But now I just want to change this because we have a better idea of where we need to be looking. I'm going to change this to Milton Keynes Central Station. And we'll go half a mile within the station. And we'll look for only one beds. We need something which is in good condition. Now this is pretty good. We'll go from again, the lowest price. So this one seems in pretty good condition, seemed almost brand new. Wow, impressive city pat. And it also comes furnished, which is very helpful. So they seem to be around 850.150. Now we'll look at the two bedrooms. So again, we uncheck the one bedrooms, check the two bedrooms. And again, similar, distinct. This isn't very surprising that most of them seem to be scattered once again, around the train station. I think you'll find this in most areas that there will be scattered around the station or an airport or a hospital or something, something along those lines. So now let's get a two-bedroom price is something which is in the bid, old. So this one seems pretty good, seems quite modern. This one seems quite modern. Again, this is brand new. Again, brand new apartments. So I think for 1100 you can get something which is brand new. Around 1100 seems to be a good price for this. So again, they're around the train station, seem to be flat condition. We didn't actually check if I go back here, but yeah, you can see they're all pretty much new apartments in very good condition. So we'll give this a nine out of 101100 is what the rental is. Okay. So now let's look at three bedrooms. Three bedrooms again, you can see there are a lot more scattered. So they seem to be a lot more scattered and it wouldn't surprise me if some of these are possibly houses. So you can see this is a house. This is an apartment. This isn't an apartment. This is an apartment. This is the house. This is a house, by the way. I know this because where it says three to four bedroom detached house underneath that, it tells you that it is a house. This one again is a house. This one is a house. This one is a house, house, house, house. See this one says apartment. Again. They generally I suspect most of them are again, around the station because they're not scattered all over the place. They are very close to this Asian again, the stations here and there we're all in this radius. Now, a lot of them are houses and hence they're slightly further away because you don't get houses banging the town center. So I guess you can say both in terms of I will say they're close to the station, flats and you have houses. Generally the condition, again, pretty good condition. Properties in series seem to be in pretty good nick. So these houses, apartment is slightly on the old side. You have to scroll down so you can see I'm in pretty good condition. Some of them are not as modern as you can see. That pretty good cuticle, get this at eight. So now let's go into right. Move and see well, how much can we rent a three-bedroom property for around the station? So you have a three-bedroom apartment, again, slightly old on the sodium, the old side. This is of course a very expensive. Now. Again, this one here, 1600. I wonder if I increase this just slightly more since we're looking at houses as well. Because see if I go back into the map here, there are some that are slightly further from the station. So as you can see this slightly further. So I've increased it to be slightly further on that side as well. So even if I open up the map, if you want to see properties on the map, you can do is exactly the same exercise. If you want to be around the station, 19501750, some of the houses slightly cheaper, 1800, 1100. So we'll pick something around this sort of rain which is in good condition, slightly modern. Somewhere on for a thousand, This one's for 1600 is for nineteen hundred eighteen hundred. So we will say probably around the 1400 miles on average. So you have a bit of a bigger range because some are houses and some are modern apartments. But if you, if you want to, for example, look at some of these and they tend to be in very, very good location. I think this is a similar ones, similar building. You want to go for something more than something which is like these as both as something which is a bit old. So I think the best comparable in this case might be, for example, this property here. But this is a penthouse which is normally more expensive. I think 1400 is probably a good estimate for a three bedroom. Now we'll look at the full bedroom properties. Again in that sort of area. Now, there aren't actually any four bedroom properties available in that area. Sorry, I should have gone on to this 1 first first scene where they are and again, they generally a bit more scattered, but as you can see, the heavy concentration again is within the town center. So if I go back here, now I can't find any in that area. Also have to increase this slightly in order to see, well, what can we get in that area as close as possible? So if I look at this station, this one here, but this is the house share against the house share. The house for 3 thousand. There's a house for fourteen hundred. Fourteen hundred. These are slightly further away and of course you want something which is in good condition, similar condition. Let's say the price of this one. So this one doesn't seem bad. 1450. So I think we can estimate that a four bedroom house, probably around 1450. Again, they were around the train station. There were mainly that we're mainly just houses. Let me just select this again. In terms of the condition. If I go back here, you can get an idea that there are no K conditions are not as modern as some of the apartment so that they seem slightly older than some of the problems. So we'll give this, will give this around six out of ten. And finally, we're onto the final one, which is the five bedroom properties. So again, we need to go to the map and select five bedroom. So the five bedrooms seem to be a lot more scattered. There doesn't really seem to be many often. So if we go back here, scattered, most likely they will be housed with I mean, you can't really get five bedroom apartments has very rare. So they're all houses and the condition isn't as modern as the other one. Slightly on the older side. So again, we can factor the same. So yep. Their houses. The conditions we'll see for let's say Well, the rent is for properties in that area. So we go to five bedrooms. Five bedrooms. Let's see if we can get anything even remotely close to the station. So this is the house share. So we can't generally you will find is that as you get to the bigger properties, it's very, very hard to get them around the town center or in like a very amazing conditioning, so on and so on. So there, there's one here which is a five bedroom house for 1500 or one for 1650, slightly further away from the town center, but we can go with something like this. So 1650 around that sort of Mark. So we'll put in 6050. Now we have all the information in terms of, well, what the properties are like in that particular area. The next thing we need to do is find a property. So if you go back here, it doesn't really matter what type of property you go for, so we'll put this as close as possible to the station. The reason is that most of the properties, it seems like the ideal location is around the train station. So all we need I'm going to put this down to one bed. Annexed. I'll explain why. All we really need is that it just search up. We just need a postcode of a property in the town center so we can work out what the forecast occupancy is, what the forecasted rates are. Despite anything which is in the town center, it doesn't matter if it's a studio one bed. All we need is a postcard of something in the town center near the train station because that's where all the properties seem to be. So I'll show you why we need this. So you find a property. Then you scroll down where it says broadband. And then you click Show average broadband speeds in this area. And then click compare broadband deals. Now you might be thinking, Well, why are we getting internet? But the reason we're getting internet is so we can get the exact postcode of something which is near the train station. So MK 91. Now you take that postcode, you go back onto a DNA. Now this time we click invest and we click the rental iser. Now, when we put the rental iser, we take this posco which is MK 91, DR. And we've put it in here, MK 91 DR. now researched this. And by default it has put it to two-bedroom and two bonds, but we're going to change it to a studio. Studio. One bulb will go to guests, can stay in that property. Now, what this does is it tells us based on the comparable is not going to show us because we haven't paid yet, but it will tell us what a DNA estimates next year's average daily rate will be. This basically means that Nike rate plus any cleaning fee plus where they think we're the next year's occupancy rate is going to be. Now, what we need to do is we need to take this rate and take this occupancy rate and plug this into our analyzers. So we take 119, 52%. So where it says average daily rate forecast, we need to input this number is 119, where it says occupancy rate forecast. We need to input this number which says 52%. And what that does, that is, that tells us our monthly profit potential. This is how much money we can possibly making every single month based on the fact that we can achieve £119 per night, great. And at 52% occupancy based on the fact that we are paying £700 rent every single month. So now we continue doing this for the rest of the properties. If I go back here and select one bedroom, one bathroom again, we will assume that only two people who can stay in per room. And click Update. So now he does a 11852. So we've put in 11 852%. So now you can see it's 412, so slightly lower than the studio. So then we continue with the exercise. Now we choose two bedrooms. Maybe we can go 1.5 bathroom now because there's two bedrooms and we assume two people stay in every single room. We can change this to forecast. Click Update. And the rate is a £116, but 65% occupancy. So we can put it in 11, 665% occupancy and tells us that profit figure. Now we go into the three bits. So if we go three beds and again, we increase this to now two bathrooms. And we can have six guests, since there's two people per room, two times three is 617, 62%, so 11, 762%. So now this one, the forecast shows that it might not make a profit over the course of the next year. Now, we go into the next one for bedrooms and we can leave it to two bathrooms. I think that's fair. And we can increase it to eight guests, 132 at 50 per cent. And last but not least, the five bedrooms. So this is by the way, assuming that all these properties are in the talents interests. Since we've already determined that while the town center seemed to be a good location, so we have one hundred and seventy four and fifty five percent. Okay, So once before 55% So green is anything which passes a criteria, which is profit over £200 every single month. Yellow is anything which is between 0£200 and red, which is anything which is negative. Now, this doesn't necessarily mean that, well, we're only going to make £200 every single month. What this means is that if we just do marketing on Airbnb alone, that we should be looking to make at least this. Now, when we take these deals on, will be marketing on our website, on using Google, using agencies, using Booking.com and in so many different ways. So don't expect that this is the occupancy that we're aiming for. This is what we're looking to make. This is simply the occupancy level we're using to do our deal analysis as a very conservative figure that if we didn't do any agencies or Booking.com or websites and so on and so on, then we should be at least making this much. And even on that amount, we should be making at least £200 every single month. Like I said, that is not the goal of that is not your objective. But this is how we do research that even on a conservative level, if we assume that everything is very conservative and we're still making money, then when it comes to essentially doing this properly and by doing all the marketing and we can do, we should really be aiming for around 80% occupancy. So if I just very quickly show you, I don't want to get ahead of myself, but on the rental rent analyzer, when we do our forecast in our profits, we look at the forecast in terms of how much money we can make on the forecast. We also look at, well, how much money can we make if we achieved 80% occupancy, not 52 or 65 or 62. Because the aim really is that our aim is to get to 80% occupancy by doing all the marketing that are referred to, which is the website agencies Booking.com, so on and so on. But the problem is that it is very, very hard to get accurate, accurate information from agencies from Booking.com because they aren't actually release any data. The only place which does have data is AirBnB. So when it comes to deal analysis, the only thing you can really do is look at Airbnb information because no one else really provides any. So this is why we have this metric of £200 just on Airbnb alone. That if we can make £200 just by doing AirBNB, if we did everything else, we should be making a lot more. Lot more can't really be guaranteed purely because, well, you can't really is very, very hard to get any attribute information from Booking.com, from agencies, so on and so on. So when it comes to deal analysis and accommodation, we have to go with what we have in the best information, we have to make the best educated guess and the very conservative. So from a conservative level, we want to make at least £200 every single month, which is £2400 a year. And then we aim to make even more on top by doing all the other marketing. So that is why the criteria at this stage is that if it makes more than £200 based on these low forecast in this area does have potential. And if we did everything properly and we drove the market and we could, then it should be even better. So what has happened here is that this deal is the studio. The one bed to bed seems to have passed. This is just slightly under so it hasn't broken even sixty-two percent. So that doesn't that does not looking great, but these three look like they have potential. So the next thing we need to do, we need to go back onto this, go back into the overview. And now we need to do some more research to see, well, do these areas actually have potential or like, what were these areas like historically? How how did these three properties perform in the last 12 months? Because you see these are forecasts, these are future predictions. What I want to know is, well, how much money do they make in the last 12 months? Because if we know well, okay, this is how much money they made in the last 12 months and this is what therefore consider made. Again, we can have a much, much better guess or estimate or forecast or well, how this property type will do going in the future. So we have to go back onto this. But in order to access this information, we have to purchase the information for Milton Keynes. So if I click Purchase and you can change this to pounds from down here, that you can see it's £16 every single month. Now, we only need this for one month because once we've done our analysis, you can simply just cancel out subscription. So what do you need to do is you need to Agile card details and then enter your password again and then click the purchase now button. And that will give you all the access to this area. Now for some areas that might be slightly more than £16, I believe some areas and London is £29 because they give you even, they give you more data since they have more properties in that particular area. So the next thing you need to do is essentially purchase the data for this area. So I'm just going to do that very, very quickly now, once you have purchased this area or your selected area, as you can see, this is taken away all of the locks and it's given us some more information, has given us a market score, get given us a grade. Taken away all the logs from these areas here, we have a lot more information. So now what we need to do is go back into the analyzer. And now we're in the historic section because we've passed this and we're on to the next part because we want to validate, well, what type of properties are good and historically which ones have made money? So these are the three things we need. We need the rental size, the number. We need the historic occupancy rate in the last 12 months and we need the historic ADR, which essentially refers to the average daily rate. So let's do this 1 first because it's the easiest one which has a rental size. So what that means is, if you scroll down here on the overview page, it says rental sites. Now the rental size tells you the number of properties of that particular type. So if we look at studios, there's 12 Studios, which represents 4%. Now if we look at this sheet, it says we want the number, not the percentage. So there are 12 studios. In terms of the one-bedroom, they seem to be the most popular. At 134134. The two bedrooms are the second most popular off that, which is 100 A2. Then we have the three bedrooms, 36. We have the four bedrooms, which are 2114. Now, let me just explain the color-coding here. The reason the highest is the green and the lowest is the red is because the more properties there are of one particular type. Generally it means, well, this is a very, very popular property type. And second, the other thing it means is that a DNA has a lot of data, since there are so many of those proteins is available. Now when there is only 12 available of something in a big area that really isn't that many properties. And therefore, when it comes to looking at the data, it doesn't, It's not always a 100% accurate because well, there aren't that many properties. It's like trying to get a sample size and there's only two or three people taking a survey or whatever. That doesn't necessarily represent that whole population or that whole area, because we just don't have enough data. So the green ones in this case of better, the red ones are obviously not as good because one, this means that it's popular. And also it means that we have a lot of information for this particular property type. Now, the next thing we need to do is look at the historic ADR in the last 12 months. How you do that is if you go back onto this and click on rates. Now, this will tell you that ADR, which means the average daily rate, which basically just means you're unlikely rate. Now, we need to know what the average daily rate was in the past 12 months. I'm not really interested in what it was in the last three years because things change and the markets change and so on and so on. So here you need to stick entire home. And then here is already on studio and you need to drag this back its own studio and then click Apply Changes. So when you apply changes, each one of these yellow bars represents a month. So you can see it says August of 2020, July of 2020, June of two thousand and twenty. Two thousand and twenty. And it tells you the average daily rate, which was £84 in May, it was £40 in April, it was £48 in March. Now, what I want to do is I want to know over the last 12 months, what was the average daily rate? So if I look at the last 12 months, so this is August, so 123456789101112. I don't know I don't know why I had to count this, of course, the last 12 month of September to August. So what I want to do is if you look at the average daily rate, it is £48. So I do 48 plus 38. We want to add them all up and then divide by 12 to get the monthly average. Plus 40, plus 42, plus 47, plus 48. Plus again, 4840, eighty four, fifty one, fifty five, and 50. So the total is 591. If I divide this by 12, that means the average daily rate the studios achieved was 14£9. So here we can insert £49. Now, as you can already see, that in the past 12 months, the studios into £49, which is considerably lower than their forecasts of a 119. And, uh, one of the reasons might be, I will show you now, is if I go into occupancy just for 1 second, just to sort of illustrate this point. And under active listings, if I select Studio properties. Then, as you can see that studio properties in, for example, in March of 2020, there were 11, and then there were nine, and then there were six. And in one month maybe there's only two people are renting our studios. And then there was nine people. And again, then there were 12 people. And at some stages of a seven, there aren't actually that many Studio properties as we saw down here. And when you don't have that much data on a particular property, what happens is sometimes the data isn't very accurate. Hence, I put this at read and put something like this at green. And when you have low data, sometimes you do get a bit of a disparity between the forecast is and what the reality is. And so this is why this is a very good exercise in terms of looking at the historic information as well. Because see, they could have predicted what we think next year it will be very high because there aren't as many studios available anymore, so on and so on. So this is why this is very, very helpful. Now, we go back to rates, and this time we select one bit and drag this back all the way to one bed. Again, we want to do a similar exercise which is look at the last 12 months from September all the way to the end here. So what I'm going to do now is I'm going to go through the one beds and then the two beds in the three beds and all the way up to the five bedrooms. And I'm going to put in the historic ADR rates in the last 12 months. What I've done here is I've gone all the way from one studios all the way to five bedroom properties are taking the average of the last 12 months. And I put the results here, which I'll go through in a second. Now, just one thing to note here is that if you look at the five bedroom property, that they generally tend to be around this mock except for one month. So generally they are on the £200.68210100 month is £613. Now, again, this is a bit of an outlier. This is very, very high spike. Again, sometimes this can be caused because while there's not that many properties of that particular type, and therefore you end up getting data which isn't, sometimes it's a 100% accurate. Hence, I mentioned this thing here, which is the lower the number of properties, the data isn't as good because you see in this month of June, this is during COVID-19, the rationally only, I believe, two properties on the market, as you can see, if booked properties too, which isn't that many at all because well, there aren't that many of these five bedroom properties anyway in total, there's only aid active listings currently. So because of this, because of the fact that there aren't that many listings. That means the data is sometimes it isn't very accurate. So in this case, because I didn't want to include this in my 12 data points. I simply got rid of this entry and I got the average of the last 11. So I went from September all the way to here. I simply just got rid of this one. And rather than dividing by 12 by divided by 11, because clearly this is an outlier and clearly this is not the normal case. So if you do have an outlier like this, then all you simply do is just eliminate that one particular spike and then divide by 11 months rather than 12 months. So if I go onto my forecast here, the first one is studio, is £49. This is another forecasts are in the last 12 months, it has been £49. And again, the forecast is 119. So clearly there is a bit of a disparity here. This doesn't see, this forecast doesn't seem to be very accurate. Now, if you look at the one bedrooms is slightly better. Last year, eight achieved eighty-five pounds. They're saying make sure it will be a 118. So again, not not too far off for the two bedrooms. Last area achieved a 114. They're saying 116. So again, that's very close. 120 compared to a 117, again very close. And then the four beds, a 174 was achieved compared to the forecast or 130 to 180. And again, this is very close to 174. So a lot of them, except for the studio and except for possibly the 4-bit. The rest seem to be relatively close and they seem to be almost the same 140th, 1 sixth. So that's okay. Now, the next thing we need to do is look at the historical occupancy rate for the last 12 months. What occupancy have these properties have been cheering. Now, we know what the forecast is, which is up here. But what we need to know now is, well, how do we actually do in the last 12 months? So if you go back here and click occupancy. Now, we need to select 75th percentile. 75th percentile means is that 75? So for example, let's look at this point here. At 75th percentile, the occupancy was 97 per cent. As you can see, this means 25 per cent of the properties did better than this, and 75 per cent of the properties did worse than this. So the reason we look at, let me say that again. Twenty-five percent of the properties are achieved an occupancy of ninety-seven percent or more, and 75 per cent achieved 97 per cent or less. The reason I look at 75th percentile is because the 75th percentile line shows. Shows you operate, it saves condition operators who are doing a good job. They have professional pictures, they're running this professionally. They have good marketing, so on and so on. And that is essentially what we are trying to emulate. This is why we want to compare ourselves to the best 25 per cent of the properties in the area. Because that is essentially what we're going for as well. We want to be in that top twenty-five percent. So we need to see well, how did the top twenty-five percent do? And in summary, set the 75th percentile bar shows you exactly that. It shows you that 25 per cent of the properties did above this line. And that's where we want to be and that's where we want to calculate. So again, the same exercise as before. Select entire home. Now we'll start from the studio and then click Apply. So as you can see, this has a lot more ups and downs, ups and downs compared to the more steady line. And again, the reason is there isn't as much data when you only have 12 listings, it is going to fluctuate a lot more. So again, we do the same thing, which is we start from September of 19 and we add these data points and then we divide by 12. So I'll just do one as an exercise. So for example, we have 88 per cent plus 90% plus 72%, plus 58 per cent, plus 6667. 82. One 100. Again one hundred fifty three, eighty-one, and finally 96. So that is a total of 953. Now because we've gone through 12 months, I will divide this by 12. And the average occupancy in the last 12 months was 80 per cent. So we go with 80 per cent. That isn't actually what our target occupancy is like I mentioned before, we're ready, want to be hitting those 80% occupancies. Now, I do the same thing. I move this to a one bedroom and I click Apply. As you can see, this is a lot steadier. There is this weird drop here. And again, this is because of COVID-19. And at the time of recording this, we have we are in October of 2020 and we went through a month where there were travel bans and so on and so on. So this is because of that particular reason here, but we can still include it in our average if we want to, or like I said before, because it is a one-off outlier, we can simply get rid of this point, count of all the rest and divide by 1112. I'll show you that now. So if we look at the one bedrooms, I'll do 93 plus 93, plus 83 plus 86777969, one hundred one hundred, one hundred, one hundred. 4. Finding The Ideal Property Type: So once you have shortlisted your areas, we then need to do further research on that particular area. So the first thing you need to do, you need to go to a website called a DMA dot. Ceo didn't have to make an account on a DNA. And you will come on to a page like this. Now when you come onto this page, you need to search a location. So one of the locations that I have short this it is Luton, which is again in the south of England. So now, once you have set your location, you will have to purchase the data. And depending on which every urine, urine, it will cost you around £15 per month. Now, we only need this for one month essentially because we just have to do quick research and then we can cancel the subscription. But it will cost £15 or £16 or maybe slightly more depending on which area, Erin, I think some locations in London can go up to £25 or £29 or something along those lines. But you need to find your area and then purchase the information so we can do further research. Now, in this case, I've purchased all their data on Luton. So in this session, what we need to do is we need to say, okay, well we've selected Luton, but what type of properties are going to be best within lutein? Which type of properties should we be looking at? So in order to do this, we also have to open the deal and the laser system, which is the Excel file. Now, when you open this south, it will give you two options. Enabled macros or disabled macros. You need to click enable macros because this will enable all the formulas which I have used to create a sheet. So you can use the formulas in order to do the detail analysis. Then you need to move on to the first sheet, which is the type of property. Now, in the type of property that we have, different types of properties on the top here. And then you also have some information which you need to fill in. Now, one thing to note, by the way, is that whenever you go through this sheet, the only fields which you have to plug in are the fields in balloon. Everything else you can ignore. If it's green, if it's gray, you can completely ignore that. So again, even on this sheet, you only have to fill in the information which is in blue that rest you can ignore and that will calculate everything else for you. So we're looking at Luton in this case and we have different types of properties, studios, one beds, 2345 beds. And we first need to know well, where are these properties generally based and what is the standard of these properties? Because when we look at similar properties to rent or even to purchase, if that's what your strategy was, we need to know what is happening in the market, what type of properties are working well. So when you go into a DNA, you will see a map on the right-hand side on the main screen. And within the map you have a few different options. Now, this option here refers to share rooms. Now, when we're doing a service combination business, when we're running this business, you that we're not in the market for shared rooms and these are private rooms. What that means is someone has let out a spare room in their property. Now again, we aren't doing a room by room rentals and we are renting out spare rooms so we can check this one off. Now the property is left are essentially all the entire properties. So these are all the properties which are entire apartments or entire houses. Now if I zoom out, you can see a better picture of the properties within loot. And now I can also make this bigger for you so you can get a better view, but I lose some of the options, which I will show you in a second. So you can see that here is the town center in predominantly all the properties are around the town center. There are some properties scattered here and there, but they generally seemed to be around the town center. There's the airport, there's the main station here, and here is the town center. So if I exit out of this now I'll show you why I did this is I want to know where these properties are located because that is the first tab we need to complete. And also what type, what standard are these properties? So if you hover over this and click this button, it unchecked all the properties. Now it gives me a few different options. If I click Studio, it will now only show me where the studios are located. And as you can see, a studio seem to be pretty scattered. So there's a couple of here, a couple here, a couple here. So there doesn't seem to be one place where the majority of the studios are. And if we look at the standard sometimes, depending on where it is, it can show you this one doesn't really show you many pictures. It's just a floor plan. This one is not in very good shape at all. This one again, you can't really tell. This one seems to be okay. Again, you have the pictures on that amazing. No pictures. And again, it does not seem to be great at all. So the location, I will say it's scattered. And for standard I would say probably a five, probably not even a fiber for me to say about it. Three or four, it doesn't seem to be in good standing at all. And I will just say that to switch that to not not professional. So you can rank these however you want. You can rank them as numbers or you can add some description, and it doesn't really matter too much. So then we move on to the next one. You then need to uncheck everything again and then check. Studios, check the one bates. So now as you can see, the one that is slightly different because there are some scattered, but predominantly they seem to be around the town center. They all seem to be around the station, the town center location. And if you just hover over something, you can see that there are a lot more modern. Their apartments, they seem to be, a lot of them seem to be brand new apartments. As I go through them, they seem to be new build apartments predominantly, so they seem to be in very good condition. And you can just scroll through some of them and just see what the picture is alive. But as you can see, for example, this one seems to be in very, very good Nick. So I would say for the one bedrooms, the location is town center. In terms of the standard, I would say modern apartments there, modern APT apartments. And then we do the same thing for two bits. So again, this seems to be less two beds, but predominantly they seem to be again, around the town center area. There are some scattered here are a few here, but generally seem to be around the town center. Again, most of them you can see, are relatively modern day new apartments. They seem to be in pretty good condition around the town center. So we then continue doing this exercise with three beds. And again, 3-bit seem to be a lot more scattered, but I will still say predominantly seemed to be around this town central area. You can see that these are now houses. Is not really apartment with two vitamins. We had apartments with three bedrooms. We've seen that these are a lot of houses. And hence there, which may send each other. They're close to the town center, but not exactly in the town center because it's rare that you get apartments within the town center. So let's fill this in. So I think with a two-bedroom, again, It's a town center location and they are modern apartment with three bedrooms. Again, I would say there around the town center, there's less of them, but their houses. And again, they are in good condition, houses in good condition. So then when we want to the 4-bits, 4-bits, again, you can see that they're trying to be around the town center. There's less often, but most likely they probably houses again. So once again, these, they seem to be houses as opposed to apartments. So they close to town center, but there are houses and again, generally seemed to be in not as good condition as the three bits. So I would say I would say Town Center, and I would say houses. And this one will give maybe a five out of ten. And I think for the three bedrooms are in pretty good condition. We'll give it a seven out of ten. So you can rank these however you want, is just to get a general idea of what type of properties they are, whatever standard you can rank them out of ten or whatever helps you. Because we need to know what the standard is. Because when we were looking at properties to arrange or to purchase ourselves, you should see if we can match that standard because we can mask that standard, then it's a lot more accurate and we can sort of charges same race. So you can make a note of standard however you like, whichever way helped you. And then you finally go on to the fibers again, you can see that couple are around the town center. One here, one here a bit more scattered. Their houses. They seem to be an okay condition that didn't seem to be in bad condition. So I would say there are a lot more scattered houses. They seemed to be an okay condition now, I would again give it a six out of ten. So around now sort of mark. So these are the locations we need to look at it. These are the type of properties in the standard we need to look at. So the next thing to do is now to work out, well, how much can you rent these properties for? So in order to do that, you need to go on to right move. Because the first one is scattered. In general, they seem to be around the town center. We're going to just focus on Lutheran town centers. That's where that's where most of the properties seem to be. If I check this back and show you all the properties, they predominantly do seem to be around the town center or they seem to be around the main Luton stations. So if I if I put in Luton, let's see what options they will give me. It gives me Luton station. And I think generally what will happen is you will have to find a station or particular postcode in the town center in order to get this. I think generally, I don't think it will give you talent, Luton town center or the location that it will give the illusion station as a location. And then you can click to rent. Now, once you have clicked to rent, you can select a radius. We will keep this within one mile. And for the first one, we're looking at studios. And again, the studios, they do seem to be flats as opposed to houses. So we said studios one mile within the town center. So we already have some studios were looking for something which is in okay condition. And we can set this from newest listed or we can set this from the lowest price first is only 18 listing, so it's not going to take you too long. Now we find something which is in okay conditions. So this one seems to be in pretty good condition and you can essentially take the rental for this. And the rental for this is £520 per month. So we put in £520. Ignore these for the time being. We will get onto this shortly. Then we simply just move on to the next one. We now need to know, well, what is the price for a one bedroom? And again, if you look at something which is in good condition or one-bedroom, you need to ignore this one because this is a professional. How showed this is actually a room as opposed to an apartment. So again, you can look for something which is in something which is in good condition and see what the price would be for that particular property. So again, this one, this one doesn't seem bad, is 765. This one seems to be in new conditions. So let's, Let's pick this one here because it seems to be in much better condition, or even, or even this one here which seems to be relatively brand new, close to the station in the town center. So it seems it seems like they seem to be around this £725 a month for a modern one bedroom apartment in the town center. So this is 0.10 miles from the station, which is pretty much bang in the middle of the town center. So we'll go with 725. Okay. So that is the rent there. We then move on to two-bedroom properties. Again, you're doing the same thing, which is you're looking for something which is in good condition. Hence, since all your competition has properties in very good condition. So again, you have one here which seems to be a very nice building, modern. So we will close to the station. Two bedroom apartment. So yeah, night about £900. Again, there's another one for £900. So £900 seems to be the going rate. And now we move on to houses. Since the three beds for visit five beds or houses, we simply go to the property type we can change to detach semi detached terrorists. Get rid of this enslaved bungalows, since these are all types of housing, change this to three bedrooms. Three bedrooms. And again, we do the same thing, which is we just look for something in good condition around the station. There seems to be three different property. This is possibly in the best condition, are the three I would assume. For the rest of you can already see that many pictures. So this last one here, this might be an okay condition as well, but it seems very, very cheap compared to the rest, so we don't have that many available. And does a 3-bit luxury house. I'm not entirely sure why luxurious, but the rents seems to be around this sort of marks. So this is on for 1050, the zone for 1300. So we'll say something around the 1200 miles. Around 1200. And then very, very quickly, I'll just do the four bedroom and a five bedroom. So I'll just select this to forbid, there might not be that many available with when I do branch out slightly. It seems to be this seems to be a few. Okay. So this one is being fully renovated. So again, that's pretty good. This is going to be brand new. This is on for 1400, this is on for 1500. So around that range. So we'll say, we'll say 1450. And finally, we have a five bedroom. Five bedrooms seemed to be a lot more expensive to this is in good condition, and this is 1700s, so we'll put in 1800. So these are the reigns for these particular properties. Now, the next thing we need to do is do this row here. I know we've missed this one out the world. Come back to this in a second. We need to do the rental size. What that means is if you go back onto a DNA. And this is your main screen. If you scroll down, it shows you the rental size. Basically means the number of properties on the market for each of these types of properties. So if you look at the studio, There's only three studios, which is two per cent. Now, if we go back onto the sheet, it says the rental size, the number, the absolute number as opposed to a percentage. So the absolute number of studios is three. So we put in three. We then look at the one beds. There's 8686. The two beds, there are 36. The three Bezos 19175. So you have 19175. Now, limited explain these colors now. The higher this number is, it will go green and the lower it is, it will go red. So it's really a color system going from green to red. The reason that is there is because if for example there are only three studios and we go through all this analysis, the data might not necessarily be the best because there's only three entry points. There's only three properties. So those three properties might do really badly or it's just, there's just not enough information when there's only hardly any properties, but when you have properties which there's a lot of property type, for example, is H.261 beds, eighties and 36 tubas. Even these two on that bad 1917, that's pretty good in terms of looking at data and saying, Well, there's a lot of these type of property. So that could be that the data is more likely to be accurate. So ideally, the more information we have on a particular property that better. This doesn't necessarily mean that we'll go with one bedroom since there's most of them because we don't know what occupancies HE, or what rates they achieve. But just for this one particular, particular 0.1, particular, one particular row, this seems to be, there seems to be the best out of, out of their vascular because it has the most information available. And the more information available something has, the more actually we can work out well, is this going to make mine, yours is not going to make money. So that is a color system with this one that the more practice, the better. Now, we, now we move on to filling out the remaining two details, which is the historic ADR, which means the historic average day rate. Put simply that basically just means what is the Nike rate these properties are able to charge? This one means the historic occupancy rate, that what occupancy have these properties being achieving. So if I go back onto this and click occupancy, this is again on the first page under research. Now it will show me the historic occupancy rate. So this is the first one we can fill out, or we can fill out this money doesn't really matter too much. But we'll go into the historic occupancy rate first. Now, once you wanted the historic occupancy rate, you need to select 75th percentile. Now, what 75th percentile means is that if you have occupancy rate, which is, for example, 90%, at the 75th percentile is 90%. That means 25 per cent of the properties achieved a higher occupancy than 90%. 75 achieved a lower occupancy, then 90%. So 25 or above this, 0.75 or below this point. The reason I picked 75th percentile is because what we want to know is that the good-quality properties, the ones which are professionally managed, their marketed probably they are professional and pictures the Airbnb hosts who are doing this? Well, what are the ATV? Because we're going to be trite. We're going to try to achieve something similar. We aren't really competing with people who have bad pictures or they're not marketed properly and so on and so on. So we're not competing with people who are not advertising their properties, probably. So that's why we look at 75th percentile because the 75th percentile re represents people who are doing this well, and that's essentially where we want to be as well. So if I look here, it says, what is the historic occupancy rate for a studio in the last 12 months. I don't necessarily want to know what's been happening over the last two or three years. I just want to know what's happening in the last 12 months because that's going to give me the most accurate picture because things do change over time. So you need to select entire home. And then we'd bedrooms is already on studio and you need to move this one all the way down, so it's just Studio selected. And then click Apply. Now, once you apply this, you can see how the graph has massively changed. Now. Now this seems a bit weird because there are so many spikes up and down, whereas before it was a lot more stable. The reason is that there's only three studios and this is essentially what I was trying to say that when you don't have much information. You get weird stuff like this. You get weird spikes. And the data sometimes can be a bit inaccurate because of essentially there's not that much information to go off. So we will still use the information they have and will still plug the same for the sake of this exercise. So what do you need to do is you need to look at our historic occupancy rate in the past 12 months. How you do that is you don't want to hear. And you can see that the very last month this is showing me is August of 2020. I want to know what is the average occupancy being from all this of 2019 all the way to August of 2020. So the way we do that is you start from August of 2019. So I think we are here and the occupancy is 54%. So you take, you take a calculator and you add up all the occupancy rates for the last year and then divide it by the number of months. So you take 54. The next one is 82, so 54, and then you add a T2. Look at the next one. Forty eight. Forty eight. The next one is 91, so you add 91. The next one is 80. The next one is 50 to the next one is 6256145, back up to 100, down to 62, down to 27. So what you've done is you've started from August 19 all the way to August 20. You've added them all up. Now, if I go back to August 19, this was a first we started. Now we need to divide by the number of months. So we had 123456789, 101112. And then we also have this 13th one here because we counted well, from August 19 to August 20 and including that month. So there's this third entry points. Then you divide this by 13 and you get the average occupancy for the last 12 months, which is 66 per cent. So here we can write 66. So 66% has been the occupancy. And then you simply move on to the next one. And then you do that by going back here and then selecting one bedroom. And again, you want to do the same thing that you want to start from August 19 all the way to August 2020. Yourself from around here we go, your sacrum around this point and go to the end. So I'm going to very quickly do this now. I'm just going to add from here to here and then divide by the number of months, which is 13 months as opposed to 12 months, 12345678910111213, because essentially, you're starting from August and you're technically ending in August as well. But if you want to last 12 months, you should have started from September because that is at 12 months work. So you can do 12 months or you can do 13 months. It doesn't really matter too much. I like to go from from all the way from that exact month, all the way back. So I'm going to very quickly do this now for the one bedroom. And then when you want to change, you can go to the two-bedroom, three-bedroom, four bedroom, and five bedroom. And then I'm going to add all of these here. So I've filled in all the information using these points all the way up to five bedrooms. And by recording the data here again, you can see it goes from green to red. If it's high, as green, if it's low, it's red. The reason is because well, with occupancy rates, the higher the better the higher occupancy or achieving, the more money you're going to make in the process. Now, I have altered, by the way, change this to past 13 months because apparently I can't add 12 months. So you can do the past 13 months. Even if you do the past 12 months is not going to make a big big difference is only one month off. But I like to do from August to August or September to September, so on and so on. So this gives me now the occupancy rate. Now the final thing we need to do is calculate the historic ADR. So what is the historic Nike rate which is being achieved on these properties? So if I go here and click rates, again, we do exactly the same exercise. Now we select studios, go all the way down to studios. And we look at, again, the last 12 months over the last 13 months, since I didn't count 12 properly or you can just do 1234. My mom's a really bad 56789101112. So yeah, you have to start from September, really not even August. So you look at the ADR which says fifty-one pounds in September, £55 in October, of £55 in November, so on and so on. And then again, you do the same exercise which is you add up the months from August all the way to August here, and then you divide by 13. And that will show you what. Average daily rate achieved has been in the last 13 months. So I will quickly do that now in this will be done exactly the same way as what we did for the other ones. So we'll go from studios all the way down to five bedroom properties. So I will do that quickly now. So now I've gone through all the five prototypes or six property types from studios all the way down to 5 billion properties and are calculated the average daily rate for the last 13 months. Now, just in case that wasn't very clear, but essentially what I was doing was hovering over these yellow bars. And when you hover over the yellow viruses, as you can see, it says August 19. Then it says the average day rate, ADR, which is a 126, and then just tells you the number of properties. The number which is 126, that is the number you need to essentially add up and then divided by 13 because that is the number of months we are looking at. So that's what I've done here. And if you look at this row, the historic ADR, I've put in all the numbers. The studios were 51 night the one bears were £62 of night, a two-bedroom 92107. One twenty one, twenty two. So now, let's look at what has happened in these two rows here. The first one says a rent divided by ADR. So if you look at the rent and you look at the average day rate, this number basically tells you how many nights you will need in order to cover your rent. Now, I know this is not an exact calculation because there's commissions and other cost and so on and so on. But just for the time being, was very useful to know. Is that how many nights would it take based on these numbers to cover your rent? And the lower the number of nights it takes a better because that means we can make more money. For example, it takes you a full month just to cover your rent. You have no chance in **** of making any money in this deal. Because even if you're fully booked, all you're doing is covering your rent. Whereas if you look at the studio, if it's rented a £51.9 for ten nights, you essentially end up making your money bag. And then beyond the tendonitis, There's potential profit. Now, like I said, this is not all inclusive, this other build, but it's just we need to know which which property type takes a lowest amount of knights in order to make your money back. So if we look at these numbers and by the way, these are automatically calculated for you and there's nothing you need to do with the studio. It takes about ten nights with a 1-bit. It takes about 12 nights to bed, takes ten nights. The 3-bit takes 11 nights, the forebear takes 129. And the fight that takes half a month just to cover its cost before it even gets into profitability. And again, with this one, green is basically the lowest number. The lowest, the lower it is, the better it is. So in this case, green is essentially what is low. And if it's really high rate, because that means it takes longer to make our money back. And again, the last one is similar to the one above, but this one tells you your profit potential. What this is saying is, based in all these numbers. What is the profit potential? What is revenue? How much money we can make less the rent? So for example, if we look at the studio here, what we're saying is the rent is 520, so that is our cost or the revenue is potentially we can make fifty-one pounds a night will be booked for around 66% of the month, so two-thirds of the month. And if we look for 2 thousand a month, that's about 20 nights. And we're making £51. We're making about £5,551 a night. And therefore, if we if we look at the month and we say we're making 51 night for 29th, let's just say roughly because that's 66 per cent of the month, 29th out of 30, that's about £1 thousand. But our rent is 520. So if we take away 520, we're at about just under £500. So £500 is basically our potential. But now this doesn't include the fees and the bills and any systems cost and so on and so on. So again, this has potential, it has a £500 margin, but obviously that's going to be eaten up by the bills in all those other costs. So again, we need, we need a prototype which has a big margin. We'll look at the one bed. The margin is the potential profit is around eight hundred, nine hundred pounds to bed has a lot of potential at 1500, the three-bit 1175. So again, that's pretty good. The four bed, which is 854, and finally, the fiber, which doesn't have a lot of potential at all. It only 286. Again, with this one in green is the highest value because we need to make sure we make a lot of money and the one which makes more money has more potential. So this is essentially what is. These we have input, some of these have been calculated for us. And now by looking at this data, we need to find one which has the most greens. Because the greener it is, the more likely it is to work. And I think it's very apparent that in this case, the two bedroom properties, the two-bedroom property type seems to have the most green how it is lacking on the first one. But again, that doesn't really matter too much because it has 36 properties, which is, which is a, you know, a lot of information, a lot of data, which is, which is good, because the more information we have, the more it supports this information here. So it has good amount of data, has the highest occupancy, joint highest with the One Belt, which is good. It takes the lowest amount of knights in order to cover it or rent. So this is rented divided by ADR stroke the nightly rate. And it has the highest profitability margin potential. So it's very, very easy in this case to say well, to veterans have the most potential. But sometimes you might be in a situation where two different types of properties might be very, very close. And then case you might have just select the top two and then do further analysis on the top two. Now, one thing to note with the two-bedroom property is and why. In most areas they tend to be very popular is because imagine you have a studio, you have a studio apartment. Now, if someone's looking to book a hotel compared to a studio apartment, the student might end up actually being a bit more expensive at times. Because a hotel doesn't. Hotel has economies of scale, meaning that they have 5060 rooms and they can spread the cost. Whereas when you only have one studio, it can be a bit expensive. The same thing can be said for a one bit, which is if it's a couple and they don't want to sleep on a sofa bed or anything, and they want to use the main beds, then you can only really get to people into a one-bedroom property, which is the same as a hotel room. But again, the one-bedroom compared to a hotel room might end up being more expensive. Whereas once you get into two bedrooms onwards, if you compare the cost of two bedroom properties or E, to legitimate bedrooms with two hotel rooms. The two-bedroom property most of the time is tend to be cheaper than two hotel rooms. Whereas the same cannot be said for studios in one beds in most cases. But as you have more rooms from two onwards, the cost compared to hotels is, is much, much better. Had a much better competitive edge when it comes to two-bedroom proteins and more purely because, well, you have to legitimate rooms. So in this case is very easy to say that or to make a decision that two-bedroom property seem the best. And two-bedroom property is what has the most potential in Luton. And we clearly have a very, very good margin hate to work with. And now we'll do further analysis on this to see, well, do the number of stack and can we take a two-bedroom property in this particular area? 5. Further Analysis: Once on the rent to rent, analyze your criteria is I've passed. We can simply move on to the further analysis. Now, when it comes to the further analysis, further analysis isn't necessarily data-driven. It is more what I call anecdotal evidence in the sense that it's opinions, it's feedback. It's doing a bit more research about the areas, so on and so on. So you aren't necessarily going to always get a score out of ten, that this is an eight out of ten areas. This is a seven out of ten area is more that, well, once we've done the analyzer and the numbers do stack up, we just want to do a bit more research about the area in terms of who the businesses aren't. Are there many big agencies operating there, so on and so on because they're all, if we get a positive response from the further analysis that is only adds to their rent or an analyzer and just confirms as well, this is a good area and this is an area where these deals can work, but you won't necessarily get a score out of ten, is a case of looking at the evidence and looking at the feedback and taking it from there. So rather talk, we have one thing which is data-driven in the sense that we have the occupancy rate in average daily rate. Now, the forecast is 65% for the two-bedroom properties. The average daily rate forecast is on £116. Now, if you remember, we did this right and start with the type of property. So we had a £116 for the two bed and 65 per cent. So that's, that's what the forecast was. Now the historic last year, the last 12 months, the occupancy rate was actually 84% and the average daily rate was a 114%. And again, if we go back to the first sheet, you can see that here we did that right? The salt, which is a £114 for the two bed and 84% or 84% occupancy for the two built in the last 12 months. So what this shows that the occupancy, which is forecasted, is actually twenty-nine percent less than what it was in the past 12 months. And the forecasted rates are just slightly higher, essentially two per cent higher. Now the criteria I have said is that what I don't want is, for example, let's say the forecast was 65 per cent and the forecast error equals 116. It's historic occupancy was only 20% and the historic Nike rate was only £40. Then I think that would be a cause of concern because if it was only 20 per cent last year, how is this suddenly 65 per cent. So as long as the forecast is a maximum of a 20 per cent increase of the historic, then that is okay because when you sometimes is economic growth and so on and so on. And that can justify for higher occupancy. But in this case they both pass anyway because, well, the forecast is much lower than the previous year and the rate is pretty much the same. It's only two per cent higher. But I think the point so remains, which is that if a forecast is a 116 and last year it was only £50. So kind of like, if I go back to this, the forecast is a £119 for the studio. But last year it was only £49. So to me, that doesn't seem very valid because well, if last year was 49, hi Kenny. How can you be more than a 100% increase? If I double this, we're still only at 98. This is more than double. So I think as long as the, as long as the forecast and the historical relatively similar, or as long as the historic is higher than the forecast, then that's okay. But if we have a situation like this where the forecast is ridiculously high in the historic is very low, then, then you clearly know there is a bit of an issue or maybe there's an issue with the data. So this is again, already calculated for you. So you can see the criteria is here. The criteria is passed if the forecast is less than 20 per cent increase of the historic rates. Now this is not a 20% increase, this is a twenty-nine percent decrease of S, okay? And this is only a 2% increase. So this will be calculated for you. Now, the next thing is the agency feedback. So let me zoom in. What I mean by this is that in the marketing section we will be covering a lot of different services, accommodation agencies. Now, you can actually get in touch with these agencies and you can request a lot of information about the area you're looking at. So I did this exercise with a location which is called brac null. I believe we've mentioned it here. So we have brac null here. And I send them an e-mail asking them for some information. And what we'll do in the task guidance section, I will include an email template so you can see what type of e-mail you need to send. Now, you don't always get a response because a lot of these companies are very busy and there's probably a lot of people emailing them. So you might have been chased them a few times. You won't necessarily always, always get a response. And another thing to note is the more agencies you can e-mail the better because not all agencies cover all areas exactly the same way. So in this example we are, for example, but this analyzer we're looking at Milton Keynes. Now silver door might not be a big operator in Milton Keynes, but Situ might be a big operation in Milton Keynes. So again, take it with a bit of pension, pinch of salt. So with brac null, we sent an email and they told us the number of inquiries in the region a 120. The average length of stay was just under a month, 24 nights. The conversion rate from inquiry to booking is higher than the average at about 35 per cent, which is actually, which is really good, actually that's the best for the person had told me. So what I would do is under the agency feedback, I would write down silver door, 120 inquiries, 24 day, stay, 35 per cent conversion. And they're saying that's really good for the area. And then I'll just continue doing that for the rest of the agencies, which there is Situ, Sacco and so on and so on. Now, like I said, when you get feedback from them, it's, it doesn't necessarily give you a score out of ten because, well, it's a 120. Amazing or how good is a 120? You don't necessarily know because there's nothing to compare it to, but at least you have some information. For example, we did this with one area once and they said, I can't remember the area exactly, but I believe they mentioned that there was an area which you to get a lot of bookings. And now since some employers have moved out, there aren't that many bookings anymore. So again, that's very, very good insight. So the more inside you can get from agencies that better. But like I said, you won't always get our response to them. Sometimes it might be reluctant to keep information out. It just depends who you catch on the day and if you chase them a few times and so on and so on. And that's essentially how a lot of this works. But I will include an email template and I will include a list of agencies in the task guidance section. So these will be silver door situate Sacco Bridge Street, and the list goes on and on. And that is the objective here, which is to get agency feedback. And if the response is positive, it only further fuels our research. And it's indicated, well, this is a good area and we can make money with this area. The next thing we need to look at are the major hotel chains. Again, this is if there are major hotel chains in the area, this is again a positive sign because it made her hotel chains are in the area. It means they've done a lot of research. They know there's people coming. They spent a lot of time working all this stuff out. So if I go on to Google, what I've done is I've set Milton Keynes hotels. So again, if I go back a step, you can just put this into Google. All I've done is set to Milton Keynes hotels because that's the area we're looking at. And then click maps. Now this will, this will show you the Milton Keynes area. Let me just zoom in for you slightly. And I believe this is. 6. Area Pricing Analysis: In this video, we'll be covering the pricing analysis and how to set your prices. So the first thing we need to do, there's only two things we have to input in this in order to work out what the prices should be. So the thing we have to input is called a rev par, which stands for revenue per available property. It doesn't really matter too much about what that means, what is relevant as we don't necessarily need to use it. We just need to know what these numbers are in order to calculate what the prices are. So if we go on to back onto a DNA and we click onto price, and then click onto seasonality. It will give you two figures here. They're RevPAR and the weekend RevPAR. So now you can select the two-bedroom property, since that is the property we're looking at. Again, it doesn't really change it too much in this particular case. Anyway. Now, what RevPAR is the revenue per available rental, which is divided by daily rental revenue by the number of listings available to rent. So they look at the revenue generated by all the properties in the area divided by the number of properties in that particular area. So this doesn't necessarily mean the rates that were charging is just stands for total revenue divided by the number of units. Because while not every single unit is built on every single day, while I would assume a 100% occupancy. So I'm not entirely sure why this is required. I think it is something which hotels use more so than apartments because I guess it might be more relevant to them to look at. Well, how much revenue did we make? How much revenue did each roommate, for example, if you have a hotel with 50 rooms or 100 rooms, that would be useful to them. Whereas when you only have a few apartments, I can't really see why this would be irrelevant to be useful, but it does help with one aspect which is clearly in this area. We can see that the red bar is lower on week weekdays and higher on weekends. What we will do is take these numbers, 6477 for the weekday and weekend, and we will plug them here, 6477. Now, what that does is that we'll start to give us all the numbers we need in terms of pricing. Now, I will go through this step-by-step and show you exactly how the prices are calculated. So the first thing which is calculated is essentially the average daily rate without the cleaning fee. So what that means is that so far, if I go back onto the rental rent analyzer, we said that the average daily forecast is a £116. We can tie it to a £116. But if you look at a DNA and if I go back on to rates for example, or even if I go back to Overview, if you look at the average daily rate, this is the average book nightly rate plus the cleaning fee. So when we have the £116, this actually includes the cleaning fee as well. But now we know that the numbers we have said is the cleaning fee is £20 for the cleaning, £20 for the laundry, and £4 for the replenishments. So if I go into pricing that, we can see that the cleaning fee really needs to be £44 per state because while it cost us 20 to clean, 20 to do laundry and four for the replenishments. So when you have a £116, which includes the cleaning fee, we also know that the average stay is three nights. So if if people book for three nights and they were paying a £116 every single night, that would mean we have 116 multiplied by three, which is £348. But if we take away the cleaning fee, because well, 44 of that 348 is athlete is actually the cleaning. So if we get rid of the cleaning fee, we only have £304 left. And across three nights, that is a £101. So again, that is how the numbers are calculated, which is that every number we've looked at in terms of pricing previously included cleaning. Now we want to separate them out. So say, Well, this is my nightly rate and this is my cleaning rate. So we have to separate them out. That's essentially what has happened here, which is the cleaning fees already calculated for you based on the fact that you put in your cleaning numbers here. I will just go through this in a bit of a weird order. So next we have the extra guest fee. Now with service combination pricing. For the first two guests, there is they're included in the base price. So for example, the base price here is £101. So if only to people who are booking, it would pay £101. But now let's say you have a two-bedroom property which sleeps for people. So what would happen is they would pay £101. Plus anywhere between 15 to £20 for the guests for guest number three and guest number four. So that's why I say three onwards. So for example, for two people, it would be 101. For three people it would be 101 plus 15. So that is 1164 for people it would be 116 plus another 15, which would make it 131. So essentially, from guest number three onwards, you can charge another 15 to £20 per guest on top of your average daily rate. So this is your cleaning fee. This is how much you can charge extra per guest. Now, on Airbnb, this is very, very easy to do under pricing. You can simply set this as an extra fee. If you want to set this on Booking.com, you will have to contact your account manager and you will have to tell them that you want to set up £15 fee on top of your base rate, on top of your booking.com base rate. And they will have to do that for you. Just let them know that for anyone. If we have more than two guests, so it gets number 3456. We want to have another £15 for every single increase. So those are those two fees. The next we have is, let's go through this section here. So Airbnb, I've already mentioned to you that the reason is that £101 is because they cleaning fees deducted. The average weekday rate is £91 and the average we can rate is £110. The way this is calculated is because as you can see, there is a bit of a difference that we taste is cheaper. Ends are higher. So these are calculated in the same proportion, the same ratio as these here. So by, as you can see, the difference is in a relatively the same in terms of percentage. So for example, you can see there's a bit of a difference here and the same difference is is shown here as well. Because as we know that we are cheaper and weekends are higher in this area. And I've done some calculations to adjust these numbers for you. So if you wanted to say weekday race and we can rate, these are what the race would be. Now, this one is really, really easy. Like I told you before, if I go into the rental rent analyzer, we have a 3% transaction fee. Now the reason we have a 3% fee is because Airbnb charges are three per cent commission. Now you might be thinking, well, why is it 3%? Booking.com child is 15%, so it shouldn't this be higher? And the reason I told you before that is non higher is because on Booking.com we actually charge a higher price even though we pay more commission at the end of the day, it turns out to be exactly the same. So if I show you here on Airbnb, the Nike rate on average is £101. But for Booking.com, we actually have a markup of 16, 16%. What that means is that we've priced Booking.com pricing 16% higher in order to include the extra Commission. And also, if I go back to the rent to rent analyzer in order to include this fee here. Now, on booking on Airbnb, we don't actually pay any transaction fees to strike. But on Booking.com we have to pay a one-point four per cent fee. So because we have to pay extra commission and because we have to pay for this trophies, we have increased the price by 16%. So the money we receive at the other day is exactly the same. So this column here is essentially 16% more of the AV and be pricing. We then move on to discount. Again, the discounts are calculated for you. So the weekly discount you can set to six per cent, monthly, ten per cent, early bird, ten per cent, and last minute, ten per cent. Now the way these are calculated as essentially, for example, if we, if our aim is to get 80% occupancy and someone books for one month. So essentially we have 100% occupancy. We can give them a bit of a discount and still end up making more money than we previously would have. So that is how those numbers I calculated. Again, very, very simple, but these are the discounts you need to set. So again, this is all calculated for you. Early bird, we offer ten per cent, last-minute, we offered ten per cent. Now finally, we get onto the last thing which is pricing software. We will be using some pricing software. It's for, for example, beyond pricing price lamps. And when you use pressing software, generally asked you for two prices, which is, well, what is the base price, which really means what is the average price you want to set? And the average price we want to set is essentially the same as the average ABM be price, which is 101. And they also asked you, what's the minimum you are willing to accept. Again, we will actually set the minimum as the same as the base. The reason is because we've already set our discount in Airbnb and Booking.com. We don't want to offer more discounts on top of the discounts we've already said. So if you use a pricing software, then essentially what you need to do is make sure your base and your minimum are the same because the discounts have already been set. Now. And with a lot of this software. So for example, we will get onto guess D, which is a channel manager we will use to set the pricing. There is a section for Booking.com markup and we will set a 16% markup. Now, if you're not using a pricing software and you will use, you know, just setting one price or one base price or you're using the channel menu, set your price than the price you said is essentially this one here. You ignore the weekdays and you ignore the weekends. You just set one average price, which is this number here. And you also select your mockup of 16%. Now, what I will do is that will give you a very good average across all your rates. So that would be the easiest way. And when you're starting out, when you're making your V&V listing and when you're making you're picking up on this thing, I would suggest to you, you just start off with the average base price, which is a £101 in this case. And on Booking.com, of course, there is a 16% markup. So when you make your Airbnb account and it asks you for a price, you will set this. And for Booking.com, you will set this one here. Later on when you started using pricing software, you can set these are the base and as the minimum. Now, you might have to watch this video a couple of times because there is a lot going on. There's a lot of different numbers you need to you don't necessarily need to understand how the numbers are calculated, but you do need to get a good idea of what the number is reflect. But to put very simply and to give you a bit of a summary, all you have to do is fill in these two here. When you make your AirBnB a talent, this is a number you plug in when you make your booking.com account. This is the price you set for AirBnB and Booking.com. You sit a cleaning fee or £44 for extra guests beyond two. So after two, you set an increase of 15 to £20. And these are the discounts you need to set and down the line. Once you have a pricing software, you can simply have the Airbnb price as a base price. Again, the Airbnb peice as a lowest price and have a booking.com mock-up of 16 per cent. So watch this video a couple of times where two to three times, just to get a good understanding, it can be a bit confusing at first, but you'll get the hang of this very, very quickly. And I will make a summary of this in the task garden section as well, so you can simply copy and paste that pricing. So I believe the first thing you need to do is essentially just get up and running and set these prices. And over time you can, if you need to treat them, you can tweak them. So that is all we have to do for the pricing section, which is complete these two fields here and everything will, everything else will be camouflaged for you with the pricing analysis. 7. Analysing The Occupancy: So finally, if you look on the last sheet on the deal analytics system, you have what is known as the occupancy table. Now, there isn't anything really you have to do here is just a table which shows you the different amount of profits you can make based on the occupancy. And it's just something good to see that where you stand with this particular deals. So as you can see on the first column, we have occupancy again from 0% all the way to 100%. And then it tells you, well, how much revenue can you make based on, well, these occupancy, so if you were fully booked, you would have a rental income of £3,480. Then it tells you the total cost based on those occupancies. And then finally it tells you the profit. Now, we want to be at a stage where we're breaking even around 50 per cent. Now, in the south of England, sometimes this can be around 55 per cent or just slightly higher than 55 per cent. Hence, if I go back onto the rent to rent analyzer, we have the criteria is to break-even around 50 per cent, but if it's between 50 to 60, depending on the area, can be okay. But ideally we want to be around this mark K, which is the 50 per cent break-even the closer we are to this, that barrier, that means in half the month, we cover all our costs. The breakeven is 50 per cent. And again, it does seem to match because, I mean, for example, the loss is only £2.56. Let me just make this bigger for you. That loss is only £2.56, which essentially means we're break-even. We're covering all our cost at 50 per cent. Now, the target occupancy, like I mentioned before, is really around the 80 per cent mark. That's really where we want to be when it comes to ourselves commendation business. And if we go to 80 per cent, then we, we are essentially here, which is the profits of £811 every single month. I believe. If I go back to the rental rent analysis, the forecast is around 65 per cent based on a VMB. So the forecast is saying we are roughly around this area here, which is £404 every single month. But this is where we were, where we essentially want to be. So this is just a quick summary of essentially you will deal. And so you can quickly see where you sort of said. So break-even forecast is here and then the target is here. Just to sum up on this as well, that yes, of course the forecast is indicating this level here. So let me just write the word forecast. But this is based on Airbnb information alone. This assumes that, you know, if we weren't doing anything else, but if I go into the further analysis, we really want to be looking at, well, what the agencies are saying. They're getting much business there. We really want to be tapping into that. We also look at the past data and we see that historically, well, occupancy was much, much higher. So the potentially, it could even be higher. But again, when we do our numbers, we want to be conservative. We want to at least make good amount of money based on the forecast and anything above that is a bonus, but it can never really be guaranteed because when it comes to agencies, you don't necessarily always get information from them and you can't exactly compare data. So that is essentially how we do deal with analysis in summary, which is we look at Airbnb would base our numbers on Airbnb. But really we want to be around that target here. And that's what we're hoping to get based on the fact that we've done for further analysis and it's shown as well as companies is big hotels. There's a lot of agencies in this particular area. And even at the forecast forecasted level, if I go back onto the rental rent analyzer, we have two criterias and both these criteria is essentially have to pass based on the forecast of levels, not at high 80 per cent levels, but based on forecast. So just to quickly sum that up again, in the main criteria is that in the first year, we want to make all our money back, the investment we have spent, we want to make it back. So in year two, year three, year four, its entire, entire profit. And in this deal, rationally getting more than the money we've spent while we're on this subject. One more thing to note here is that even though we are essentially looking to make all our money back in year one. This is where subs combination gets good there, for example, if you look at your Properties, setup fees, and in terms of your investment in this case is 42 to 3. Well, the reality is that is actually technically not your full investment, like in the sense that let's say you go in by some camera equipment because you want to film videos and you spend £4,223 on camera equipment, well, then all their money is essentially your money is tied up and you won't necessarily get that money back because you spent all their money on camera equipment and you're looking to turn that into our profit by making videos and selling videos. But if you look at this case here, the properties set of fees, we have spent £1100 on the rent advance. But when we give the property bag, this rented bonds actually just comes off the last month's rent. Because, for example, think of a tendency of you signed for maybe yourself or your family, or if you have kids, when they go to university, you've signed a tendency or whatever. Whenever you have a rented bonds that is actually just the last month's rent, they just want it upfront. So technically, what will happen is your last month's profit will just be inflated by £1100 because you don't have any rent to pay. So I personally don't really consider this as an investment. I know it is a setup fee and we need this money in order to get started with. Technically, it's not really an investment because you simply just get it bank whenever you give the keys back. And the same actually applies for the deposit as well, which is you pay a £1500 deposited, but as long as you don't damage the property, you also get your deposit back. So the only thing you don't get back are the fees and the furniture cost. Because while once you've bought a sofa and the surface a couple of years old, you can't really do anything with it. The only thing you can do is you can bend the sofa. So really the 42 to three you spent, this is really the only money is technically cost you because this money you just get back whenever you give the keys back. Your investment isn't even for two to three, is actually only about £1600. Maybe you lose some of your deposit because they have to maybe clean the carpet or lick of paint here and there. So maybe let's say you lose a few £100 of fat. That means your investment might be 1500 plus one hundred, sixteen hundred. Let's say you lose 400 of your deposit. Your total investment is only about 2 thousand re, because a lot of the money you're getting back when you give the keys back. And in the first year, you're making back about £5 thousand. So that is just another way of looking at it. That is how I personally look at these investments. But it is still important to know that this is how much it's going to cost to get up and running and we still want to be making that back. The criteria is we want to make the money we spent back. So year 234, pure profit. And when we give the keys back, whenever that is, we also get a large portion of this money back. So that is how I look at deals. This is how the Sioux, why we do the forecast and we have the target occupancies, so on and so on. But this table is just very, very helpful in knowing essentially where you are with this deal and when you sit when it comes to the criteria. So for example, this is the breakeven, this is where we want to be and currently we sit around here. So it just gives you a quick summary of the entire deal. Nothing really you need to do here per se. 8. Analysing Purchased Properties: In this video, we'll be going through the service compilation deal analyzer. If you were purchasing the property or if you already own the property that you're looking to do saves combination in. So for simplicity and so you get a better comparison. I've actually kept the numbers exactly the same. So we're essentially looking at this same deal as we were in the rent and rent case, which is the two-bedroom flat and Milton Keynes. So I've kept the numbers exactly the same. So you can see how the deal would look if you did a rent to rent on that property compared to well, what if you already own the property and that was your your your own apartment. So how will the numbers differ? How would the deal at differ? So again, the property detail situation is exactly the same, which is Milton Keynes. We're looking at the town center or a two-bedroom property. Part furnished exactly the same property. And the inputs I've kept exactly the same as well, which is well, the forecast we said was £116. There are minimum occupancy was 65 per cent and the minimum day stay was three days to three days minimum. I would like you like you can see the numbers are exactly the same as before. And I think this will make the comparison a lot lot easier because you'll be able to see well, as it rent to rent. We were making this much and as, you know, as a as a property that we own, how much could we potentially make? Now, one difference here is this section here, which is last time we had a section about properties setup fees, which included your deposit, your rent advance, and letting agent fees, all those things. Now you don't have that if you already own the property. So we've eliminated that section and we've replaced it with ASD cashflow. The reason we have AST cashflow is because we want to know well, if the property is making this much, which is £337.69 every single month as an AST property. Well, how much can I make as a service accommodation property? How much more money can I make in the process? And if I make a lot more money than it might be worthwhile converting that property into service accommodation. And if we can massively boost the cashflow. So if we go through this, the first thing you need to input is the rent. The rent here, your mortgage. So how much are you paying your monthly mortgage cost? You have your management fees. So these are typically you're letting agent fees and you can select 0 per cent, five per cent, or ten per cent. Now, if I typical letting agent will charge about ten per cent. So you can put ten per cent if you have a normal learning agent, if you're all self-managing the property so you don't have a linear gauge and you can simply change this to 0 per cent. But typically I'll let engage in charters about ten per cent, so we'll leave this at ten. Then you have the service charge, which is a monthly service charges. Now, this is only four flats by the way, this doesn't exist for houses. So if you are an E-flat and you pay service charge every single month, which you will do if you are in an apartment building. So you can input your monthly service charge here. You can add your ground rent in this box here. Now the ground rent is typically paid annually or is paid every six months. So you can put the annual ground rent here and it will calculate how much that is every single month. And finally, you have voids. Voids essentially means that it's very unrealistic. The property is going to be a rented out every single day over the course of a year, unless you have a very, very long tenant who stays for two or three years or so. So avoids essentially means that period that property is empty before, because while there is a switch in the tenancy. So now let's say you have a tenant to moves into the property and they they then leave the properties of the vacate their tenancy. There might be a couple of weeks before you get all this stuff out, maybe do a bit of a paint and prepared the property for the next ten, hundreds of marketing to get someone else in there. And that person might take about two weeks. So we will assume that two weeks every single year the property is empty for void. Now, you can switch this if you want, and there's three options. You can say, well, my property is never empty, so 02 weeks or four weeks. Now, two weeks seems about right. It seems pretty common. So we will leave this at two weeks. So a fair monthly cash-flow if you own this property. In the case of Milton Keynes, because we said the rent was 1100 when we were looking at this as a renter end deal, you can safely say that the mortgage, the mortgage, sorry, the net monthly cash flow should be about £337 every single month. Now, this can be higher or lower based on whatever your mortgages. But that is the number I put in for the time being, which seems about right for our property in that particular area. So this is the monthly cash-flow you're receiving every single month. Now we go into the next section. And as you can see, the next session is exactly the same as before. Nothing changes because they're running cost of the property is going to be exactly the same in terms of your bills and or transaction costs and so on and so on. So that says exactly the same. Finally, we have this segment here, which again, the formatting remains exactly the same in terms of the layout. But as you can see, your profits and out considerably different. Your monthly forecast, your profits at the monthly forecast occupancy, and are much much higher. I believe in their rent or encase this looked like around £400 every single month, 404, and now that's jumped to about £900 every single month. The reason for that is is that because your costs are now much, much lower when you are doing a renter end, your monthly cost. Just a rental alone is £1100. Whereas when you, when you own the property, because your mortgage is always much, much lower than their rent, you also have an additional buffer for that particular reason. So in this case, as you can see, that previously it was about £400, I think £400, and now it's increased by £500, which is £900 profit almost every single month. So again, the format stays exactly the same, but profits are massively higher compared to before purely because, well now you're paying a mortgage rather than paying monthly rent. And then we get down to the deal analysis section. And again, we have the criteria of the monthly break-even occupancy. So the criteria is 50 per cent. If you press the getValue button, it will tell you what it is. In reality and in this case is thirty-two percent. And even though, as you can see, is massively decreased in before, purely because while now you're paying mortgage as your cost rather than rent. So because there's a £600 difference, which you don't have to necessarily pay every single month in order to break even your breakeven occupancy is much, much lower. And finally, we have this last table here which shows you a comparison. So as, AST, this was making £337 every single month. And now we can see that just up here when we looked at the AST cash-flow. Now at the forecasted occupancy, which is in this case 65% because, well, that is the number we input here. At 65%, we should be making around £894 every single month, which is a 165% increase compared to what you would have made on a EST. So it's more than doubled, it's a 165% increase. And if we look at the service combination income at the forecourt, sorry, at the target occupancy of 80 per cent. So if we're looking at this column here, we should be making about £1300 every single month. Now, if we make £1300 as almost a thousand pounds more compared to where we were making as, AST. Now, that is a percentage increase of 285 per cent. So that means your income is almost tripled when it comes to running this as service accommodation and achieving the target occupancy of 80 per cent. Now, that is essentially how the purchasing analyzer works. It is pretty much the same as the rent to rent analyzer, except for a few small differences. When it comes to everything else, it remains exactly the same and the pricing remains exactly the same. The occupancy table, again, is slightly different because now your costs are much, much lower. So we want to do breakeven around 50 per cent. And I believe on our interim deal, it was around 50 per cent. But now you can see you're breaking even at about 35 per cent. So the rest of the deal analysis stays exactly the same except for the analyzers sheet itself. And this will show you exactly how much money you can make on a property if you purchased it, compared purchased it and run intercepts combination compared to a property you either purchase or you already currently owned. And you were running this as a normal AST or normal along lead. And this is essentially the main table which you need to be looking at when it comes to making a decision while actually run this property, has service accommodation or shall I keep it on unnormal, long tenancy. And if you can make 1.5 times the amount of money increase, or essentially almost three times the amount of money. It's actually even more than three times the amount of money because there's 285 per cent, so it is considerably a lot more money than before. So that is how you analyze the purchasing deal, compare it to AST, and essentially make a decision. Well, should I run this as AST or should I convert this into a service or accommodation and property? 9. Hiring Cleaners: So this is how you find cleaners in any given area. So when you go into Facebook, first thing you have to do is input your town or city name in the search bar. Now, when I do that, a whole bunch of stuff comes up. The next thing I need to do on the left-hand side is click Groups. Now, once I'm in groups, which you have to do is try to find a group which is relevant for you. So for example, in this case, I guess if I'm looking at Peterborough, what I would do is possibly look at this one here, which is Peterborough small business advertising. You might be able to post in there and ask for any cleaner recommendations. That might be one way of doing it. Best jobs in period where you might be able to post them there. The rest don't seem too relevant to essentially what we're looking for. Again, you have jobs in around Peterborough. So that might be another good place or even the Peterborough business hub. So that's one way of doing it which is finding groups. Now this might be better in some areas compared to others. It doesn't work every single time. But if you do have some pages and it can be a great way of essentially putting some posts out and your local area and seeing if there are any cleaners or if anyone has any recommendation for cleaners. So that's the first thing you can do. The second way of hiring cleaners in any area. This is, this has a much, much higher success rate because there's platform is designed exactly for this reason, which has Care.com. Now, on Care.com is essentially a website which you can use for hiring anything to do with care. Essentially, you have tutors, childcare, elderly care, pet care, and the one we're interested in, which is housekeepers. Now, you have a whole bunch of people here, but this is not exactly how we are going to be doing this. Are we going to do is if I put in PE1, we have some Peterborough postcards. I am an individual or business. It doesn't really matter too much. Hire employees. So essentially what you're doing is you're just how many people are. I think it might even be easier if you just search as an individual or rather than as a business. So it's like I'm an individual, you're finding care. You're not finding a job. Then essentially you need household help. What you need is a housekeeper. And you can take what you need for cleaning, window cleaning, and laundry. If you want to select some more stamp which is relevant for you, then you essentially select those. I would just leave it pretty generic to be honest, maybe even click this one which is end of tenancy cleaning, but in mind, eliminated a lot of people. So play around with these settings and see what you end up getting. So click Next. And this will we have to make your own account. Now, Care.com is a paid service, but it is a very useful. I've used it a few times and every single time it does seem to work really well because it is page you end up getting much, much better people on there because even the people who advertise their services on there, they have to pay in order to be there in the first place. So those are the two ways you can hire cleaners. They both work. I believe Facebook is a good way, but you don't always succeed, whereas you don't necessarily have to pay. So it is worth doing and you can get some good local recommendations. And if that doesn't work for you, simply use Care.com and in patrol area and find cleansing new area. And this also, I believe has reviews and so on and so on. So you end up getting someone who's really good. You only need to do this for about one month in a refined someone. So I think it costs about, if I look at pricing, maybe they mentioned pricing here. Okay, I believe it is not mentioned, but I believe pricing is something along the lines of £10 a month or £15 a month. But you all need this for one month in the first month when you're finding these cleaners. So you're all here. You only need it for one month, £15, and you can end up getting someone who is already ready. Good. What I would do is find as many good ones as possible, interview them, and then try them and see which one fits the best and which one is worth working with in the long run. 10. Hiring a Maintenance Person: So alongside cleaners, another person you need on your team is a good maintenance person. Now, with subs combination, you do have small Nagle's here and there. There might be a leaky tab which has to be fixed very quickly. There might be a heating issue, water issue. So nothing major, but you do need a person who can attend these. And if there is an issue, someone who can fix these very, very quickly. So other than cleaners, the second person need on your team is a good maintenance person. Now, where can you find a good mentions person? Again, two main ways. The first one is through recommendations similar to cleaners and again, very similar to clean is the second one is through Facebook groups. So what you want to do is if you know a local handyman mentioned as personal or maybe you use one or again, reach out to people in your, your friends and family circle and see if they know someone who can do the odd jobs here and there. Or if you don't know anyone, then again, using the same strategy as cleaners, we go onto Facebook groups and we put out some some posts saying, Well, are there any maintenance people in this group, any handyman or does anyone know any? And again, you will shortly find some. And again you have two or three on your books. And when there's an issue, you can send them to have a look at that problem. You want to make sure they can fix these small things so you want to know what's their experience they have when it comes to heating, water or gas, those sort of things. So again, they're not engineers are not doing anything big, but then I had to fix small things. So you need to get mentioned this person on your team and those are the two best ways of finding one. 11. Linen Supplier: So one of the things that you need in your service convention business is the linen. Quite obviously. There's essentially two different options when it comes to the end. And you can either one high ligand or the second thing you can do is you can buy linen. So now, well, what is the difference? Well, if you're hiring essentially, what you're doing is you're renting linen and every week a new delivery comes with, not brand new linen, but of course there's commercially clean, commercially pressed, and it's just like very good quality Lin or the other option is that you maybe by three sets. So I think we've mentioned this before, which is you buy three sets and you have a rotation policy which is there is one set with a guest users, which is on the bed. One set. So for example, the cleanest come in, they take that off, they put into the washing machine, they leave that to dry. And then you have another set which then goes onto the bed. So it's like a bit of a rotation policy that one's on the bed, one is being washed and dried and one is ready to go. And every time there's a checkout, the clinic comes into that one goes there, that one goes there. And silica rotation policy. There's, there's pros and cons with, of course both. Now, the good thing about bind linen is that it can be cheaper if you're cleaning, washing it themselves, and you don't have to worry about a minimum orders and so on and so on. Because when you hire linen, you can't just say to them, Well, I want 11 sheet a week or once a week. There's minimum orders that you have to comply by. Whereas if you own the linen yourself and all you have to do is well, every time there's a checkout, just wash and dry, then there's no You don't have any sort of restrictions or you're not stuck with any sort of limitations that well, I have to order minimum three weeks, so on and so on. So that is the positive when it comes to buying linen. The problem with buying the linen though, is that I think a lot of linen, especially towels and so on and so on. Once you've watched them a few times, the quality isn't the same. And if a guest gets makeup on them or a lipstick or spill something on them, a lot of the times is very, very hard to get the stains out. Whereas hi linen, that's not really your responsibility because they now is gonna get dirty and when it goes to get commercially cleaned, impressed by the time you get it back, is in very good condition. So the problem with hiring learning can be the fact that it's a bit more expensive, but at the same time is much, much better quality. You will guess we'll leave you better reviews. They won't complain. And overtime that will be worth it. Especially as you get more properties, more apartments, more houses. What will happen is that cost will be spread out amongst more, more properties and therefore, the cost will go down over time anyway. So my personal recommendation would be to high lane rather than violin, purely because equality is much, much better, you'll get better reviews. And again, if you find a good company which has a low minimum order initially, then that will help you massively as well. So I would personally recommend high linen is just much, much easier when it comes to your cleaners. Again, they might not want to do the washing and drying and ironing. Whereas again, if you just give it to a company by the time it comes to you is it's very, very nicely laid out, is flat packed, It's IN pressed everything. So I would personally say go with the hiring approach. Now, when it comes to hiring, what are the options? So the first one is stalled Brit, linen. Now strawberries linen is one of the biggest linen providers as a commercial linen provider across the UK. And they will essentially supply and linen in most places. So what you would have to do is go into their website and enter your area and get a quote from stole bridge. Or if you don't want to use salt bridge now the second thing you can do is essentially get a quote by local companies. So now let's say you live in Pittsburgh where you need to do is Google, Peterborough linen providers or Peterborough linen higher or Peterborough linen. And see which companies come up and you say to them, Well, we're similar to a hotel. We have apartments or houses. We need weekly supply of linen and then get a quote from them. Tell them we have a property which is a three-bedroom house and we have three single beds in two double beds and we need this many towels. What's the minimum order you have? What are your rates? And then take those rates and then compare them to the rate of storage and essentially walk out where you can get the best deal. Now from experience, if you can find a local linen provider, it is generally better and it's cheaper than going with a national company. Who again, is a very, very big outfit. They aren't good, but sometimes it can be a lot more expensive as well. So if you can find a linen company which is local. And again, it's one of those things that if you get a small local company, you can grow with them as you get bigger, there are a lot more flexible, there are a lot more willing to help you out with things. Whereas when you go with the national provider that they have set ways of doing things. So for example, we use local company for a lot of fire departments and sometimes if we end up needing a bit more linen or so on and so on, I can just call the guy on my team can call the guy and it's just much, much easier to deal with. Whereas if you go with a big company, there's, there's, you can't just change orders quickly and so on and so on. So there's a, it's a, it's a bit more rigid. So ideally what you need to do is you need to hide in and either use stole bridge, which is again a very good option. I'm not taking anything away from them. Or you can use a local linen provider, get awkward from them and compare the two quotes. And essentially fighting a linen provider who can cater for your properties. 12. Phone Service: In this video, I'll be showing you how you can set up a virtual phone number and essentially set up an answer or a phone answering service. Now, the reason you need this is because when you have a business, for example, you might be at work and the guest might be calling you, or maybe a landlord or a lead engaging might be calling you because they have a potential deal. And if it goes to your personal phone number one, it doesn't look very professional. And second, you might end up missing a lot of those phone calls because you might be maybe busy or having dinner or maybe just a work and so on and so on. So the first thing you need is a virtual phone number, so it seems a lot more professional. The second thing you need is a way of someone picking up that phone for you rather than you picking up that phone yourself because while you might be busy. So now in terms of getting the virtual phone number, and I will put a link to this as well. The company we use is called ear receptionist dot code dot UK. Now, once you're on the main page, you can simply click the button here which says, Get Started risk-free. Now again, when you might sign up, it might say something else, but that is essentially what you need to click. The package you can go for is the cheapest package here, which is a pain you pay as you go package. Now, all you really need is a phone number. You don't necessarily need these packages because you can use your own phone to make the phone calls. You don't necessarily need minutes and so on and so on. So you can essentially use this service here, which is get a number of width pay-as-you-go. And if you click Sign Up Now, now that will tell you which country you need to pick. And then you can pick three types of numbers. You can take a local, national, or free phone. I would recommend maybe it's best to go with a national number purely because if you, let's say you operate in Peterborough, but you end up taking a deal in London. So because you haven't found your area yet and you haven't really found a witch. Properties are going to be taking which areas. It might be difficult to take a local numbers since you don't know which area you are going to be in. Whereas if you take a national number is sort of applies to any place in the country ready. So if you select national and then pick any 330 number or three T3, I would recommend it three number as opposed to an eight number. So I'm because people with eight numbers aren't always sure if it's free or paid. But you can take a landline number, which is 330 number, or if you know which area you're going to be investing in, you can just go for a local number and essentially pick the city you want to be in, and essentially you get a number from there. So if you're unsure about your area, pick National. If you know exactly where you're going to invest. For example, in London, then you can just go for a local number and pick the correct area code. Now once you have that, you're essentially putting your own number and you simply check out and from there on, you have that virtual number. Now, once you have that virtual number, you have to go to answer dot cottage, UK. Again, I will put a link for this. And how this works is you forward that you use that virtual number and you input it onto answer Dakota UK. And what will happen is when you have the number on your website or you give it, maybe let's say you put it on a business card or so on and so on. Anytime someone calls a number, it won't go to you. It will go to answer dot code at UK. And also color UK will take a message on behalf of your company. So let's say your company is called Zoom. They will say, hello, Zoom apartments or resume accommodation. How can I help? And they will take your message, and once they've taken a message, they will send you a text message, and they will send you an email with the person's phone number, their name, and the message they left on the answer service, and then you can get back to them whenever you, please, whenever you have time. So the way our pseudocode a UK works is they have different pricing plans. I would recommend you go with top top-up bundle one, which is four Twenty-five pounds. And roughly each coal will cost you £1.20. So every time someone calls this number, it charges you £1.20, which isn't too bad because you're not going to be getting a ridiculous amount of calls anyway. But you do need a way whereby you can take all the calls and take all the messages without you having to deal with that yourself all the time. So essentially you can pick one of the bundle that you can click. Get started filling all your details, filling your phone number, and simply, simply use your new version number two input onto here. Those calls will then be passed on to you via text message and e-mail. Again, very, very simple process. If you need any help, you can always ask them questions through FAQs and by contacted them so they can help you out with getting started. But those are the two things you need. You need your receptionist in order to get the virtual number, followed by an Suricata UK in order for someone to pick up their number every time someone calls. 13. Website Domain: In this session, we're going to be setting up our website and also our e-mail address. So now in order to setup our website, the first thing we need to do is buy a domain. A domain essentially means your website name or your website URL, whatever you want to call this. So now the platform I use is called GoDaddy. You've probably heard a fair they have ads on the TV all the time. So essentially you can go to GoDaddy.com and it might take you onto a page like this. Now, when drawn to this page, you can click domains up here or click domains here. So essentially we need our own www dot followed by your company name, essentially. So you click on this. And now it says, well, you know what sort of name do you want? So maybe your company is called Zoom accommodation. So let's say we put it in Zoom accommodation, it starts finding it. Okay, so you can get Zoom accommodation dot colored UK for, for 99 every year. And then in my renew, it might be a bit more expensive than a couple of more years or something along those lines. So you essentially buy the one which is dark colored UK since you're in the UK, or if you want to change your name and call it something else. So Zoom, Let's zoom stays or whatever your company name is. Now this doesn't necessarily have to be the same as your company name. A lot of companies, they have their limited company is called one thing, but a website, it's called something else. And at the bottom, for example, let's say your let's say your company is called Zoom travel stays limited, but you want the name zoom accommodation. So you would get to my accommodation. And at the bottom of the website, sometimes people say the trading name is something else, so you can just put that disclaimer. So my point is you don't necessarily have to get a domain, a domain name, which is exactly the same as your company name. Now, I would advise you have something like just the name of your company rather than your company followed by the word limited or some people or some people have Zoom accommodation LTD. I don t think it looks very professional. Having the word limited or LTD in your company name, everyone knows, is accompanied since you have a website. So I will just leave it at that. So once you've done this, you select here, sorry, not this one because you don't want zoom accommodation.com as well as you just want to not cut a UK. You click Add to Cart. And once you've added two can't do continue to cart and you simply check out. Now you don't need any privacy and protection. I personally don't really tend to get these. I dislike, No thanks to anything additional. And then I click Continue to cart. Once I'm in card, I normally just select one year because you get a bigger discount on one year and you can just automatically renew the following year anyway, and then you click checkout and essentially that domain name is yours. So I'll start again from checkout. So once you have your domain, the next thing you need to do is get your email address with your company name. So if you go into Google and Google Custom Gmail, it takes you to this website here, and I will add a link to this below as well. Once you go into this, click, Get Started now. And essentially what this will do, this will give you, for example, a custom e-mail with your company domain. For example, priya at your company or Joe at your company and so on and so on. So in our case it will be Priya at Zoom accommodation, Joe at Zoom accommodation. So we click Get Started. Now, input the business name which will be Zoom accommodation. Whether it's you or it might be you in a business partner, you and a life partner, so on and so on. So you click two or nine or click just you. Whichever one you need, click Next, you input all your details. So I put in my details here. Now, if I go back here, does your business have a domain? Yes, I have one that I can use and here, so let me just show you this. You have to click Yes, I have that one I can use. And then that is where you enter your domain. So it will be Zoom, accommodation dot Kodos UK. You click Next and you simply follow the process. It says this hasn't been purchased. Yes, because I had purchased yet because I haven't bought it myself. But essentially, once you put this in, you click Next and it will take you step-by-step so you can connect this domain that you've just purchased with your Google account. And that way you will have email Gmail account. That sounds a bit tricky email Gmail, but essentially you will have your own e-mail account with your custom domain. So what you've now done is you've now bought a domain from GoDaddy. You then use that domain to also set up your customer e-mail account. The next thing we're going to do is set up your website. Now, in terms of your website, the easiest and the fastest way to do this is by using Squarespace and it's efficient, it works really well and I highly, highly recommend this. So you can go to squarespace.com for the stroke templates. And again, I will add a link to this below as well. And essentially what you do is you find a portfolio, a portfolio, a template that you like. And what I would suggest is if you're getting a property that's already getting a website for this particular business. You can go to something like real estate and properties that might be a good one. And once you get to real estate and properties, you have some different websites here, different themes. So for example, if I open this one, preview this one here, you will see what this looks like. So if I scroll down, you have pictures of your properties, you have some descriptions and so on and so on. And you essentially have a very professional looking website, which is, which doesn't cause a lot of money. I think this cost about £10 a month and you're up and ready very fast. It works on your desktop. If I turn this into an iPad, this is what it looks like on an iPad. Again, optimized perfectly from my well, and then if I go on to the mobile view, again, it's very, very professional, very cheap. It's just good to go. So the thing you need to do is you need to select a template that you like. So you can pick any templates, you can go to a different one. You might prefer a different template that you like. So maybe you go to professional services. Now, it would be and you can find something like this, whichever one you please. So essentially find a template that you like. And then we're going to be using that template to make a website. Now, this is a website template I have already created. And if you would like to do something similar, I would recommend just copy and paste this. The reason we need a website is because when we start pitching to, landlords are pitching to agents. Sometimes they say, Well, can you send me your website? Can you send me your details so I can have a low can see C gets, just get some more information about your company. And of course, if you have a website, a little bit more credibility. So I've already created this website. Now, as you can see that on this website there are no locations mentioned because at this point you don't currently have any apartments or houses. So this is just a generic website which has explained what you do without actually mentioning any locations. So you have a front page, you explain exactly what service departments are, receptors accommodation. The reason I say apartment is predominantly, we do apartments, but you can do houses exactly the same thing. Then you have some more information here, some features about exactly what you're doing. We have information about our clients. You could probably even take this part out since you technically don't have these clients yet. And we have some more information and essentially you will replace this part with your own company details. And then you go into the About section. And in the about section it just explains a bit more about why serves to accommodation followed by some benefits or services accommodation. So it's just a very, very small professional looking website. And then you also have a contact page of if anyone's looking to book or making inquiries, you have that there. So essentially what you would do is you would just change this to your own details and have something up and running very, very fast. Now, I would recommend to you the best thing to do would be, I will add a link to this website as well. The best thing to do would be to simply copy and paste this and use essentially the website I've already created for you. Now if you want to make your own feel free, that's absolutely fine. But if you want to use this and copy all these details and copy the text and the images and so on and so on. Feel free. Because I think that will just help you get started just a little bit faster. Now, if you want your own logo as well. So we have Scala and service departments. The easiest way to do that is by going onto a website called fiverr.com. We go into fiber and you click, you search here, logo. Now, once you have a logo, you essentially find, you'll look through some of these people, find someone with a lot of reviews. So this person is starting at £8, this person starting at 80. So it's a bit more professional. I would recommend for the time being, just need something, achieving something just to get you going. So I wouldn't spend more than 5£10 maybe even something like this. Well, not exactly this because this seems to be sports based. But essentially find one that you like maybe spend £10 or £15 on getting a logo. So essentially, let's say you like one of these, you click onto this, you look at the ones available options. I would say just go with a basic one click continue. And that Azure order to card, you just send them your company name and they will make a logo for you. And if you have any designs that you like, you can send them to the designs and they will essentially not try to replicate that, but use that as some sort of inspiration to create your design. So that is essentially how you create your website and your email. So when you start pitching to a landlord, you start pitching to agents and so on and so on. It looks very professional, you look credible and you have something which is up and running and you can show them all the, and this is what we do, this is what we're about. So what we've done here is we've used GoDaddy to get the domain, will then use Google Gmail to get an e-mail. We then use Squarespace. We first got a template, the template that you like. And then we've, you've either are replicated this website and copied everything, or just return to yourself, whichever one you please. And then finally you've bought a logo. And a logo, which you can then essentially add onto a business card or you can simply put up here. So that is everything you need to do in this session to get up and running and add credibility to your business and have everything set up. 14. Pitching to Landlords: So when it comes to taking these properties on, regardless of if it's rent to random forest management, what you'd really have to do is you're ready after you explain the benefits to the person you're dealing with. So if you're dealing with a landlord, you have to tell them what the benefits are working with you. If you're dealing with a letting agents, what's the benefits to them of working with you? Because you can talk all about how much money you're gonna make and what you're gonna do with the property, so on and so on. But if you can't communicate that in terms of how that benefits them, then it might not necessarily work. So these are some of the benefits to the landlord. The first one is, obviously the property is going to be tenanted for a long time. We do a typical contracts. It might be one year, two year, three years. So you're taking this on for a long time. So what that means is there's no voids in the property because if the landlord has someone who's moving out every nine months, so that's sort of duration. Then obviously, there's a tenant find free, they've got to find someone else. There's a void in the middle, so on and so on. So you're getting rid of that. Another thing you're doing is you're maintaining the property to a very, very high standard. Because if you think about it, typically, a landlord, if the rent their property out, then to a normal house, a normal family or something, it's not exactly kept in the best day. Whereas when it's rented a service combination, it might be getting clean 123 times a week professionally cleaned. It's like how often the normal properties the I cleaned and obviously everything is kept in good condition because, you know, from your point of view, you're only going to get bookings if the property is kept in good condition. So that's another benefit to the landlord, which is that the property is kept in very good. See? Another one is the minor maintenance. So another thing you can say to the landlord is that you'll take care of all the minor maintenance. So for example, if there's an issue with a tab or a light bulb goes out, those small things. Obviously the border goes. Then that's a big expense which the lender will have to pay for and that's something there'll be responsible for. But when it comes to all the smallest sub, you can take care of that because say from a from a landlords point of view, one of the biggest hassled is those small, minor maintenance and the management of the property. If you can say to them though, you'll take care of all the stuff, you will take all the hassle away essentially because they're getting long-term rain, they're getting paid on time is well kept and you're also do the minor maintenance. Essentially, you reduce the hassle for them. And that's really all the benefits there are for them in, again, even though the list is only about four bullet points, if you can take away a landlords hassle and have a good long-term tenant. That's really all they want. They get their monthly cash-flow. That's pretty much all they're looking for. The reason I say high cashflows, the last point is if you're doing management, obviously if you're doing venture end, they just get the rent. If you're doing management, then they might possibly also make a lot more money in the process. If you, if you've done your numbers right, they should be making a lot more money in the process. So now they've got less hassle, approaches well maintained, and they're also making more money without them doing anything. Because he typically, when you're dealing with the landlord, the landlord is trying to save some money by not getting to our letting agent. That's essentially what's happening there. They're trying to save that 10%. Well, in this case, the saving the ten per cent, but rather than them doing the management, you're doing the management. So there's additional and benefit in that. And they're trying to save money, but now you're making them extra money on top because you are running the property or service combination. So those are the benefits to landlords. 15. Pitching to Letting Agents: These are the benefits to learning agents. The first one is repeat business. The reason I like letting agents more than landlords is because see if you can think about it this way. I'm not against I'm not against pitching to landlords. Landlords pitch to nano, just fine. A lot of people do it. But now let's say, let's say you pitch to five. Landlords can be five, can be 50, whatever. If you picture five landlords and out of the 51 of them says, Yeah, cool, I like the model. Let's, let's go on with their blah-blah-blah. Then. How many deals you have? You've got the one deal, right? If you're within agent and you pitch to five agents and one of them says, cool, the rest say no, no, no, no, no. Like how many deals you have now? 102030. However, properties, yes. Because once the legend is, sorry, once an agent is on board with an idea, the next time I don't have to pitch the agent again. They already know how the model works, they already know you. So on and so on. That's getting another one is far easier. I've had agents who literally, because you got to think about it from this point of view. Imagine, imagine, imagine here's a building, right? Apartment block, bigger problem blog, and you've got this flat here. Another flight comes available. So in this building, this flat here comes available. If you have this relationship with an agent and you're paying the rent on time, engineering, everything like you said, when this flight comes available, who was the first person is going to send it to you? He's gonna he's gonna email you straightaway because he knows you've already got this one. Same block, same space. You might be interested. But if he did tend to be villains with ten different families, one might say kitchens facing the wrong way, bedrooms, two small burners to be kittens too small, so on and so on. But if he knows you've got one down the hallway, then you might potentially be interested in this 11 viewing. The whole thing is done rather than them doing ten different viewing Sheng all these people around. So repeat business for them is a massive one. Because again, from a agent's point of view, better one I do 1020 different viewings and ultra letter property out because it cost them time and cost them money. So the biggest benefit for letting agents is repeat business. And i'll, I'll talk about how you communicate and how you pitch that. But that is one of the big, big benefits. The second one is minor maintenance. Again, similar to letting agents. You can say you will take care of all the small minor maintenance, normal letting agent wants to do all these small things here and there and no one wants the email. Can you come and check this out? So if you say you'll do the minor maintenance, then again, it's better for them is better from them from that point of view. And the last one is no issues with tenants. So again, like you said, if you're making the payments on time and you're doing what you said. When the new one comes available, then they're going to send you the details for the new one is it's pretty much how it works. I've had agents literally chasing me. I had a property which I agreed to take on. So I had one. So for example, I had this one here. This red one came available. And I said I'll take the red one, then they send me this second red one. And I said, Well, I'll take the second red one because the second red one was better than this one. So in their head they thought I said I was going to take on both. But I sort of I switched from this one to this one thinking, well, I only want one for the time being and I'll switch this one. They sent me emails like almost complaining, arguing with me How I said I was going to take both. But the point of the story is that a lot of people think is very, very hard to page agents and get these deals or the mono, give me another one. But you got to realize from their point of view, they don't want viewing or one visit and they can rent two properties out with families. You've got to show them like ten times. The husband, my view, they might say, Well, I'm going to come back with my wife and that's essentially how we go. That's essentially how it works with letting agents that people want to do multiple viewing, so on and so on. But if they can rent out two properties, one viewing, then easy money for them. Easy, easy money. So like I said, I don't have a problem with there are two landlords. I just think getting one agent on board is a much better use of your time. Because once you go on agent, you never have to worry about how am I going to get another deal with landlords? You now go to find ten more landlords, do your ten pitches again, and so on and so on and so on. With an agent, you get one agent on board. And once you call the first one that says you're done in that in that area you dump. Now it's a case of let's go to a different area. And again, if you have some of these branches. So we we were dealing with the branch. I can't remember the name, but they had a branch and working with them. And then obviously, a lot of these are like franchises, right? So that person knew someone else from another branch in a different town and we said we were looking at it pumps in their town. And he basically spoke to him, he connected us, we had a chat and he he was called with this because he knew someone else who was he knew that we were working with another franchise in a different area. So those are some of the benefits of working with agents. But if you do, the landlord cell is cool. If you get some deals, that's cool, but I just prefer this. Does that make sense? Okay, pitching to letting agents. So this is important. The first one that says new agents. I just feel some of the newer agents are less stringent. There's, there's, there's less requirements. There's less loopholes or hurdles, whatever you wanna call it. Whereas when you have some of the traditional ones like Foxconn's, they want to go through all these details and they asked you a 100 questions and 100 forms and so on and so on. Whereas I've just found that the newer agents are typically a lot more receptive to a lot of this compared to some of the old traditional ones. So that's one thing to consider. The second one is high supply areas. What I mean is if you're in an area where there's like some new build developments and there's a lot of rental class coming on at 1. It makes it much, much easier to get a deal because of letting agent probably has 30 on his books, virtue of the same apartments. So if you ask for if you're trying to rent some of those, obviously it makes their life easier as well because they've got 30 on their books. If you're in an area where there's only one apartment comes up every three months and is a 100 families lined up. That's a hard pitch because it's pretty much always going to go to the family because there's nothing in it for letting agent they want they've only got one. They know how it works with the families is a straightforward process. And it's pretty much always gonna go to the family, I think. Whereas if you're in an area where there's 50 apartments on the guy's books and he has targets and he has to rent those 50 out, then it's far easier. The pitch is far. You can mumble your way into it is it's just far, far easier. So something to consider when you're finding your area that cool the numbers work. But other evening deals here that I could possibly take on. One comes up every three months then not, not the best area from that point of view. Something to consider. Don't discount first deal. What that means is, for the first deal, if the market rate is £1300, just pay £1300. As long as your numbers work. Don't try to squeeze it down to 1250 or 1240 because you're trying to get a bit of a discount. Because the first one, you already just trying to get through the door, that's what you're trying to do. The first one, you're just trying to build that connection, just trying to get into the door. So you have future deals. Now. Once you've got the first one yeah, With the future ones, you can negotiate. You can say well, if I take on two more, can I have once we had one landlords through a leveling agent, the landlord the learning agent said he owns number 2829. If you take on both, then maybe we can work something out and we've got a bit of a discount because we took two. So again, those things you can do. But I just feel like it's much, much safer if you do that now for the first one. But for the ones down the line, future pace. What that means is when you're speaking to an agent, one of the things you wanna do is you want to say that you're interested in for five properties as opposed to just one. Because see, even in your professional, whatever you do. If you have a set way of doing something and someone comes along or like I said, procedures set paperwork, set, model, and someone comes along and they say, well, you know, I wanna do something different. Now, even though the different thing might be fine. If someone is only going to do it once, it might just be too much hassle or too much effort for you to put your mind to it because, well, I've got 50 other families lined up who does do it the normal way. I know how that works. I'll just do it that way. You know what I mean? It might just be too much hassle for you to do this one-off thing. Whereas you can just do your normal routine stuff and you're gonna make the same money anyway. But what I've found is when you say to letting agents, how you're interested in 45 properties. To them, it's like multiple commissions, right? You're gonna be more incentivized to do something if you make five times the amount of money compared to just a one-off heavier there because of one of her there, you got to work out. Well, how does this work too good to ask questions? But that might be worthwhile if you're going to let five properties. Does that make sense? So I've always said I'm looking for 56456 properties because from their point of view they're thinking, well, I'm going to make 56 commissions here. So it's a bit more worthwhile listening compared to just a one-off deal. So that's what I mean by future base. That's one of the things you have to say. This gives me the phone could be in person. Next one is memorize big employees. The way I do serve as combination, I mainly tried to focus on the longer-term corporate bookings, like I'm going to mention in the marketing section later. And my play really is to get as many long-term company bookings. So what I tend to do is I tend to memorize the big employees names in the area. And when I'm speaking to the wetting agents, I say these are the type of clients that we're going to be hosting in our apartments, blah, blah, blah. Because I want to make the pitch very professional. I don't want to make it sound like some touristy one nice thing. You want to keep it as professional as possible. Because we're not letting agents point of view. Normal really likes the idea of people coming in for one night or tourists coming in for one night. So if you can try and make it as professional as possible. Saying, we're going to, we're looking to work with GSK, Fujitsu, and Tesco because they're accompanies, sorry, their clients come for a few weeks to a few months at a time when they're looking for accommodation. That sounds a lot better than saying, I'm going to put this on Airbnb, which doesn't sound very professional at all. So that's something to note which is memorize some of the bigger employees work, the bigger employs into your pitch because that's what you marked is going to be focused anyway, when we get into the marketing section that you are going to be trying to get those people into your marketing well, into your apartments. And the last one says, Don't pitch on the phone. The reason I say this is, have you guys ever watch a movie on your phone, laptop, or Netflix? Like could you all agree? Does everyone do that right? Now, here's my question. If you're watching a movie on your TV, laptop, and Netflix, and you're ten minutes into the movie and the movie sucks, would you normally do? Turn it off right? Now let's imagine you make a plan with your friends or your family. You make a plan. You get in your car, you drive to the cinema, you power curve, you get the Pokemon, whatever. And you sit down in the movie theater and you ten minutes into the same movie and the movie sucks. What do you do now? You just sit down and you just watch the whole thing. I've said that I watch a lot of Bollywood movies and they gone for three hours. And that's shaped like for three hours. Like it kills you. But you just sit down and you just watch it. And Bollywood movies even have an intermission. So you could even leave halfway. Technically, you don't because you'll take on here now. It's like it's like, Oh man has a muzzle, watch it. But that's basically what happens. Which is, it's weird because on your phone you turn it off. But at the cinema, you don't just leave you like I'm here now, our minds will watch it. When you pitch on the phone and the agent picks up the phone and they don't really get the hang of what you're trying to say. They say, let me switch to my manager. I'll speak to the landlord, the landlord woman like it and they put it down. Because think about it. There's no time invested. There is no time invested. One minute, maybe one minute. And that's all the time they've invested and they put it down because we don't do this. If you can book a viewing first, right? They've got to print the brochures. They've got to put the jacket on drive to the property per cup. Show you around, show you all the stuff. They might be 45 minutes, 15 minutes in. If you then start your pitch, they have to at least listen to you. They didn't just say no within three seconds or not. You can say no. I'm not saying it means you're gonna get a 100% of your deals. But what I can assure you is that percentage goes up significantly hundred percent, one hundred per cent. Because the point is, there is nothing invest in the phone. If you mess up one line and they don't like what you're trying to say. They don't have to go through with it. They've got other families done up, so on and so on. But once you give people are reviewing, they're willing to listen. They are, they are listen a lot more than it will on the phone. And it just goes back to being invested. Anything in life, the more you're invested in something, the more you want a result out of that thing. Think about it. Relationships, all that sort of sell. The more you're invested in something, the more you have to get a result. On the phone, you're not invested. Someone called you for thirty-seconds, you didn't like it. You just put it down. But 45 minutes and 50 medicine. You can even take this a step further. You can maybe view for properties, walk around with them for a bit. You might be two hours then before you start your page, the percentage goes up. Now a lot of people tried to argue with me and say, well, if I do this on a phone or by email, I can reach more people, you know, because I can reach 50 agents in one hour. But if I do this in person, I can only reach one agent, one arrow. This is you only have to get one agent. You're not trying to get 50 agents. And the success rate as a percentage goes up so much more. If you're in a small town or a small area where there's only about ten agents. You don't want to burn your leads because you can't keep going back to the same one again and again with a different pitch. You know, with a lot of them you only get one go unless you get a different guy in the day and so on and so on. But if I live in how fissure, There's only about ten agents. Like if you spend two days, you can probably speak to them in person. And that's probably worthwhile. I went to Paddington for one day. I'd never been to Paddington, never knew. And agent in Paddington. One day, I looked about 15 viewings and I've got one deal. And we do a two-bedroom basement apartment in Paddington one day. Whereas I genuinely believe if I spend one hour and I've called 50 and agents, I probably wouldn't have gotta deal. I believe that a little bit upset though. He said, if you told me this before, I would've said, You know, we computed property, we just don't do it at all. Okay. So i is a common question. Do you have a similar question? Because we're not final pages? Yes. A whole lot. The first thing the main thing is if I've never had is if our family, our vet, is it for yourself? Yeah. I say it is what? It is for me. Yeah. But I mean, it's a bit more than those four companies. And it says for a company, and I get this question a lot, which is well, agent say to me, Well, if you had told me before, blah, blah, blah, but I'm willing to guarantee you one thing. Every single letting agent in this country has two contracts. They have a normal AST contract for families and individuals and they have competing that agreements. They will do. They all do. I've never seen one which doesn't, I've never seen a lead engaging in this country which doesn't have some sort of company or corporate that agreement, say that we don't do that. But I don't think they I don't think they know what that even like maybe they don't know. We don't understand. But I've never come across in letting agent which hasn't had some sort of company lead, corporate less some sort of agreement. Because if a company later very common, like you know, because for example, you get a company, they say we're trying to how's IE6 clients or whatever? Yeah, they're very, very common company. Let's then also, it's noted some new thing. People in HMOs do this all the time. When we try to explain the company level, they said, Yeah, we have Company led, but it means that for your employees. Yeah. Yes. Okay. So again, let me go into this next step here. 16. Contracts with Agents: Which is contracts with the agents. My thing is, you should not submit your own contracts to agents. You should use their contracts and amended as opposed to sending your own contracts. Because think about it. If you send your own contracts and it's 20 pages, they now have to read through 20 pages of what's in here. There's only really 23 main things or you already concerned about one. Are you allowed to do shortlist? And second, who can stay at the property? A lot of the times it says employees, you have to e-mail them and you have to say, we have to change the word employees to clients because we work with these companies. And then all our employees or our clients, it is far, far easier to get them to change one word from employees, your clients, then submitting a brand new deck of contract with 1520 pages with all these words littered everywhere. Beyond that point, yes. The company live through a company in their employees or the landlord request. Specific basically one. You got to tell us which employees are staying there. You can. Yeah. Okay. So some companies will say you have to let us know which which employees are going to be staying there from different companies or and you have to submit their ID and so on and so on, all that sort of stuff. I feel like I have come across it as some point a while ago. But again, it might be a case of going to a different agent. Because again, in an area in this ten agents, you're only trying to get one agent. So if you can't get through to someone, you simply just have to move on. But this is why I like to play with the agents because all you're trying to do is get one in that town or city. You just want the one who said, Yeah, we'll change it from employees to clients. And I've done that many times. Just get them change one word. So we're looking at two main things here. It should not be restricted to employees, and it should allow short-lived. If a contract says minimum 99th, Let's then obviously that's not really going to work for you because you're gonna be having people and therefore a few nice, at least, sorry, at the minimum. Maximum, I don't know I don't know what that word is. But employees and short-lived, again, it says some sort of disclaimer that you can always check with your solicitor because I don't want to get sued by anyone. But we just list so what's right? But the point is, charlotte employees and is far, far easier to have a contract amended, then a brand new contract submitted. Far easier. And if you do those steps of getting viewing first, as opposed to putting on the phone, you see some properties, you tell them a bit more about what you're doing, so on and so on. You tell them you're interested in for five properties, you name some of the big employees and say These are the people who are going to be working with making it the whole thing. Very, very professional. That is always worked for me. Now, like I said, the day I went to Paddington, I must have done about 15 viewings with maybe nine agents, 89 different agents. And I think a lot of fear when it comes to pitching is just about how you pitch. It's not even about what you say. It's just how you come across in the pitch. If you come across as like, you know, if you're a bit nervous or you're, you're mumbling your way out of it and so on and so on, then even they become a bit hesitant. But if you speak confidently about what you're doing in the business you run. I've never had business because I've never had I've never send them to our website. I've never won some sort of shirt or would like some professional staff or any of that. The first tool I took on my company was registered like seven days before we did the deal on. There was no email. There was no nothing. Because I feel like if you just explain it and you follow the steps and you're like, dude, with a bit of confidence and you don't believe in what you're trying to do here, then you'll be okay. Whereas if you come across as you're unsure yourself, then it just comes across the way you speak, just the way you say stuff. And it just makes the whole thing slightly harder. But that's what I would say is those are some guidelines which I will follow. And again, I'm saying don't pitch on the phone. And then people go in and pitch 20 agents on the phone. Then they say, Well, I haven't had any luck for X, Y, and Z reason, so on and so on. But again, I don't believe in pitching on a phone. I'm not saying it doesn't work because people have pitch on the phone and they haven't got deals. With most things. There's always exceptions and it's not like it's not black or white. There are gray areas and some things worked with some people, something worked for other people. Some people do cold calling, some people do email. Everything does work. But I just feel that by doing this in person and building, speaking to someone one-on-one, and then seeing you face to face, so on and so on. Just makes it much, much easier because you can build rapport much easier in person as well. It just makes the whole thing easier. The person is a lot more invested compared to just being on a phone. And I find the conversion is much, much higher from personal experience. And it's the same reason you don't leave the cinema because you're so invested, huge amounts will stay. And it's the same play here, which is that the agent doesn't simply just get up and leave. They're willing to listen, and that's all you already want. They're not gonna be like, Okay, fine, done. But it's just I'm talking about percentage of 0. You only need one out of all the agents in your town and you're done. You're done, you've got all the leads. So that's how I would go on to acquire yourselves commendation properties. So we've done four sections. We still have five to go. So we've got quite a bit. I guess we could have a lunch break now. I went to start the question. Yes. Yes. Would you recommend looking at actual viewing the agent running the streets and going in every agent in that area. Okay, So with agents, this is this is the process I would recommend. This is the post-sale would recommend for agents, right? In terms of finding a property in doing this whole process, the step one is find a property on right move, right move. So you find something and right mood that you're interested in. The second thing is you've called and a book I'm viewing. So you want to call them Booker view and I don't want to hear from somebody who just I want to I want to see it. Yeah, I wanna I wanna see this property. You want to you want to say I want to see this property and you'd have to get the viewing. You have to you have to book a viewing. I don't go into the lending agents shops because again, the problem is they're not invested the same way because they haven't spent any time doing anything. They were at their desk. You came along, they said We don't do that. It's the same as the phone. The principle is the same as a friend. Number three is viewing. And number four is you pitch at the viewing. So find the property colon book of viewing for that property. Do the viewing and then Pitch, Add the viewing. That is the process of how you would pitch letting agents generally at the end, you see the ODA every night? Yeah. You can say what we're looking for is for this. Yeah. You can, you can pitch at the end or you can start to explain the concept while you're viewing the property and so on and so on, which are used generally, you would see the property first and then you can pitch at the end. Generally. You find that you you got the newbies who are doing the run around doing that. Okay. So the question is, what did they say? I don't understand what this means, which actually happens to a lot of people then I shouldn't probably mentioned this in the slide because here is the big killer word. Jargon, right? What that means is that if you say something to anyone in any industry, for example, if someone's an IT specialist and I don't know, there's thing called HDMI. If you talk about hate BMI or whatever, which basically means nothing to anyone. When they scan their head for a BMI, that means nothing, right? Is blank. What HDMI is, they have no idea what an HDMI it doesn't, it doesn't exist in the head. So now they're confused as to what the **** is HDMI. Because it makes no sense. Because what happens is people try to use all this complicated stuff because it makes them seem professional. They'll look at me, I'll know all this stuff will all it does is it confuses the other person. So you have to step them through whatever you're trying to explain. If you say to someone or we do rent to rent. The first thing they're going to say is, Oh, isn't as subletting. Because rent to rent implies subletting. Rent to rent. And they have no idea what that means. There are no ourselves combination means no idea. You go to most letting agents that you say, I'm gonna do service combination, they have no idea what that means. So now, already in their head, they're like, What the **** does that mean? Or like rent or anything elaborate of a scam or isn't a subletting. They know what company that means. They know what corporate that means. You have to use the information they know and play with that information. If you start saying so, which means nothing to them, their head goes blank. The whole thing is true, foreign, too scary, so on and so on. So the classic analogy in property is if you're trying to do lease options, right? So if you're trying to explain these options to an agent, is a confusing process because you're basically saying, I'm not going to buy this property using a mortgage. I'm going to pay I'm going to cover the sellers mortgage every single month. And then five years later I'll make one big of payment and I'll buy the house. But has since been messed up because no one does, then that's not a normal process. But if you say to a letting agent, you know how you can buy cars and finance, where you just make a monthly payment and five years later you just pay the whole car off and you get the car. Everyone knows what that means. Everyone knows what, everyone knows how finance works on a car. And then you relate that and say, well, that's basically what I'm trying to do with the property. At least they get it. Day because they understand what's happening here. So you have to you can't use words like rent to rent or service accommodation. You have to use words they understand. And when you do your pitch, it has to be based on those words and you will never get someone saying, I don't know what that means because it's just basic terminology. They all know what accompanying letters, they all know what a corporate that is, but you can't confuse them. So yeah, that's a good question. Does he get the inexperienced one or the one that basically the viewings and the person who makes the decision that lets us manage your director in the office. And I guess you explain it to them. Then it's up to them to go back to refer it to the referees and then you try and speak. Okay. So the question is if if I'm credit, if you get a person and the viewing who's like someone who's not the manager, I suppose. How would you sort of picture that? Well, you will still have to pitch the normal way and they will have to communicate the message and you will have to go from there. Now, I've, I've had people like like the junior or viewing people and stuff. It's never really been a big issue. I mean, it might have been an issue for some people, I don't know, but it's never really been a big issue for me personally. But that's where you actually have to pitch to whoever comes to the viewing. And this is why when it comes to the pitch, it has to be as simple as possible. And it should not include stuff like this. Because if you confuse the person of the viewing, who is just a messenger, is kinda like Chinese whispers there by the time the message goes round, by the time the last guy here is, is completely different to other first guy said. So this is why it has to be so simple in the terminology that they understand that even if it is someone who's like a new staff member or whatever or junior person, they can still go back and communicate that message. Does that make sense? So any other questions on that? You experience when you get them, you don't really have much feedback on. If you told me that before I set, you know, this lambda want to copy the we don't even do that as an agency. We just don't do it. If you told me before, I would appreciate that I did not come out, then confounders. Good. Okay. So okay. So this is my take on this approach or this, this is my take on this. When this is my take on when people say that, well, the scenario presenting basically that if you had told me before that this is where you're going to do, I wouldn't have shown it to you, blah, blah, blah. My take is every litigation has two contracts, AST and accompany that contract. So first of all, they do do it. They might not know they do it. But I've never come across a letting agent which doesn't have a company that agreement. I've not seen one yet. Maybe there is, but I've not seen one. So most of them do do it. The second thing is, I'm not saying you're playing games, but if you try to buy property in this country with any learning agent, and I've done this many times. You say to them, I'm looking for a two-bedroom x. Cancel flights. They will show you 72 of them will be two-bedroom x council flats, five will be private, one-bedroom flat and studios, right. Isn't that what they basically all do? Because they are players? Well, let me hang out with them. Let me show them basically everything we've got, so on and so on. They might buy something. So it's exactly the same thing that when you do step in viewings, they show you two you're interested in and five-year-old never going to buy, or they will sneak one in on the way. Or they say why we are where we're going this way. I happen to have the key is why don't we pop in and see it? So it's exactly the same thing. So like, I'm not trying to play their game or whatever. But my view is they all have this agreement if they don't do it, why did you have the agreement in the first place? Why did you have this piece of paper in your office which says complementary agreement if you don't do it. So I'm simply going by that. So if someone says to me, we don't do it, you just told me before. I assume that everyone does it cause I know that everyone at the company level, yeah. You can you can say that I assumed everyone does this since everyone has it. Or personally, I'm just not too fast. I don't get offended easily. You can say whatever you want to me. I didn't I'm not too fast from that point of view. I just want to do 20 viewings and I want to get one agent on board, because once that one agent was bored, you can get on with the next 11 thing, which has worked. Weirdly. I don't even know how this happened. I can't remember. It just was a weird, convenient coincidence. Even I went to Foxconn's ones and I I can't remember why. Like, I don't know if I was renting a property or for myself or if I was trying to oh, no, no. I was trying to buy a property or something. And I asked them Foxconn's brochures. So I had all these functions brochures. And then I was going to go and speak to them, letting agents to do this whole service combination stuff. Because I had all these functions, brochures. The guy thought I was working with toxins and every give me details as we go. So he he made a common referencing and four oxygens in somehow we just went really well because in his head, he told us where to get all these deals from Foxconn's because it'll have all these brochures from Boston. I didn't do this on purpose. We sort of just happened. But he clearly thought I was about to get all these Asia have flares from foxes. So he started showing me flats. They had to run Data Service accommodation. It was a weird one but that happened from them. Honestly, I can't remember. This is the Paddington one. We did get one that day, but I just can't remember now. It was so long ago but we got one that day but I just can't remember. But I remember I just remember the agent being just really interested because we had the functional brochure or they were just a lot more interests in for some weird reason because it's like competitive and stuff. But that's something to consider. Something to consider. But this is really where you're trying to do here. This is really where you're trying to do. I would follow these steps. Take a weekend doubt or Monday, Tuesday, and you can probably get 15 agents done. Doesn't take long. 15 agents you can do one day and you're just trying to get one. And this is the reason I went to Paddington in Arjun, just call agents in Paddington because I knew if I spend one day and I get one agent on board, I've got unlimited deals and I'm done in pension and I never have to go patent and again and again until this time well invested. So I booked the views before I went to pattern tonight about 1015 viewings book before I went to Paddington and sort of went from there. 17. Listing Your Property on Airbnb : In this video, we'll be going through how to make an Airbnb account and also how to optimize that account in order to get the most bookings. So in order to make an account, you have to go to AirBNB dot courage UK. And on the top right-hand side it says Become a host. Now, when you click this, it will take you to this page here where you can enter your address and the type of property, how many guests weekend sleep, and then just click Start your listing and then it will just ask you for more details like peaches and so on and so on. Now, at this stage you might not have the professional pictures because the property is not up and ready, but you can just upload any pictures you have from right move or any pictures you took at the viewing. So it will help if you have some pictures of the property. It doesn't really matter which condition because at this stage, all we're doing is simply just getting everything up and ready. So when you do have professional pictures, all we have to do is simply swap the old pictures for the new pictures and you're pretty much good to go. So go through this, follow this process and then we'll help you make your listing. Now, once you have your listing, you will come onto a page like this, which is where you can simply edit your listing and make any amendments. Now, I'll be going through exactly how you can use this page in order to optimize your Airbnb account in order to get the most bookings as possible. So the first thing you need to do, the first thing you need to do is make sure that you have professional pictures. So if I go into my listing, as you can see, they're professionally taken. The reason you want to have professional in pictures is because well, that is going to be, that is going to give you a proxy the best chance of attracting a lot of bookings. So if you have pictures which don't look that good is unlikely, people will book your listing. Whereas if you have some amazing pictures of the same property, you're much more likely. Because when you book an apartment or a house or a hotel, the main thing people go off is the professional picture. So make sure you have the professional and pictures. Now again, you don't have them at this stage, but it is something you can check off later. So that is something you need to do, which is make sure we have professional pictures of your property. The second thing you need to do is you need to make sure all your descriptions are completed. You have this segment here about description. So you have descriptions, details about this space, guest access, guess interaction, the neighborhood, getting around. Any other things to note? You want to make sure you fill this as much as possible. Make it look, make your property look appealing so people want to book, but one of the reasons you want to fill this is because if it's completely filled out, it gives a much, much better impression to potential guests because they can see that you've taken, you made an effort in your professional host. You've filled all the details and you've answered any questions which they might have before they before they are looking to book their property. And it's just much better than when you come across a listing which hasn't had any description. So I will copy these descriptions into the task garden section. So if you just want to copy my descriptions when it comes to the space and the guest access and how I've done this, I will add a link below so you can simply just copy mine if you want to, but, or if you can write your own. But the point is you have to make sure you have good descriptions then there is one, So they sell the property and seconds, so it adds a little bit of credibility. So when people arrive on your listing, they see, well, this person's professional. They seem to be taking care of their properties, so on and so on. It, it just has a much, much better impression. The other thing is AirBnB also likes completed listing because the more of your profile you complete, a lot of people think the more you complete, the more likely they are willing to show you a property to other people. Because if there is a complete listing is more likely someone is going to book. And similar to Booking.com, the more people that book you are listing on Airbnb, the more money they end up making in the process. So it's a win-win for both. So the next thing you need to do is make sure all your description, they're completed, fully completed. And now in the tusk garden section, I will copy and paste my description. So if you simply want to copy those, make some amendments based on your own description, your own property. I mean, then it is very easy to do. So the next thing you need to do is make sure all your amenities are also complete. So if I go back onto the listing, if I scroll up, there is a segment which says amenities. And by clicking Show More, there will be a button that says Edit. The reason I don't have the button is because my Airbnb account is listed, is connected to my channel manager. And if I want to make any changes, I make those within my channel manager. But for your account there will be a button that was similar to this where it says Edit. You can click edit and make sure you go through all the different variations and all the possible immunity, then see which ones you have to offer. Now of course, you can't check all of them because it's unlikely your property has a pool and a Jacuzzi and so on and so on. But the ones you do have, make sure you've take them off because if anyone is filtering for those immunities, you want to make sure you come up in the search criteria. You want to make sure you come up in the search rankings. So again, if you go through all of them and take off the ones you have, you're more likely to get bookings because anyone filtering for those specific amenities, you will come up and therefore, they were more likely to book your property if you haven't checked off those immunities is unlikely. You will come up because people will assume you don't have those images and they will not book. So click the Edit button which will appear here, and make sure we have as many amenities. Check off as many communities as you can. Of course, if you can't check something off because you don't have it, then you simply do not have it. The next thing you can do in order to get a lot more bookings is by turning on instant booking. So if I go up here and go to booking settings, it says how can guess book. And I've turned on instant bookings, which means guest who meet your requirements can book instantly and they do not have to send a request. The reason this gets more bookings is because people who want to book straightaway, they don't want to go back and forth and ask questions and so on and so on. They just want to book straightaway. Because a lot of people want to book straightaway and that is typically how you book hotels, so on and so on. It gets a lot of bookings. If you don't have instant booking, town done, a lot of people might get put off because they don't want to go through this delayed process and wait hours and hours for you to reply and so on and so on. And it prevents a lot of bookings. So if you have instant booking on, it is a great way of getting a lot more bookings. And if you get more bookings, airbnb makes more money and they end up promoting your property. Now one thing to note here, by the way, is that you do not turn on instant booking while you're doing this step-by-step purely because you do not have if you do not have the professional pictures right now or if you do not have accurate pictures of your property. So for example, let's say you don't have any pictures from the viewing or any old pictures of their property. And you've uploaded pictures of a random property, you do not want to people booking your property when it's not the Craig property. If you're if you do have pictures of the property from the viewing or from right. Move ads or whatever, then you can do this stage because when they booked the property, I know the pictures on grade, but at least they're booking what they see. Do not turn this on. If you do not have the pictures of your property, only turn this on if you have pictures of the exact property that you are marketing. Now when you turn this on, you can also turn on some guests requirements that they have to have these requirements for them to book instantly. The one I have turned on is which is called government issued ID. Again, your extra and it will be slightly different. There will be an edit button here somewhere and you can click Edit and turn these on and off. This is the main one I'm interested in. For instance, bookings, which is I want to make sure they have a government issued ID before they're able to book incidentally. So I would also turn this feature on using the Edit button, which you will see around here or around here somewhere. So make sure you have instant booking in order to give yourself the best exposure and the chance of getting bookings. The next thing you can do in order to get more bookings is restrict your minimum night stays. So have some have a low minimum night restriction. So again, very similar to Booking.com. If you have already watched that video, which is, the more restrictions you impose on guessed, the less likely they will book. So now let's say you say to guess that while they have to be a minimum of five nights, anyone who's looking to book one night, two nights, three nights, four nights, they can book your property because while it's not available, because you have a minimum five-ninths restriction. And therefore, a lot of people can't book. And if a lot of people can book, that means you're not, you're not getting any bookings and therefore, AirBNB is not making money on your listing and therefore they're less likely to promote your listing. So if I go to availability, and if I go down here, minimums stray, I've got a minimum state of tonight's maximum states as long as you want really. But I've got a minimum night stay of two nights. And again, you will have a button here which says Edit and you can simply edit all these details. So I would say have a minimum of two nights. Now in terms of advanced notice, I have same-day. They can book on the same day. I don't really need any preparation time because my my property is prepared all the time. Availability window is all future dates. Now, this takes me on to the next point, which is you want to make sure you have as much availability as possible. Because again, if I go back onto this and let's say you've restricted people that they can only be one month in advance or two months in advance. Anyone who's looking to book maybe three months, four months, five months in advance, they are unable to book your property because while there are no dates. Now, again, that means you get less bookings purely because people can book in advance. And if you get less bookings, airbnb makes less money and they're less likely to promote you. So I always said this to all future dates in order to make sure that I get as many bookings as possible. And that way I will get promoted higher up. So make sure you have availability turned on and set to all future dates. Again, there will be a button here which says Edit and you can change these. So in terms of the check-in time and checkout time, I check-in time is after 03:00 PM. I would recommend you set the same as this and my checkout time is 11:00 AM. Now this gives you a four hour window to do any cleaning in the middle, I will set exactly the same on Booking.com as well. So these are the standard check-in and check-out times. Which you can set. Now, I don't have anything set here or here because I do a self-checking so they can check in whenever they want and they can simply check out whenever they want as well. So it's not exactly something I need to restrict. So that is what you need to do in terms of availability. The two main important points here are have a minimum two-ninths day and make sure you have as much availability as possible. The next thing you can do it in order to increase your bookings and promote your Airbnb listing is by having promotions and discounts. So if I go on to pricing, you can see that I have a weekly discount, a monthly discount, and early bird discount, and again, a last minute discount. So these discounts are created using the pricing template in the deal analysis section. And I will turn on all these discounts and putting the discount accordingly based on the spreadsheet that we created in the deal analysis section. The reason for this is that again, if you have these discounts, your property gets more promoted, it gets a bit more exposure because Airbnb will put properties in front of people which offers some sort of discount because it's another way of enticing people to book. And again, if you have a discount and others don't, you're more likely to get those bookings. So under a pricing, you can simply set these on. I would under smart pricing, I would turn that off. This is not a feature we need to use. And I believe everything else is pretty much the same. If you go down to standard fees and charges, you can upload your cleaning fee, your security deposit, any extra guest fees, and so on and so on. Again. When it comes to the editing button, you can simply edit most of these using AirBnB and it will be a button which allows you to edit. Now, one more thing that you can do in the pricing section is you can also have extra guest pricing. So if you are going to turn on extra guests pricing, what you need to do is there will be a button that says Edit and you can have additional charts are typically it's about £15 or £20. So set a 15 to £20 additional charge for any guest beyond to the first two are included in the normal price. And above and beyond to you can have an extra fee or 15 to £20 per guest. And again, you will simply set this on by tapping on the Edit button. So set up additional charge, 15 to £20 for anyone, any guess which are more than two guests. So for the 34 or five or six people booking, but the first two are included in the price. The next thing you can do in order to get more bookings is by having a cancellation policy. By having some sort of flexible cancellation policy. Here we go. So if you go to booking settings and scroll down all the way, you have your cancellation policies. Now again, you can edit these policies and these are some of the different policies that you have available. You have flexible, which is a one day refund. Then beyond that, you have moderate, which is a five-day refund, strict, which is a 14 day refund, or you have super strict and so on and so on. Now, I normally set it anywhere between these two, which is strict on non-root straight or non-refundable, which means that if they booked a non-refundable, they get a 10% discount, but they can't cancel it anytime. And they have the option to do so. It's always prefer to go with one of the nonrefundable options because that gives guests more options and therefore, they end up booking more because they have the flexibility. Well, they can take the normal rate or they can take non-refundable. Now, when I'm starting out at this stage you are at I would probably go with a moderate cancellation policy which is up to for five days or up to a strict policy. But I wouldn't really go anything beyond that. The reason is when you don't have a lot of reviews, you want to get people to start booking. So you can start building up your reviews and building up some sort of momentum. So when I'm starting out, I would be very tempted to go with this option here, which is moderate on non-refundable, just so we can start getting some traction. And once you build some traction, and then over time I would move to strict on non-refundable because I don't want people counseling before within five days. But again, it's one of those things when you don't have reviews and Judah starting out, you want to make sure you're getting bookings and people are in the property and so on and so on. So start from moderate or non-refundable, and over time change too straight or non-refundable once you have done, once you start getting some bookings. So those are all the ways which you can essentially optimize your Airbnb listing to make sure well, one, you have a complete listing with all the pictures, with all the details and so on and so on. And also to make sure that you're listing is in front of as many potential guest as possible. So AirBNB shows you're listening to as many people as possible in order to make sure you get as many bookings as you possibly can and then make the most amount of money. 18. Listing Your Property on Booking.com: In this video, we'll be talking about how to make a booking.com listing and also how to then optimize that listing. So the first thing you need to do, you need to go to admin.booking.com. And once you go onto this website, essentially it will take you to this page that you're currently looking at. And here you can either login or you can click this button here which says create your partner account. That is essentially what we need to do because you currently will not have an account. So once you click onto this, you simply put in your e-mail address and so on and so on. It will then go on to ask you about your property details. And then you simply ask for your property, you put in your property details and so on and so on. Now, it will ask for pictures of your property when you're uploading. And at this stage you probably will not have pictures. But if you have any pictures from when the time you viewed the property or maybe some pictures from the landlord or from right. Move. You can simply just use those pictures for the time being. It doesn't really matter which pictures you put up the reason we're doing these exercises. So we have everything up and ready. So as soon as you have the professional pictures, you can simply swap the old pictures with the professional pictures and you're ready to go. Everything is already set up rather than waiting for the professional pitchers first and then starting this process. So one of the reasons is that one, it takes a bit of time to get everything up and ready. And second, especially with Booking.com more so than Airbnb, booking.com can take up to 16 days in order to open your account. Because typically the process works that you make an account, you enter your property details and they will send a letter to your property with a verification code because they want to make sure you actually have control over that property and you're actually operating from that property. And then you input that code onto the website and it opens your account. Now in some areas and sometimes they don't actually send the code and they just open your account straight away. But the point is it can take up to 16 days. So you want to start this process as soon as possible. Just upload any pictures you have. If you don't have any pictures whatsoever, you can even upload pictures of a different property. We don't necessarily even need to open the calendars inside taking bookings right now, we're simply just setting up the account. So if you have any sort of pictures from viewings and so on and so on. Great. If you don't, not the end of the world, you can just upload any pictures for the sake of this exercise. Now, once you've made an account, you will essentially come on to a page like this. This is called a booking.com extranet. The booking.com Extranet is essentially a place where you manage all your bookings, see your rates, so your reviews, so on and so on. It's just almost like a central hub for Booking.com. So in this central hub, I'll be going through ways you can optimize a central hub to make sure you get as many bookings as physically possible. So the first thing you need to do is make sure you have a 100 per cent paid score. So what that means is if I click onto property here, then if I click onto quality rating property paid score. As you can see, this property has a one-hundred percent score. That means I've completed everything they wanted me to complete all the information available that Booking.com request. Now, the reason this is important is because if you have completed all the information, that means a guest who is looking to book the property, they have everything they possibly need in order to make a decision. Well, shall I booked this proxy or shall I not book this property? When there's information missing, they might not book because well, they might not be certain about some things and that caused people to lose bookings. So when I go through this optimization, whether it's Airbnb, whether it's Booking.com. The key principle you need to realize is that the way optimization works is that essentially Booking.com wants you to do things or Airbnb wants you to do things which will help you get more bookings. Because if you get more bookings, they make more money because of course they charging Commission. If you aren't getting booking into new listing is in good. And that is costing Booking.com money because they're using their website to put your property in front of people and then no one's booking that property. And whereas they could have put someone else's property in front of them, ended they did book, they would have made money. So all these headaches you have to think about, well, this is in the favor of me as the person running the property and also Booking.com because well, I make money and as a result, Booking.com makes money as well. So that is how they've come up with these ways of optimization, which is, these are the ways they think people will get more bookings. And clearly that makes sense. I mean, if someone does have a page score of 100 per cent, that would indicate they would get more bookings because they have a complete listing. So that's what you have to keep in mind. So make sure everything is complete the way you do that is, again, everyone's page here will be slightly different based on the information missing. So as you can see here, there is a cross. That means they think there is something wrong with this one and I can just click and upload update. So similarly, when you go to this page for your listing, you'll see some more things and maybe some more crosses. And you simply just click and add the pictures or the descriptions, adding whatever they want you to add in. And that will essentially take your score to 100%. So that's the first thing you need to do in order to make sure your property guests scene and gets booked as much as possible. The second thing you need to do is turn on non-refundable rates. Non-refundable rates means that imagine you're booking a hotel or an apartment and they have rates whereby if you were to cancel the booking, you do not get a refund. I eat nonrefundable. Or you can look at different rate which has, which is a cancellation rates. So maybe a hotel or an apartment has a cancellation policy of ten days before arrival, five days before arrival. But if you cancel within that period, you before that period, you can have your money back, but with non-refundable, it doesn't matter when you cancel. You can cancel one year in advance, you still have to pay, hence is non-refundable. The reason Booking.com likes non-refundable because they have two types of clientele. One who are unsure if they're going to be going ahead with ASD. And second, people who are 100 per cent, they definitely need to be at that place because they know they're a 100% going to be at their place and their noch empty cancel. They want to be incentivized by having some sort of a lower rate. And so Booking.com realizes there's two types of customers and therefore they want you to turn on non-refundable. Because again, from thinking about it from their point of view, if a guest goes onto your apartment or house, they see that our urine often non-refundable. And they realized that what other people do have a slightly cheaper non-refundable rate. They might just simply go to someone else purely because, well, they have a better deal. So again, you've lost bookings than if you lose bookings. That means Booking.com has potentially lost money as well. So again, they want you to turn on non-refundable so you get more bookings and you actually benefit from this as well purely because while if someone does cancel, you still get paid and you can simply just let the property back out again. And of course, they benefit as well purely because well, they are making money every time someone gets a booking. So in order to turn on non-refundable rates, you click property and you click policies. Now under policies, you can see that it says a non-refundable. So under non-refundable, you can simply make any edits here I already have this setup so it doesn't give me the edit option. So you can simply set up your non-refundable rates. And by doing that, you will have that double rate plans. So you will have your normal rate plan and the nonrefundable rate plan. And you can have a discount. So normally the nonrefundable rates at ten per cent cheaper. So you can set a 10% discount in order to do that. The next thing you can do in order to get more bookings is uploading unlimited availability. On the unlimited availability means that your customers, potential guests, can book anytime in advance. Now some people only let people book one month in advance, two months in advance. But by having unlimited availability, people can book whenever they want. The reason this is good is again from Booking.com. So point of view, if you only let people book two months in advance, anyone who wanted to book more than two months in advance now can procure property because while there's not available and therefore Booking.com doesn't make money. You don't make money and so that they do not want to promote your property as much compared to people who do have availability because, well, they make more money and so does Booking.com. So in order to do this, you have to go rates and availability, click Adjust rooms to sell. So once you're on there, this is a really interesting point, which is all these things that I'm showing you by the time you go to do this, they might be in a slightly different place, but because Booking.com is always moving things around. So for example, it says this page will soon be removed permanently. So in the future they will delete this page and it's actually gone somewhere else. Now this is very, very common with Booking.com. So for the sake of this exercise, you just need to know what exactly you need to do. I either ways of optimization, but it might be in a slightly different place. In the garden section, I will add the best Booking.com contact numbers so you can contact them, give them your property number and they can login to your account and show you exactly where everything is. Because the other problem is that a lot of people have different accounts because as they update these extranets, some people get the update first, some people get it later on and so on and so on. Because everyone's accounts different. Sometimes things can, things can be in a slightly different place. So if these things are not exactly what it's supposed to be, our E, they're different to what is being shown in the video currently. Then just simply contact Booking.com, tell them I'm looking to upload unlimited availability. What's the best way of doing this? So in this case, I believe it is moved here. So once you, once you go on to this, you can simply edit your availability and make sure that you have unlimited availability. Now again, your screen will look slightly different because my, my calendar is currently connected to, as you can see, it's connected to a channel manager. And hence, my screen will look slightly different to your screen, but there will be an option to upload your availability. All you have to simply do is select this button here so you have availability from an up to and including. You can set this up to one year in advance and then just click Set period. Again, it might be slightly different, but this should do it for you. That is how you upload unlimited availability. The next thing you can do it in order to get more bookings is by updating your cancellation policy. The reason this is important is because the more flexible you are with your cancellation policy, the more bookings your likelihood to get, the more strict you are, the less bookings you're likely to get. Because some guests are not a 100% sure if they're going to be coming in those particular days, it might be a slight change of plans, so on and so on. And the more flexibility you can give them in their decision-making, the more bookings you're likely to get. And again, the book in our common rewards you for that. So if you go to property and goto policies, on the top left-hand side, you can see your cancellation policies currently upset this to 14 days, which is flexible. If you edit this, you have a few different options. You can have one day, two, day three, day five-day, seven-day 14, day 30 day. I would keep it anywhere between 14 or 30. You don't want to have a very short window for cancellations because if someone has a big booking and they cancel seven days in advance, then you potentially have an empty calendar, which can be a bit of an issue. So I would go 14 or 3000 AM currently set to 14. I think one of the important things is when you're starting out, you set it to 14 because you don't currently have reviews and you want to build that momentum. So start off with 14. Once you get some traction, once we get some bookings over time, you can simply move it to a 30 days before arrival. But I would not go any less than 14 days for services accommodation purely because while if someone if someone was canceled a day before, two days before, you might not be able to fill up your accommodation and therefore, you might lose a lot of money. So go with a flexible cancellation policy. This will give you the best chance of getting a lot of bookings early, especially when you're getting started. The next thing you can do is have a minimum of five reviews. A minimum of five reviews is very, very important on Booking.com. Not so much so on Airbnb, but very important on Booking.com. The reason is if I go on to guest reviews and click guest reviews here on the top right, you can see when it loads up that either 8.9 score based on 11 reviews, the wave Booking.com works is they don't actually show you. They don't show guests your reviews until you get to five reviews. So when you only have 12 or three reviews that guest Ashley doesn't see the reviews. The problem with that is that when a potential guest is looking to book and there's no reviews, the onshore if the property is any good or if anyone's ever stayed here before or what their condition is and the pictures are actually like you showed them and so on and so on. So it's very, very important you get to five reviews as fast as possible. Now, there's two ways of doing this. One, you can simply wait until you have five people who come and stay at your property and leave your review, and that could take a bit of time. Or the second thing is if you have some friends and family you want to test out your apartment. You can simply get them to make a booking using Booking.com for your apartment and get them to leave a review, see what they think, see what they think about the cleanliness value for money, so on and so on in that local area. And that way you can get five reviews very quickly because you have five people stay on five consecutive days. And simply you can get five reviews. And therefore, it will give you a much, much like I can't stress enough how important this is. Because unless you have, if you have no reviews, people are very hesitant in booking. So make sure you get to five reviews as fast as possible in order to get more bookings. The next thing you can do is update your opportunity center to make sure you capitalize those as many opportunities as possible. So how that works is if I go into Booking.com and click opportunities, and then click opportunity center. That will take you to this page here. And what this is saying is ranking, this is the percentage of searches your scene in when your customers search for days when you're available. So this particular property actually isn't doing that well compared to some of the other properties in this area. And so what you have to do in order to improve their score or your ranking score is by taking actions on as many opportunities as you possibly can. Now the reason this score is slightly low compared to similar properties is because a lot of these opportunities are actually designed for hotels. Services, accommodation can't actually accept a lot of these opportunities. So it's going to be likely that your score is lower to similar properties because similar properties they need typically mean hotels as opposed to other accommodation units purely because in most areas there's a lot more hotels compared to apartments and houses being used as a combination. But nonetheless, you can always improve your score slightly, even though it might not be as high as this, you can still improve. And by the way, this is exactly what I meant when I said uploading unlimited availability because this says this is the percentage of searches your scene in when your customers search for your dates. Now, if people search for dates and you don't have any availability because well, you're not letting people book for more than one month in advance, then they're not going to see your property and the rankings going to be lower and lower. So see which ones you can accept and which ones you can accept. So for example, with this, it says end the year with a boost in bookings. Now attract guests traveling anytime before 4th of January by offering a special discount. Now, if I want to do this, I simply click take action. And it will take me to the opportunity page where I can simply accept this opportunity. Then essentially what they want me to do, they want me to run a promotion from the 10th of March 2020 to the fall of January 2021. And they want to have some sort of discount. So now they want they say please at a discount between 15 to 99 per cent. So I have to set a minimum 15% discount in order to apply for this. And then you can simply select for which property you want this and for which dates. And then you can simply, if you want to go ahead with this, you can simply put those details in and click Review Promotion and that will add it. Now, I particularly don't really want to add a 15 or 20% discount for these particular dates. So I'm going to leave this one for the time being. If you wanted to have additional 20% discount, then essentially that is what you would do. You would set a discount here and then click Review appropriate promotion and now we'll add that promotion. So if I go back to opportunity center for a second, the reason I don't necessarily want to do this is because if I have a 20% discount, once you do the pricing section, your prices are way too low. And that will impact the revenue and that will impact the amount of money you make. It doesn't impact hotels as much because they might have 50 rooms at a 100 rooms. And offering a discount might not be the end of the world, but when you only have one distinct or two or three listings, you can't really afford to give a 20% discount on the rates which actually make you any money. So this is what I meant when I said that not all of these will apply to you. The next one says, reach more guests with a weekly rate plan. So introducing weekly race, this is essentially having some sort of weekly discussion, I believe so if I click take action, the minimum length of stay for this rate plan is seven ninths minimum. And if I go through this, you select for which cancellation policy would you like this? Would you like if you're sorry, for which rate plan would you like this discount. And I'll select from my normal rate plan, I either flexible 14 day cancellation and then it has a whole bunch of information you can go through. And again, they want a 15% or more discount on YouTube is daily rates. So again, I don't really want to sit up 15% discount on top of what I'm already doing. So I'll leave this one for the time being. So you simply, you simply go through these these opportunities and you simply accept the ones which needs to be accepted. I would typically avoid the ones where you have to offer a discount because we've already gone through pricing and I don't really want to lower my prices any more than that. So I will essentially leave all of these. And the ones which you think you can cater for, you simply select those. But as you can see, a lot of these tend to be around discounts that rather than anything else. And if you go into page views, there are, there are more things you can do there, and again, they seem to be similar. So have a go through these, go through the opportunities center, see which ones can you can cater for, which ones you can apply in the ones you can apply, simply accept them, and use the opportunities in order to get a higher ranking. And that will, that way you will end up getting a lot more bookings. The next thing you can do in order to get a lot more bookings from Booking.com is by having minimum night restrictions as low as possible. So what a minimum height restriction means is that a lot of people have restrictions like you can. The minimum booking you can do is threonine is the minimum book and you can do is four-ninths. So if someone wants to book your accommodation, they have to book a minimum of a certain number of dates. Now again, if you think about it from booking.com point of view, the higher the restriction. So for example, if you say you have to book at least five days, so my minimum night restriction is five days. Well, that means that people who want to book 19293949, there are unable to book your property. So when they search for properties in your area, your property will never come up purely because well, you have a minimum night restriction and they can book that means you're not coming up, you're not getting bookings book in outcomes on making money, and therefore they will not show your property as much. So what I would recommend is I would not recommend having a one night stay for service or accommodation purely because that can lead to parties and so on and so on. I would have at least a minimum tonight stay. So again, this is one of those things where we have to be we have to try to be as flexible as possible, but making sure our business still operates. Again, this is different for hotels. They have they don't have any restrictions, but we service combination, we have to be a bit more careful. So if you go into rates and availability, and again, this might have moved by that point. If you go into calendar. And once this loads up, if you click your standard rate, you can see here it says minimum length of stay. So I've got a tonight minimum length of stay, which you can simply change and you can change also too as well. Again, at the setting is not exactly there or if you're unable to edit it, you will have to contact your booking.com account manager. And I will provide a number in the task guidance section and you can ask them, Well, how do I change my minimum night stay to tonight's minimum? The next thing you can do it in order to get more bookings is by running promotions. Now this is slightly different to what I mentioned, that I don't really want to be doing in the opportunity central in the opportunity center, those are one off promotions and there's a special deals that Booking.com introduces here and there. There are some sort of promotions which you can run all year round. And this goes back to our pricing analysis we did in the deal analysis section, which is early bird discount, last minute discounts, weekly discounts, monthly discounts, those you can set all year round. Whereas I'm not a huge, huge fan of sending, setting a lot of promotions above and beyond because it impacts your rate. So if I go into promotions and then click Add new promotion. Now with Andy promotion, it gives you all the different campaigns, or for example, the different deals. So if I click onto setup promotion under deals, then you have these different discounts here, which is you have the basic deal. We're just means what? It literally just means that basic deal, it's just a random discount. I'm not even sure why it exists. Then you have last minute deal, you have early Booker deal, you have lemmatized limited time deal and three nights. So the ones I would set are the last-minute deals and the early Booker deals. Now with last-minute deals, I will set it to again the, what they have given here, which is three days or fewer before check-in and our set at 10% discount on my normal rates and not a non-refundable rate, but on the normal rate. And again, with the early Booker, I will set it to what they have, which is 30 days. So if someone wants to book more than 30 days in advance, I would also set a ten per cent discount. So those are the two main promotions I would run essentially all year round because I've calculated this in my pricing section. And again, if I want to optimize, for example, if someone is if my calendar is empty, if I get back to the last minute, it my calendar is empty within the last in the next three days, I want to have some sort of deal in order to entice people to make sure I get a booking for those three days. For the time being, I will simply just turn on these two here, which are the last-minute deals and the early broker deals. That's all you need to do at this stage. The next thing you can do, and this might come slightly later on, is a Genius program and also the preferred partner program. So if I go back into Booking.com and click opportunities, you have two tabs here we have the genius pollen program and the preferred Python program. If I go into genius. Now, this is not something you can do straight away because you almost have to build up to this in order to, in order to get onto genius and they have a ranking score and different properties come on at different times. So what I can do with this property here is I can click Activate and that will activate the genius discount. So as you can see here, it says, guess we'll see the genius logo on your property page score. So when guests go on to book your property, they will, they will see that this is a genius property, which is really a thumbs up from Booking.com that this is a property which travelers book again and again is a good properties are trusted property. It's essentially a symbol of trust. So if I click Activate and click Activate, now, what will happen is it will give guess a special discount. So essentially will give guess a special discount. But what will happen is that people will see a lot more properties and the benefit of having geniuses that you end up getting a lot more bookings because, well, it is like I said, it is a bit of a trust symbols. So once I'm up there, it says, on average you'll enjoy 18% more bookings when compared to non genius properties, you show up higher in the ranks and more visibility, so on and so on. So it does have discounts. You can, you can change the discount slightly, is typically around ten to 20 per cent. Now, if I go back onto, that is how you set up genius. And again, you can't really do this day one, what happens is you have to there are criteria is you have to meet. The criteria is I believe it just depends on again, it changes all the time. So you have to have a good property paid score. And sometimes it might even be reviews. You have to have a number of reviews, and so on and so on. So you won't have this option day one necessarily, but you might have this in a few weeks time or a few months time once you've had some bookings. So you don't have to do this for the time being, you can do this later on. The next thing you can do is go to opportunities and go to the preferred partner program. Again, you won't necessarily have this day one, but this is something you work up to. If I go in there and if I look at this here. So there are two criteria, which is the first one is your performance score, and second is your review score. So my review score is fine. It's eighty-nine percent. My performance score is only 40 per cent, and therefore, I do not qualify for this performance score and therefore I'm not eligible for the preferred partner program. Now with work preferred pardon program, what essentially happens is you get a thumbs up next to your property, which means that anyone who's looking to book they see, well, this is a thumbs-up property and therefore, again, it is a bit of a trust symbol. Now, you might be wondering, well, why do I not qualify? Why can I not improve my property P score, my performance score in order to get listed. Now, once you get further down into this program, you'll see that the main way we do marketing, or a lot of the ways we get bookings are the long term bookings in one month, two months, three months, and so on and so on. Because there's a lot of money there, they're much better clientele, in my personal opinion, Booking.com is great, but if I can get someone in there for four months is amazing because they pay you by the night, their companies paying so on and so on. Now, the downside of getting four month bookings, I don't think this is a big downside, but it is technically a downside, which is every time I get a four month booking, I have to block my calendars for four months because well, of course I've got a four month booking. And when I plug my calendars or four months, it impacts my availability on Booking.com because anyone looking for days within those four months Con book my property because I have already blocked it out because I've got a four month stay from a company. And therefore, by performance score goes down because for a lot of the dates, Booking.com, Booking.com, my property is not being shown because while I've already booked it with someone staying for two months, three months, four months, and then massively impacts the performance score. However, if I compare the two, there, would I rather have the preferred partner program or would I rather have a four month booking? I will still go with a four month bookings. So this is not the end of the world if you don't have this, but again, if you can get this is just an additional thing which helps you get slightly more bookings. So don't worry too much about this, but it's one of those things that if you have a lot of alliance and Booking.com, and if you rely on Booking.com, Airbnb a lot, then you want to make sure you get these tiny eggs here and there in order to get more bookings. But once you get to a stage where you're getting two months, three months, four months, five months bookings, then your performance score will go down, but you will have four month bookings. So there won't be anything really to cry out. So that's what you need to do. Again, you won't be able to do this day one because like, like I said, you have to have a good review score and a good performance score and you won't necessarily have this day one. So again, come back to this slightly later on. But for the time being, everything else I mentioned, you can do that to start getting more bookings. So that is a summary of how you get more bookings on Booking.com, which is a 100% P score, have a non-refundable rate, unlimited availability or flexible cancellation policy. Make sure you have a minimum of fiber views. Use your opportunities central way you can reduce your minimum night restrictions too. Tonight's I wouldn't really go much beyond that. And run promotions like early bird discount and last minute bookings. And when you get to that stage of having genius and preferred partner turn those on. And that will also help you get more bookings on booking.com. 19. Sync Airbnb and booking Calendars: Now, once you have AirBnB and Booking.com setup, this is a very important step. You need to go to your Airbnb listing and click availability. Now, once you're in availability, you scroll to the bottom here and it says a sink calendars. You need to sync your AirBnB and Booking.com calendars. Because otherwise what will happen is if the calendars are not sink, you might end up getting double bookings. I E, you might get a booking on AirBnB from Monday to Thursday, and you might get a booking on Booking.com from Tuesday to Thursday for the exact same date because well, they aren't really speaking to each other and they don't know what availability have and don't have. So very important. So if you click Export calendar and you take this link and you copy this link, this is basically your link to your Airbnb calendar. And then you go onto Booking.com and click rates and availability. And you click onto your calendar. Again. It is slightly different on mine because my calendar is connected to my channel Manager, which will do at a later stage. But essentially what you need to do at this stage here, what you need to do at this stage here is there will be an option which will give you an option which will say sync calendars. And you need to take this link that you have copied and simply paste it wherever that boxes. Now, I've also found this article which will, which I will upload in the Task Guide and section, which shows you exactly how to do this, which is once you log into the extranet click Calendar or race or availability tab, and then select sync calendars. And that will show you exactly step-by-step how to do this. I can't show you on my one because mine looks different to how yours will look. But essentially there will be a box which says Sin calendars. You simply copy and paste the link is very easy to do. And what that will do is that will sync your AirBnB and Booking.com account. So whenever you have data available on Airbnb, they will match exactly with Booking.com and vice versa. So you do not end up getting double bookings. So if you can't find that box, again, speak to your booking.com account manager. I will include their details in the description below as well in the task garden section. But that is essentially all you have to do. It will take only a couple of minutes, but it's a very, very important step. 20. List Your Property with Agencies: When it comes to long-term bookings and your marketing, this is by far the easiest and the best way of getting huge long-term bookings, which also make you a ton of money. So now what I'm referring to is essentially a service or accommodation agencies. These agencies, the way they work is imagine you have a big company like Barclays Bank or HSBC or PwC and GSK, whatever, whatever the company's, whichever industry is very, very hard for you to go to a big bank and say, Well, I've got to parliaments in London or I'll go to parliaments in canary war of like, I'm looking for some accommodation now because these companies are so big, two apartments don't really mean much to them. Whether it's a big corporate company or big relocation company, a big insurance company, that doesn't really mean much to them. Whereas when you have a service combination agency, which I'll be going through in a second. They have a lot of providers on their books. So they might have your two apartments in one of your competitors to apartments and another area of five apartments, ten apartments. Because there are so many apartments from their books, they can go to these big companies and get these contracts. And for example, when a big company knees, let's say ten apartments in London, they will then find their providers in those areas, get in touch with them and say, well, we're looking for Ten apartments in this area. Do you have anything which is suitable? And that is how subs coalition agencies work and that is why it's by far the best way of getting these bookings. Because essentially what you're doing is you're tapping into their clients in their stuff which they have already built up, rather than you going out there and finding businesses and clients and so on and so on. The way they work is similar to Airbnb and Booking.com. You pay them a commission on any booking which comes through. The commissions are generally from 10% to 15%, but no different to Airbnb and Booking.com, but I think it's a far better business model. So I'm not saying you only do agencies, you do agencies alongside everything else we're doing. But it is a great way of getting huge long term bookings. Previously mentioned is the longest we've had is 11 months. We've had nine months. We've had seven months. More often than not, it's generally about one month, two months, three months, four months around Nassau range, which seems to be a little more typical. So now, with these agencies, There's three main types of bookings that they cater for. The first one is your corporate bookings. Now corporate bookings means imagine a big company, Barclays Bank, HSBC, PwC, GSK. And they might have contract is coming into an area. They might be doing some sort of project work and they might need accommodation from month to month, three month. And a lot of the time, what you'll find is even with research parks and science parks again, sort of falls into the corporate branch with how I've sort of characterize this. So you have, imagine you have an engineering firm or a research facility. So again, Cambridge is quite big with these having a lot of research facilities in science facilities and all you have some sort of IT company. And what happens is you might have a IT contractor coming from a different country. So for example, with the IT sector, you have a lot of contract is coming from South India because the labor is much, much cheaper. They're very skilled. So what a lot of companies do is they bring labor from South India for project work here because they're much, much cheaper, they're very qualified. And then my stay here from one month to month, three month, and the company will pay for them, they will pay for the accommodation and travel, so on and so on. And that's where you come in. You cater for those people who are here for corporate stay, for business day and you essentially provide accommodation for them. So that is the first type of book and you can get when it comes to corporate agencies. And so the reason we have this 11 month booking was because there was a person working at Oracle and he SE book for two months, you only stay for two months. And the problem with contract work, especially with companies, is that you never quite know when it's going to finish. It might finish early or it might just go on and on and on. So he booked for two months and then he extended one more month because IT project got slightly delayed or they want to do some more stuff. He got extended, extended, extended, and he ended up staying for 11 months. Now, that doesn't always happen, like I said, is normally one month, two months, three months around that sort of timeline. But that is how the corporate bookings work. Which is if you want long-term corporate bookings, you have to essentially find these agencies that you can work with. The second type of booking is insurance bookings. So for example, imagine you have a house or an apartment and is there a flood or fire, or they find some sort of asbestos in the roof or within the building. Then what happens is you contact your insurance company and you need temporary accommodation, emergency accommodation while your house is being fixed. Now, the insurance industry calls it temporary accommodation, temporary combination or emergency accommodation, and we call it a service or accommodation, but it's the same thing, which is the insurance company has two houses, people that family into a different property. And that's again where you come in through these agencies, which is you provide accommodation for them. So insurance bookings do tend to be quite long because it's very, very it does take a lot of time for workers to be finished to our property, especially if there has been a flood or fire or even asbestos because it takes a while for them to remove that stuff and so on and so on. And then again, the way these insurance companies work is the person the family makes a claim and there's a back-and-forth vent. Then you have to find a builder and the world's have to be done. And it's a very, very long process. And while there's long processes happening, they are staying in your property, paying you buy the night depending on very, very high race because again, it's not really them paying, is the insurance company paying because they've obviously made a claimant, is the insurance company who pays out. So again, a very, very gray type of booking Because again is very long and you make amazing rates. Now with insurance becomes very similar to corporate bookings in the sense that you might get a two-month booking, but more often than not, it gets it always gets extended purely because the build has said the works can be done in one month or two months and the work slightly delayed or the insurance company hasn't got all the claims bag and so on and so on. And it always just takes a bit of a wild. So again, if you insurance bookings, one month, two months, three months, four months again, is a very, very common. Finally, the last overbooking you have are what is known as relocation bookings. Relocation bookings basically means imagine you have a person moving from one area to another area for work. So we had a person who moved from leads all the way down to Welling Garden City and how to share and the company you put them up in one of our apartments for three months while he was buying a new home. So when people are relocating into the area in the UK, it takes about three months to actually buy anything. And while they sort of waiting for that, whenever the buying process, they end up booking in apartment or your house. And if it's relocation, a lot of the times is a company who pays for it rather than the person themselves. So that is relocation bookings. So the way you get these bookings is through services, accommodation agencies. Now, this is a list of all the major agencies that you can work with. The first one is silver door, Situ, Sacco, Bridge Street, awkward, ESA apartment select apartments, prestige Apartments, apartment network, apartment servers worldwide. These are the main agencies that you can start working with and start getting these bookings. Now, in a video demonstration, I'll be showing you exactly how you can sort of get a district with them. And some of them do have a minimum requirement in terms of number of apartments, and that depends on where you are located, which area you're in. So some might say, Well, you need a minimum of two apartments to work with us and minimum three, minimum for minimum five. And some of them have no minimum restrictions at all. So it just depends which every urine. But in a video demonstration we'll be going through how you can list your properties with these agencies. Now, apart from these agencies, you also have medium-term rental platforms. So they're not really agencies are more like AirBnB and Booking.com where you can essentially just list your properties and prospective clients, prospective tenants. They go on to these portals just like AirBnB and Booking.com where they are looking for medium-term stay. So this is generally one month plus. And again, it's a great way of getting long term bookings. So the three main ones are spotter home housing anywhere and home like. And again, in a video demonstration, we'll be going through how you can get listed with these portals in order to psi getting long-term bookings for your apartments. So this is how you get listed on services, accommodation agencies. The first thing you need to do is you need to go onto the website for that particular agency. Now, there might be two ways of doing this. The first one is depending on the agency itself. The first thing you can do is find their phone number and essentially contact them and tell them that you have service accommodation units in a particular area and you're looking to onboard with them. A lot of the times you have to speak to the supply chain team. But again, it's one of those things that different agencies call them different things. So you could ask for the supply chain team or quite simply, you can call them up and you can say, Well, I have this many service combination units and Peterborough in London, in Victoria. Wherever your location is, I'm looking to get listed with you guys. I'm looking to work with you guys. I'm looking to become one of your partners. And they will simply send you some forms. They will email you some forms, you fill out those forms, and that will help you get listed. Now, once you are listed, and again, it depends on which agency you're with. When you scroll to the bottom, for example, with silver door, if you click property partner or login, you can simply login to their platform and just upload any future properties you have. And it's a very, very simple and easy process. But essentially that's what you need to do. Either you can simply found them or if you go to Contact Us, all agencies have a Contact Us section. And again, depending on the agency, they might have a partner email. You might be able to do a partner email. Now in this one they don't. So silver door only has an email inquiry. I believe these are if you're looking to book an accommodation unit rather than if you're looking to partner up with them. So those are the things you need to do. You need to find agency, the units, go to the website. You can either call them or you can e-mail them and say to them, I'm looking to get listed onto your agency and I'm looking to work with you guys and this is what I have to offer. So if I give you this example here, if you go to Situ.com, the UK, which is another one of the agencies. Again, they're all slightly different. So for example, with Situ, if you click this menu button here, there is actually an option for suppliers. This is essentially what you are interested in. If you click suppliers, they have a bit of a notice currently for COVID. But essentially you can, if you would like to become a supplier, please apply online. You simply click online and you add all your details, and you simply just go through all of those details now, liabilities, so on and so on. You would have already had done these. So all you have to do is simply fill in these forms. So it just really depends on the agency and what their processes. So it might be just a fad that you have to call them or email them and they might send you some forms or even better life Situ. They might just be an online process where you can simply get listed. So essentially what you need to do here is you need to find the agencies and find out what the processes for that particular agency and use that to start getting listed. 21. Medium Term Agencies : Now the last one you have is the medium-term or rental platform. They're not necessarily agencies. They're more like AirBnB and Booking.com, but for longer-term bookings. So essentially, for example, if you go to spot home and it says already published a property. So it's not like silver door with Situ where you have to apply or you have to call them to get onboarded. You can simply just like Airbnb agile property details. So you click publish a property and you follow it, followed the process step-by-step and start listing your properties. So again, a really good way of doing it. Some of these platforms like spotter home might be location centric, so it might not take properties in every single location right now. Some do and some don't. But That's how you on board with the medium-term platforms, which is no different to Airbnb and Booking.com. And with the agencies, you simply find out what their processes by calling them, emailing them, or simply filling out a form on our website and that will help you get listed. Now, keep one thing in mind that when it comes to the agencies, So I'm referring to Silver Dollar City. They can be very, very slow. They might be a bit unresponsive, but all you have to do is you have to taste them a few times. Essentially, what I find is that with a lot of these companies, they're very shortstop. So what happens is you send them an email a few times. You might not get a reply. That doesn't mean that I want to work with you or they're not interested. It's just I'm not entirely sure why, but they just seem to be very, very slow to respond. I've been working in working with them for years and it's always been the case. So don't get disheartened if they don't reply to you straightaway. Tastes them two times, three times, four times, five times, taste them as much as you need to in order to get listed. Because that is essentially how some things work. So don't get royalty if they don't reply to you straightaway, keep calling, keep emailing. And depending on the season and maybe they're short staffed, they might have a few people away. Holidays at the time of recording this, this is through COVID. So maybe COVID has a bit of an impact in terms of the number of staff that you have. But these agencies do one more property. They do want to work with people, but you do have to taste them a bit in order to get listed. So that is how you get listed with agencies and medium-term rental platforms. 22. Create a Google My Business Listing : This, in my opinion, is one of the cheapest and one of the best ways. And when I say achievers, I mean free, this is possibly the best way of getting bookings, which serve as accommodation where you simply set something up once you don't have to do a lot and you can end up getting very, very big bookings. I've had over £10 thousand, for example, a single booking of more than £10 thousand. So many times using this particular tool here, which is called Google my business. The way Google My Business works is, for example, you have this sharp or restaurant and cafe here and as you can see there on Google. So for example, if someone was to go onto Google and they were to search something like, I don't know, I can give you an example. Food near me or something. What will happen is that you see all these pins and essentially will show you all the restaurants and cafes in the area which have good reviews. And that is how a lot of people use Google. They, they searched things and when locations pop up, they simply click on that location, find out more information, maybe see alternatives, go onto the website. Once it loads up. You can reserve a table and so on and so on. So Google, My Business is essentially what it lets you do it unless you pin your property on Google Maps. So when someone is searching for your particular business, you come up and you end up getting more business. So that's exactly what you need to do with your service accommodation business, which is, you need to go onto this page, which is Google, My Business. And I will add a link to this below in the task guidance section. And you need to, it will say managed now or sign-in or so on, so on. You need to make an account on Google, My Business, upload the details of your property. Now, when it comes to the address, you need to make sure it's the address of where the apartment or house is located, not your own business or home address. You need to have the address of where people are going, what they're booking. So imagine this is a hotel. You won't have the address of the head office, you will have the address of that particular location. So once you click manage, now sign in and you make your account and you essentially upload the pictures, you upload the address, you upload all those details. What will happen is I will give you an example with one of mine properties. You, for example, I've got an apartment in Steven. It if someone wants to Google Steven and serviced apartment, maybe coming into the area or a company might be looking for service department units. So they come in Google, Steven and service departments. What happens is there's a bunch of adverts from Booking.com, Trivago, some company called luxury hotel guides. And as they scroll down on the map, this is exactly what I'm referring to with Google. My Business listing is my company here, Scotland service departments, Stephen H. And if they click onto this, they can see pictures I've uploaded and so on and so on. And they can go onto my website where they can call the company and they can do all those things in order to make a booking. But the good thing about this is, well, I'm on the first page of Google and if anyone is looking for service departments or services accommodation, I'm going to come up and they're more likely to bug me. So it is an amazing, amazing way of getting visibility. Now here is a top, top tip, which is the way you craft your company name on Google, My Business. You want to make sure you have these important key words. So think about your area. So in my area which is Steven age, people will Google stephen edge serviced apartment or maybe it's Steven, it's service accommodation. That's what people will search. And I want to make sure those keywords are also in my title. So it says Steven, it serviced apartment. Because if they search this here, I want to be coming up for their ranking. Now, if you look at something like this listing here which doesn't have any reviews or anything. It is called. If I open this up for you, it is called. Okay. So comfortable in deep cleaned apartments in Steven inch, but see apartments that could be rental apartments, that could be anything. So again, if I go back here, that listing actually doesn't really work. Whereas this one, this one I've created, it does work purely because I realized that I want to make sure I've got these keywords in the name, so it comes up. That's essentially what you need to do, which is you need to go onto this page here, make an account. It will be done within 1020 minutes. You simply add in some pictures, add in some descriptions at in when you're open, while you're essentially open all the time because well, it's like a hotel accommodation. There is no real closing time. You add your website, you add your phone numbers, you add your address. Very, very easy to do. And by the end of it, once we have some reviews as well. So when you don't have reviews, sometimes you don't always get rankings because a lot of these rankings are based on reviews. So again, if you, once you've guessed, stay at your property, you can say to them, well, if you can leave me a review on Google, we'd much appreciated or your friends and family have tested your apartment. You can get them to leave a review based on their experience, based on what they thought. And it's a great, great way of getting a lot of reviews and that will only boost your listing higher and higher up. So make sure you get a Google business page setup as quickly as you can. That will, you will end up getting a lot more bookings. Now, one more thing to note here is that if I go into my listing, if I scroll down, you can see the booking.com reviews as well. Now a lot of people asked me, Well, how did I link Booking.com to my Google account? And the reality is, you can actually link this yourself. They're doable somehow finds down maybe they have some algorithms or something. They actually find out themselves which accommodation units are listed on Booking.com. And they actually do the links themselves, which is pretty cool, but also a bit weird as to how they figured this out. But essentially you can't really control this yourself, any additional details which you're saying. So for example, people can actually search availability and book that says, this hotel has an availability for tonight, stay there. The prices again, this is not something I've personally done. This is something which Booking.com, sorry, Google has plugged from Booking.com and they've put my data in and this automatically just happens over time as you get more reviews and so on and so on. So make sure you have a Google business page up and running. You'll be done within half an hour. And it is by far one of the best ways of getting a lot of bookings. 23. Create a Check-in Process: So when you're just funny, book this property, how exactly do they check in? How do they enter the property? Now, that is the whole continent we're going to be covering in the check-in process. So essentially there's four different ways of ways of doing check-ins. The first one is Meet and Greet. The second one is key nest. The third one is lock boxes, and the fourth one is coded door handles. We're going to get in through step-by-step or how you can apply all of these and the different variations of how you can apply these. So the first one is Meet and Greet. Essentially meeting Greek means that either you yourself or your cleaners or your mentions person or someone else that you've hired, basically meets the guest at the property and helps them check in. So you say to the guest while Tom, are you going to be arriving this **** be there at four PM, five PM. You make sure there's someone there with a kid 45PM and they they check the man, they show them, they give them the key they showed in the apartment. So you might have experienced this yourself, which is, I recently went on holiday to Turkey and the person said, what time are you arriving with at 11:00 PM. And the person was there 11 PM with acute showed us around and answer any questions. And that is one way of doing checking. The problem with that is that, well, you need a person to do that and whether that's yourself or someone else, you either have to pay them or you've just spent a lot of your time doing the check-in, which is something I personally would not want to be doing. I would want it a lot more automated. But that is one way of doing it, which is meeting Read Me people at the property and check them in. Again, very I think there's a lot of limitations. For example, even if you've hired someone, if they're ill or if they were running late or maybe it's a guest was running late, flights delayed. There's a lot of back-and-forth and it can be a bit inefficient, but that's one way of doing check-ins, which is meeting people at the property. The second one is by using Kenya's. Now, the way it works is imagine that you have a local shop around your apartment or house. And what happens is if key nest operates in that area or in that shop, you can essentially leave your keys there and the guests can go to the shop and essentially pick up the keys. Now there is also a video tutorial which is going to follow on from this using bike ENS themselves. And there'll be explaining a lot more digital exactly how DNS works, but it is a great solution if you have a key nest shop near you, which is, uh, you can basically in a very secure way and the cadence tutorial will explain this. You can leave your keys that are shop, the guests goes to the shop, picks up the key and essentially checks into the apartment. Very, very good way of doing it. If you don't want to do meaning greed, that is the first alternative to meet and greet, which is again, an automated way of doing check-ins. The third option is using lockbox is and so now I've shown you two different lock boxes here. The first one is a lockbox, which is essentially drill it into the wall. So with these lockbox is the way they work is you sort of put them there, put the lockbox, is there someone else or their property? The guest comes in and they essentially punish the key codes and the key comes out and they entered the apartment or the house. And it's a pretty simple, pretty straightforward. So now the first variation is you can essentially drill it into the wall that is shown by the left-hand picture. And if you look at the right-hand picture, it is actually pretty much the same thing, but it has almost like a bicycle lock, padlock type of hook. And the reason you can use the reason you have those is that a lot of times you can't you don't have a suitable place or a good place to drill something. Whereas if you have something where you can hook this onto, again, it makes it very easy to do chickens because you can essentially hook this onto the door to a bikeshare, to a railing. We have a property in Victoria where essentially there's a plan port right next to the main door and on the plant pot. Of course, another plan plot is sort of like hanging on the wall and it comes with like all this stuff for the plant, pot, cover letters, metal thing which holds at the plant. I think you get the point. And we have a padlock which basically hooks onto that. So you have the main door and literally right next to the door, you have the padlock and again, a very good way of doing it. So because of that property wasn't management property. It wasn't a property that we owned. The landlord wasn't happy about us drilling this onto the wall, but he was fine with, of course, as hooking a padlock because he doesn't damage anything. You don't have to drill anything. So it's a very convenient way when you can't essentially drill something onto the wall, but you have a bike shed or railing or any sort of thing which you can basically hook this lockbox onto. So again, lockbox is the second way of doing this, I think is one of the best ways of doing this because essentially it takes out any humans in the middle, even with keen, as of course, you have to go to the shop and you have to speak to the shopper and row and navigate the key. Whereas with this one, if you have a good way of doing check-ins and checkouts, then the guest can arrive at their time if they are running late, it doesn't matter if they get there early. As long as it's within your check-in time period. For example, if they said, let's say you're checking is from three PM onwards. And they said to you, well, we'll get there at five. Even if they get there are four, it doesn't matter because the key is going to be there. They don't have to keep going back-and-forth with you in terms of communication is efficient, so on and so on. So there's a lot of benefits of doing a lock box if you can't other drill into the wall or alternatively have it basically right next to the wall on some sort of padlock. Now, the last way was the coded door handles. So again, if you look at this image here, this is a Yale lock. And what happens is that you have a keypad and there are no keys. Essentially, what happens is you give your guests the code for the door. They press the code and essentially, they can use that code to enter the property. So with this solution, again is an amazing solution because there's no key, isn't it? There's no keys and those keys can ever get lost. Now again, this solution can be hard depending on your strategy. If you own the property yourself, then is relatively easy because you can change the door handles. Whereas a lot of time if you're doing rent to rent or if you're doing management, the landlords might not want you to change their door handles, and in that case, that sort of rules out this option. But the reason we've gone through these four different options are because it doesn't really matter which type of property that you have. Because whatever the type of property is, you can always find a way of doing a check-in. There's no point in really thinking about how to do check-ins until you sort of have a property. But once you have a property, you can, you can look at it and evaluate. So for example, the first thing I would ask is, Well, can you have a coded door handle? And if the answer is no, then you move on to the next solution, which is, well, can I put a lock box somewhere? And if you can, that's great. And if you can't put a lock box, then you move on to the next one which is, well, is there a key? And as a result of sharp supported by Kenya's raking leaves the key. Again. If there's not, then you move on to the last one which is Meet and Greet. But again, if you'd be a bit creative with especially the padlock, the padlock lockbox. And you will find that generally, a lot of times you can find somewhere where you can hook this. It might be a one-minute walk from the property, might be a two-minute walk from the property, and that's fine because there's still a lot more efficient than communicating back and forth or going to a different place to pick up the key and so on and so on. So generally, I think what you'll find is that when it comes to the padlock, it can be a great solution. End within a one-meter, one-minute distance. With two-minute walk, you can generally find a place to put these on and they work really, really well. The last thing when it comes to keys and lock boxes are, well, how many kids do you need? And I think this is a list of how many keys you really need and the reason you need these keys. So the first one is unit one main key, which is the guessed key, which is going to be in the lockbox. Now, when I say lockbox, it could be a lockbox or it could be at a key nest, or it can be with your meeting greed person. But essentially, there is one main key, which is the main way of doing it. Checking. The second key you need is for any spare lock boxes. So for example, let's say you use a lockbox methodology. You have to have your main lockbox and around that property somewhere or maybe underneath it or to the side wherever you can. You have to have the second lock box, which has a spare key because there will come a time where a guess might call you. And they said, Well, we've lost a key and you might not be able to get there to give them a new key. But if you have a lockbox right next to it or somewhere, then essentially they can just use the spirit key. Now. Or for example, this doesn't just apply to lock boxes. If you use key nest, you just make sure you have two keys at the keynotes. The first one is the main one. And if that was to ever get lost, you would just use a backup key. And they will just go to the keynote again for this pair key. Now what I would say is you need to, in your terms and conditions which we will go through this, that we have £150 charge if someone loses a key. So for example, if someone did lose a key, there will have to pay you £150. Now, they could pay that or that could come out of their security deposit. But yeah, there's 150% charged for any lost keys. But the reason I mentioned this here is because, well, if they do lose a key, there has to be a spike here somewhere so they can enter their properties. So make sure that you have two keys at least, because the second one is for the spirit. Now, the next key is your cleaner keys. So I believe we will clean it should also have a key. So for example, they don't have to go somewhere to pick up a key and then put it back and so on and so on. Again, that saves them time and that will save you money as well. And that will make you always have all the keys they need in order to enter a property, labor property. So make sure you're cleaners have a key that is the third key that you need. And finally, the last key is the backup key. The reason you have a backup key is, well, imagine you have the main key. The guest loses the main key. So they opened the spare lockbox of the gate to the keynotes to get a spare key. Now, technically the guesses used up the first two keys, you'll cleaner has the third key and now you should have a backup key, the fourth key, because while if you now need to make a key card to replace the key, well, you have to have another key in order to go and make a key card. So all the properties you have, make sure you have at least 40 is the main key, this parakeet, the cleaner key and any backup key to make sure you can get key cards and copies and so on and so on in case one does get lost. And that is how you do check-ins. You make sure you have four copies of each key. And then based on your building, based on your property, you essentially walk, how shall I do a meet and greet? Shall I do cleanest? Shall I do lock boxes, or shall I do coded or handles. But regardless of whatever type of property you have, you will always find a solution with one of those variations. 24. Furnish your Property : In this session, we will be covering how you can furnish your property. What are different options where you can buy everything from? And also we'll be going through the shopping list, the things you need to essentially purchase at the end of every checkout. Not necessarily you have to purchase at the end of every checkout, but the thing is you need to replenish after every checkout. So when it comes to furniture, there is essentially three main options. The first one is ikea and Amazon. Now I can Amazon are very, very good essentially because well, the products are very good quality and they're also lower price when it comes to competitors. So in the task garden section, I've also included an Excel file which goes through all the different pieces of furniture you need to buy. So think of this like a tick list, essentially, go through everything and select essentially everything you need for the different rooms. So you have the living room, bedrooms, the kitchen, the bathroom, and so on and so on. And this will go through every single thing you need in your property. So that is a first option. You can use Amazon and Ikea. Now the things I've included for ikea, you can use this list as more of a checklist rather than buying the exact same items. So for example, you might go to the bedroom section and you, you might not like, you didn't necessarily have to buy the exact same wardrobe or the exact same chest of drawers. You can simply just buy something else that you prefer, but at least you know, well these are the things I need and it turns into a bit of a tick list. Now, not everything might necessarily fit in your property. So for example, we have a chest of drawers. Now, we don't necessarily put in chest abroad in every single one of our properties because a lot of properties do not have space in order to put this in and you don't necessarily require either people are there for short-term stays and as long as you have a wardrobe that is normally sufficient, if you have a huge room and you have space to put these extra things, then feel free to add them. Maybe even adding a desk and chair for so if people have work to do, they can do. So. You don't necessarily have to buy every single one of these things, but it is a complete list of everything you could possibly need. And then you simply desirable which ones you need and which ones you do not need. So I will add a link to this Excel file in the task guidance section. So you can either buy the same item or uses as a checklist in order to know exactly the things you need. The second thing is using a company called fusion furniture. Now a fusion furniture is that done for you service, which essentially means that you simply place an order on their website and they will do everything for you. They will bring the furniture to the property, they will build it, they will clear all the rubbish. So if you if you don't have a lot of time and you want someone else to do all of that for you. Essentially, you want to outsource everything. Food and furniture is a great example of that. And that's, that's exactly the service that you offer. And I will include more details about them in the task guidance section. So that is the second alternative. And finally, the last option is by hiring an interior designer. So if you have an interior designer, they will essentially pay all the furniture and it will peak Anything you need for the kitchens and bathrooms for you. So you don't necessarily have to go and find all those items. Now that possibly might be the most expensive option out of the three, purely because sometimes you end up buying bespoke items or items from not mainstream shops. So that can be a bit expensive, but it does result in a good product, something which is designed very, very well. So in summary, IT and Amazon tend to be the cheapest option, followed by fusion furniture. Again, one of the reasons that is a bit more expensive is purely because, well, they're doing it for you. Everything is done for you. You simply give them the keys and like I said, everything will be done. And finally, you have the higher end interior design option, which is the most expensive one, but you do end up with a very good-looking property if you have got someone who's very, very good interior designer. So that is essentially what you need to do when it comes to furnishing your property. Now, in terms of the shopping list, there are essentially three main items. The first one is your basic. So for example, your tea, coffee and sugar. And I wouldn't really offer anything else beyond this. So for example, some people have milk and those sort of things. But I, in my opinion, they tend to go off very quickly. You can get carton milk which doesn't go off as much, or I believe it's called UHF or you hate to see milk or something. Again, doesn't go off mud. I don't really tend to put those in. I tend to put in tea, coffee, and sugar and leave it at that. If you want to put in some extra best, like some many cereals, feel free, or even some best-case which we've done in the past, fuel free. But those are the basics that we essentially put in tea, coffee, and sugar. The second thing is we put in toilet paths. Toilet plates are essentially, I can give you a very quick example here. On out of Egypt, this is the website we use. Again, I will put these links in the Task Guide in section. So you essentially have these mini toiletries which you can leave for your guests are when they, when they check in you essentially, they essentially have these many toiletries and they can essentially use them for their state. It just seems a bit more professional and you end up getting better reviews. So for example, a set like this. You have a body wash, shower cap, those sort of things. And again, they're very, very cheap. It's only £3.54, including VAT per stay. Very, very cheap. That is, those are the toilet packs we use. And finally, tolerable. So you do need some towel rolls in the property. So again, I will add the links to these in the task garden section, but those are the basic things you need from a shopping list. So tea, coffee, sugar, toilet packs, and toilet rolls, which have to be replenished at the end of every single state. 25. Internet Setup: I think most people will agree that possibly one of the most important things in rental properties in service departments in hotels, it has now become the Wi-Fi. And essentially one you need good wife Wi-Fi, and you need to make sure that Wi-Fi is there before the first guest checks in. So this is something you should do as soon as possible. Now, if you want very, very quick Wi-Fi in good Wi-Fi, these are your two main options. The first one is Virgin Wi-Fi. The reason burden is good is because there are connections are very fast. They generally most of the time depending on the location, they can just send you a box and you plug it in and you're you're pretty much good to go. I think. So. That is a very good option. The second option is, for example, if you go with any other broadband or any other internet provider, sometimes they can be a bit of a delay. So they might say, Well, will come out in two weeks time and we'll plug everything in. But what you don't want to do is you don't want to leave your property empty for two weeks while you don't have internet. And what you also don't want to do is get people in there and they're reliable. There's no Wi-Fi because you will get bad reviews. So if you haven't bit of a delay, which you can do is you can use R, E pay-as-you-go dongle. Now, this thing is basically imagine like a small device the size of your phone. And it normally comes with 30 gigabytes or 40 gigabytes. It's not cheap, but essentially it's this tiny thing you can use for Internet. And it gets checked in and they just connect their phone or their laptop to this tiny dongle is very small. It's like smaller than the size of your hand. And as soon as you plug this into the wall, you, you basically get Internet. It is only as a temporary solution. It is not really designed for a long-term solution because it is so expensive and it's literally just used for maybe if you're on the road or something, you needed some good Wi-Fi and those sort of things. So but again, it is much, much better than having an empty property or having a property with no Wi-Fi. So make sure you get the Wi-Fi as soon as possible. And if you will, provide a says there's gonna be a bit of a delay until you get the Wi-Fi. If you already have the property live in guests who've already booked, then make sure you have at least a Internet dongle in there, which they can use on a temporary basis until you have the proper Internet connection. 26. Professional Photography: One of the most important things when it comes to marketing is by far the professional pictures. So if you have good quality pictures, you will get a lot more bookings. And if you don't have very good pictures, when guests arrive onto Airbnb booking.com, your website, wherever they say is, if they see bad quality pictures, they're less likely to book. And I think this is possibly the single best investment you can make, is very, very cheap. But essentially it makes the biggest difference, which is hiring a professional photographer to come and take pictures of your apartment. Now, you might think, well, I'm good at photography or I don't need to professional, I can sort of just do this with my phone. I'm telling you, like the people who do this as a living, as a day job, they will make your property. You look ten times better, or even 20 times better than what you can do on an iPhone or with some basic photography. And at the end of the day, people booked these properties based on the pictures. If there's a good picture there, they will book in at the pictures on my goods. They aren't going to book. So make sure you get professional photos of your apartment. Now, with the professional photos is another thing you need to get when they're when they're photographer comes in. This is the list of pictures that you need from your photographer. So when they when they come in, you say to them, Well, yep. Take the pictures off the apartment of the house of whatever you're photographing. And essentially you also need this list of pictures and I'll explain why you need them in a second. The first one is well, of course, the property itself. After you've taken the pictures of the property, you also need pictures of the entrance and the check-in process. So you want to you want to say to your photographer, like almost act as if they're checking into the property, so okay. Well, this is the picture of the main road. This is where the lock boxes or, or this is where the key nest Sharpies and this is a lockbox will essentially have a very clear picture of where the lockbox is in relation to the property. And then you basically have a step-by-step process of how you check into the property and you have pictures. Now you could also make a video, but I think pitchers do the job most of the time because if you have these pictures and by the way, we will use these pictures to make the guest manual later on. Then guest won't be constantly asking you, well, I can't find that lockbox. How do I check in? How do I check out? Because you have the picture of the building on the road. You have the patriarch. What exactly what a lockbox is. Are you have the picture of the front door of the building. So make sure you have all the pictures as if you were checking into the property for the first time in pseudo, you just do step-by-step. The next thing you need is a close up. So these are your amenities, your toilet pegs. So now let's say your property has a dishwasher and it has like you can provide fresh towels and fresh toilet packs or if you provide anything else, you want to make sure those things are photographed because when you want to put them onto your listing, because that really sells your listener cells your property compared to other properties. So all these small details, these extra touches, the small things will set you apart. You want to make sure the photographer takes pictures of those because you can use those for your marketing. The next thing is a picture of the heating control, the water control, and the washing machine. Again, the reason you need these is because if for example, if you have a picture of the heating control and in the manual you can explain whether hitting control is how the heating control works. How to turn the heating on, how to turn the hot water on. If you have all of those in a manual, you're not gonna get the coal from the guessing. Oh, I can't work out. You know how to turn this on. I can't work out how to turn that on. If you have the picture of the heating control, the water control, the washing machine control, all those sort of things. Then you're not gonna get those questions again and again and again. And it will just make your life much, much easier. The next thing you need to picture off is the communal bins. So this only applies to apartments more so than houses. But again, even with houses, you should take pictures of the bins outside and, or show them exactly where the bins are. The reason you want to show them where the bins are is because if it's a long guests and they are therefore a few weeks, most likely they will have to change bins here and there. It's important for them to know where to put out the trash and where to put the other bins. And again, if you're if this is a house where the bins have to be put out every Thursday or every Wednesday, then again, you would put that in the manual, take a picture of whether Ben's need to go and you put this in your manual that every Thursday please leave the bins on the main road or wherever the bins are supposed to be and so that people can come in, empty out the trash. So again, if you have those pictures in place, you're not gonna get the questions. The next thing you need is a picture of the parking. So again, if you provide parking is very, very helpful to know exactly which Bei how to enter the car parks and maybe next to the building There's a gating. There's a gauge for the parking, and that's how you entered into the car park. So again, if you have a picture of the gate and you have the picture of the bay, You're not gonna get the question would be, is it how do I enter all those questions relating to parking? Finally, you need a picture of the view from the window. Now this isn't for the manual, this is more so for your mounting, again, there's only really applies if you have a good view other windows. So for example, if you're in Central London and you've got an amazing view of the London skyline or maybe a famous monument. There might be really helpful. Or again, even if you're in a not so popular area in urine and a nice town or That's a village or something and you've already nice view or with cafes and so on. And so now, if you think that view is something which sells the property a bit more than that is something you would put into your into your marketing essentially. So make sure you, one, you hire a professional photographer to take pictures. And the second thing you need to do is make sure not only do they take pictures of your property, but they also take pictures of all these things. I've listed below, purely because well, you can use those to improve your marketing and also improve your guest manual, which saves you a lot of time because people don't keep asking the same questions again and again. 27. Create a Guest Manual: In this session, we'll be going through the gas manual that you need to create in order to make sure your guests have a good experience and also to avoid any unnecessary questions which can be answered using the guest manual. Now, the platform I used method yes. Manuals is called first fully.com. And essentially what hurts flea does is it allows you to create an online manual which you can also print out. What that would mean is, for example, once you have this manual, so this is on a phone, this is on an iPad. You can basically send your guests are linked to your manual. Before they've been checked into the property, they already have the manual, which is actually much, much better than simply just having a manual which is in the property because there's a lot of information they need before they even get into the property. And typically the problem with manuals, printed manuals is that, well, you can only access that information once you're actually within the property. Inside the property. But what about information like how do I check in and so on and so on again, what's the best way of getting there? Which trains should I get? Where's the parking space? All there has to be addressed before they actually check into the property. And this is exactly what host fully allows you to do. It allows you to make a very, very simple manual very, very quickly. So what I'm going to do now is essentially all you have to do is click sign up and it will take you through the process of making your manual. But let me just show you exactly what you can do if you go to products and click guidebook examples. This will show you, give you some very, very good tips and tricks on the sort of things you can do with your own manual using some of their really cool examples. So you have this company here, hot off Cape Cod, I guess it's a apartment company or accommodation company. And then you click See guidebook, and then opens up their guidebook. And this will give you a lot of ideas when it comes to essentially making your own. It's very, very simple. It's essentially a template you can use to make your own guidebook. So now this is exactly how the guest will see your guidebook, for example. So let's have all your details here. So then you click on that. They can click on arrival house manual attraction. So they click on arrival, all the arrival details that there. So the check-in time, gaining access, the Wi-Fi details, the property, address, their directions, the parking, the recommended ways of getting there from the airport if you're driving. So you have all the details, then you click house manual. And within the house manual you have all the details about how to use different things. So for example, it says swimming pool and it has all the details about the swimming pool, what time the spring pulls open and so on and so on. So this is by the way, one of the reasons we took all those pictures. One of the reasons I I recommended that you use your professional photographer to take pictures off the heating controls, the washing machine controls so on and so on. So you can essentially add them to your manual. And like I said, you can also add videos to the manual as well, which is really helpful. So for example, this one says the dishwasher, and this is exactly what I meant and they've done a really good job. The dishwasher tablets are under the sink. Their recommended setting is cycle five. And again, it just helps the guest when they are bare end, if you have all this information, they won't be asking you a lot of questions, which obviously is very good for you because it cuts down a lot of your time. The emergency numbers, you have parking, secure parking for many vehicles on cipher cars and motorbikes. So again, if you have all those things, again, helps just a lot. So I believe the apartment is probably here somewhere. Let's have a look. You have all these see as you hover over the attractions on the right-hand side, you can see it's changing. So it's highlighting which ones they are. So again, this is really helpful for guests. You can have cafes here and so on and so on. Places to eat. Again, really good shopping. Again, very, very helpful to have these things. And then for departure, well, what time you have to check out anything additional? Where should they leave the key? And any additional details which you want them to carry out before they check out. So again, that was a very good example. If I go to one more, just so you can see, again, another apartment company or accommodation company. So we go here, we go to a rival. So again, very similar. They have all the Wi-Fi details and parking details and how to get there by bus and taxi. They also have the color, the current weather, which is again something just additional touch, which was really helpful. And very, very similar. So, you know how to open the door or how to lock the apartment. Essentially, everything you need in order to have a good state. You don't have any extra questions. Everything's already answered for them. So this is what we used host flee for, which is to make the manual see as many examples as you want just to get some ideas of how you can create your own manual, again, is very easy to use. It's essentially a template. And if you need some help, you can even go to the demo. And under the demo you can watch their 15-minute demo, which will show you exactly how to use the manual. Or you can even click this button here and ask them more and more questions. But hopefully is the platform I would recommend for manuals. And what we're going to be doing with manuals once you've made it is very similar to all these companies will be taking this link and we'll be sending this to our guests every time they simply make a bookings. Every time someone makes it booking in their battery check in or maybe a few days before checking, we send them these detailed. So they now have to check in where to get the key with a lockbox is or where the key nesters and all those details so they have a much, much better stay and avoid any unnecessary questions for you. So hopefully.com is what you need in order to create your manuals. 28. Channel Manager Setup: In this session, we'll be covering how to solve automating your service combination business. Now, the stage we're at, we have a property up and running and we really need to start automating purely because, well, if there isn't any automation, it will end up burning a lot of your time. So now the best tool for automation, in my opinion, is gassy.com. Now, GST is what is known as a channel manager. We can call it property management tool, whatever you want to call it, but essentially it is a channel manager. What that means is that, as you can see on this diagram, the reason is in different colleges because these are essentially maybe different platforms. So you have a B&B, Expedia, Booking.com, HomeAway TripAdvisor. And you have one central tool for all your reservations, because what you don't want to be doing is logging into all the different websites and seeing well, how much money you made from Booking.com, how much you made from AirBnB and then automating it becomes a huge, huge challenge, so on and so on. So what Jessie does is it basically keeps everything in one place and it just makes the automation process a lot easier using some of their tools. So if I go to features here and then click automation tools, okay, maybe I missed it. Let me just scroll down. They offer a lot of analytics. You can even have websites through them, but we'll ignore that for the time being. The channel manager is essentially what I'm referring to when I say that all your bookings are essentially controlled in one place. So this is the most important thing, which is the automation tools. And the automation tools allows you to do things like this. It allows you to send automatic messages. So for example, in this screenshot here, if you see it says schedule to two days before check-in and maybe before two days before checking, you have your confirmation message. You have your check-in message which says, thank you for booking here or the check-in details, Here's your manual, so on and so on. And equally two days before checkout, you can have your checkout message. So it could say something like your checkout is coming up in two days. This will you need to divide the checkout. This we need to leave your keys, so on and so on. So that will do that automatically for you without you having to do anything. And this will actually messaged a guest through SMS, through email or through the booking platform. So AirBnB and Booking.com. So you can basically set up all your messages so you never have to send them messages yourself. It will also will automatically be done. Alternate responses. This is a really cool feature. This is, I believe guest is the only software which actually does this in the whole of the service accommodation industry, which is you can set this sum. So every time you guessed has a question. So for example, they might say, well, you know, for example, what is the Wi-Fi password or so on and so on. I guess t will actually answer those messages for you. Which is really cool because you don't have time to be replying to the same messages again and again about Wi-Fi or where the towels are or what the check-in time we check our time is, you essentially store all your responses on gusty and guessed it will answer those for you. You might be thinking, Well, surely it's not gonna be that good because it's a computer doing it rather than a human. The way guest he actually worked as they actually have their own staff who replied to the messages for you. So it's not like a computer is replying, essentially people replying on your behalf. Which makes it really cool because it's very, very accurate. Well, it's a 100% accurate because there's people replying. And it means you don't have to answer all the questions, you just have to preprogram them and they will, it will answer it for you. You have stuff like auto pricing. Now, this is not something I particularly use, but if you wanted to set up some pricing rules, you can absolutely do that for you. And this could be things like increase the price of my accommodation by ten per cent for any bookings, which is more than one month in the future. Now some people might do that because they might want to say what they might say. Well, if there's more than one month in month, one month in advance, then well, maybe I want a higher price. I'm not really too fast about offering, getting those bookings at the same rate. Maybe I want a bit more money, so I'll increase my rate. Again, not something we're going to dive into too much. It's not something I believe is needed because we're going to do this using other techniques which will, which is going to be covered. So you can ignore this one and then you have stuff like altered reviews, which is again really good. So every time a guest leaves you a review on Airbnb, they will actually review the guest for you without you having to review guests every single time they they check out your property. So again, you can automate the review so it's not something you have to do automatic payments. So rather than you taking payments yourself going into striping, taking payments, this can do that for you. It can be completely automated. So these are just some of the features. They have so many more features. This is just a quick overview of GST, but essentially what you need to do, and by the way, GST has one of the best on-boarding trainings. They're almost not known for their on-boarding training, but they have very, very good on-boarding training. So they're going to take you step-by-step and help you set this up entirely. So you are essentially up and running. All your properties are connected, they're automated, and everything is in one place. So in order to sign up for JST, what do you need to do is you need to email one of my account managers. The reason for that is that gusty actually doesn't allow people to sign up to get the if they only have one property. So the minimum requirement for guests D is five properties. If you're under five, you can actually sign up, you guessed it. However, I have an understanding with one of my account managers and she's very happy that if I refer someone, then they can sign up with only one unit. So in the task guidance section, I'll be including her email and exactly what you need to email her in order to get listed with gusty. And what you need to do is you need to email her and she will put you in for a demo. And once you sign up, there is an onboarding fee. And on boarding fee is around £500 of £600. And they also take a percentage of bookings going forward. But again, they only take commission going forward and there's a one-off fee. And I personally think that's really, really good because they're not charging you a fixed fee every single month. So you're not really tied in. You only make money. For example, they only make money if you're actually getting bookings and making money yourself, which is really, really helpful. So that's what you need to do there. What you need to e-mail my account manager, her name is Shelly. I'll include hair detailed request, a demo. Once you've had a demo, you need to sign up for guests to you need to pay the onboarding fee. And then they will take you through the on-boarding training where they will help you set this up entirely. And this is going to be the best way to start automating your service accommodation business by far. 29. Change Booking.com Payments: Once you set up gusty, you need to change your booking.com payments so you're able to take the payments yourself rather than Booking.com taking the payments for you. So in order to do that, click onto property, go into policies. Once you're on that page, if you scroll down, there is a section which says guest payment options. Now, if you're using payments by booking, which you would have done when you made the account, then that's essentially what the settings will be. But you can click Edit and you can select the type of property. So it says, can you charge credit cards or the property? Click yes, and then select the ones that you want to charge. And you can select essentially all of these except for this last one here, and then just click Save. Now what that will do that will automatically change your payments are going forward. You will be taking the payments yourself rather than Booking.com taking the payments for you. Now, what is the reason we're doing this? Well, there's a couple of main reasons. The first one is that even though Booking.com takes payment, they don't take the security deposit. Now, we want to make sure we take the payment and the security deposit. And if you're taking both at the same time, it just makes it slightly easier. Whereas if Booking.com has taken a payment and you're taking the security deposit, sometimes a guest end up having a bit of a bad experience because they didn't realize why why you're taking another payment when Booking.com is already taken the payment, it becomes very confusing. The second thing is payments by booking. Booking.com. They normally pay you about 30 days after the booking or there is a bit of a delay. Whereas if you take payments yourself, you can take payment in before they check in. So you always have you never have any cashflow issues from that point of view because you don't have to wait until you get the money. And you also have a lot more control over your bookings because well, essentially, you've taken the payment yourself. Who's paying, who is staying, so on and so on. So you essentially, you just have a lot more control. So you need to make this change and going forward, what that will do is that will mean you have to take the payment yourself. Now the way you take the payment yourself is by connecting your Stripe account to GST. So what will then happen is that essentially guessed it will be connected to strive. And I will add this link into the task guidance section. And then once you do that, you go on to dst and you go into, for example, any of your listings. And once you go into our property, you can go into auto payments. So for example, if I was to click on a property, if I was to go into automation and go into auto payments. As you can see, what I've done here is I've set up this rule here. So if I, if I just click back onto these rules, as you can see, what is happening is that the payment is being scheduled to collect 30 days before checking 100 per cent choosing guest card. So what this will do and guessed it will help you set this up. This will essentially take the payment for you. So essentially what is happening here is 30 days before check-in. Guest is taking the payment. Now the reason this is 30 days before because my cancellation policy is 30 days. So as soon as you're within the cancellation policy, you want to be taking that payment. If you're cancellation policy was 14 days, you will simply change that to 14 days. The reason is you don't want to take money before they cancellation period because if they were to then cancel, you'd then have to go and refund them. So I only take payment once I'm within the cancellation period. So reach out to guess the and they can help you setup the autumn payments feature for your property. But that is essentially all you need to do, which is you need to change your payment settings within Booking.com, then connect your Stripe account to guess D. So you have a payment processor which is able to take the payment and then reach out to cast it so they can help you set up auto payments for your property and make sure you take the payment only within your cancellation periods. So if you cancellations five days, you take your five days before checking. If it is 30 days. You take a 30 days before chicken, and that is all you need to do in order to set up your own payments for Booking.com. 30. Reasons Security Checks are Requested: In this video, we'll be covering security checks and essentially preventing any type of fraud parties or any bad related events when it comes to services, accommodations. So there's two main reasons for having security checks. The first one is to preventing parties or any other related events and the second one is to preventing chargebacks. Chargebacks basically mean that imagine someone stays in your service commendation unit and a month later they say, well, you got an email from the bank company, the credit card company. They say, well, this accommodation was booked using a stolen credit card. So you need to provide proof that this person actually did stay. Now, if someone booked with a stolen card is unlikely, you'll be able to provide proof that that exact person States since well, the person who stayed was actually not that person since he used a stolen credit card. So what ends up happening is you have to give all the money back. So the last thing you want is you get a thousand pound booking a month later. They take the £1000 away from you purely because while you can't prove that that person stayed since it was stolen card. Now, so what would you want to do is we want to make sure we don't get those bookings in the first place and we can detect any sort of credit card fraud. So in this session, we will be essentially going through two main objectives. One how-to prevent any bad events like parties. And then in the second half we'll be going through how to prevent any sort of chargebacks. And that is the reason we have the guests verification process. 31. Airbnb Guest Verification : In this video, we'll be going through some policies you can set for Airbnb in order to make sure you don't get any parties or any bad guest. So you need to go into your guest account and then click. Once you're in a listing click communication service, then you scroll down and you have a thing which says This listings checklist. The checklist guessed it will follow for every single booking on Airbnb. Now the first thing says that verification offline ID. What that means is if someone is inquiring to book your apartment and they do not have an ID. For example, their ID is not verified or an Airbnb guest who will say, please verify your ID and here's a link how to verify your ID. You have to verify your ID before you can book the apartment. So that is a very good way of making sure that anyone who books through incident booking or through inquiry has an online ID because you want to you want to make sure they have government issued IDs on their profiles. The next we have no pets. If someone was to ask, Well, can I bring my pets? The answer is no. Unfortunately, because while we do not want I don't necessarily want a lot of pets in my property because while they might damage the furniture, so on and so on. If if anyone wants to ask about parties and events, they would also get a no because while we do not want these types of properties. The next one, if someone wants to ask about events, again, that is a now similar to this. The next one didn't, you know, importantly is this one here which is guessed from same city as listing. Ask what that means is, let's say you are operating in Peterborough and you get an inquiry from someone who lives in Peterborough in that case, guest who will highlight this to you and flag this up and they will send you a text message or an email saying someone from Peterborough is looking to book your listing in Peterborough. The reason I liked this up is because I'm always cautious of people who are booking accommodation down the road or a few minutes from where they live. Because to me that is a sign of maybe someone looking to have a party. Now, a lot of the times you get someone, it's an elderly couple and they might have some relatives coming or something. That's fine. But you do have to be a bit careful about when people are booking from the same location. So this is a rule you need to have for AirBnB. So this is highlighted. Reviews if bad reviews ask. So again, when someone sends an inquiry on Airbnb guests, you will check their reviews. If they have any bad reviews, they will highlight this for you and they will ask you, what should they do so they let them stay, should they not let them stay? Again, very, very helpful because if they had bad reviews in the past, you want to see what the bad reviews of four, how many bad reviews they have. Because if they have a lot of bad reviews and you don't necessarily want them in your property. The last one here is filming and photoshoot. If someone asks us about hosting, filming and photo shoots within the property than we decline, we don't really want a lot of equipment going back and forth are a lot of people in the apartment is going back and forth. It is not exactly the ideal. So in that case we also declined. So these are the settings. You can simply copy them. You can speak to your guest account manager and they can reach out to the sport team and get them to set this up for you. I believe you can't actually set this up yourself. There might be some new options. But essentially in order to do this, you have to reach out to yesterday and they can do that for you. 32. Booking.com Policies: In order to avoid any bad bookings on Booking.com, the first thing you need to do is go on to property and then click policies. Now when you do that, you essentially end up on a page like this, which has all your policies in place. And what you can do there is you can simply scroll right to the bottom. And you have a section we says guest information. Now what you need to do here is where it says guest address details. You can leave these ones. You don't necessarily need these because we will get these from the guest using our terms and conditions form. But I would turn on that they must provide a phone number since you need this to contact them. And I would importantly set the minimum age to 22 because what I don't want it I don't want 18-year-olds, 19-year-olds who are still maybe students in universities. I don't really want those people booking. So I have a minimum age of 22. So if anyone does Booth who is below that age, I can simply cancel that became because it does not meet my terms and conditions. Very, very simple to do, very easy to do, but it's a great way of preventing bookings by people who are pretty young and who might not necessarily be up to a lot of good. That is what you need to do within Booking.com, change your policies and insert a minimum age. 33. Preventing Chargebacks: So in order to prevent chargebacks from stolen cards from people with cars that do not belong to them. This is what you need to do and what you need to follow. The first thing you need to do is you need to create a form. Now, I've created this form using cold form psi.com. You can simply making a calendar is very cheap, very easy to do. And I have a form here which basically asked people for the type of booking, whether it's personal or business, and their arrival date, their departure date, the details off the people book King. So for example, uh, who, who has the guest name, who is booked by? The reason I have this distinction here is because sometimes people booked for other people, I want to know who's making the booking and who's paying for the booking. Because when it comes to preventing chargebacks and stolen cards, you want to make sure that you have the person who's making the payment. You need their details. It doesn't really matter as much who stays. It's very, very important and yet the details of the person making the payment, since a lot of people booked for their children or maybe they've booked for in a company that book for a colleague. But you need the details of the person who is actually making the payment. Because if you do not have those details and someone down the lines visible and then restated as property, you can't challenge them. This is why it's very important to have these extra details. Now, if you select business, then essentially you have some extra details here and it just says company details and you want their company name and company email address and Company, so on and so on. But if we just personal, it's pretty much the same except for those added things you can play around with this. I'll leave a link to my form so you can simply copy and paste my form if you want to. So once they've added their details, very important to note here, it says the billing address of the Payment Card, you, the home address doesn't really matter as much because you will get this from their ID sometimes anyway. But what's important is a billing address. The reason is that let's say you steal someone's card. Even if you have their card, you won't know what the registered building addresses. And that is one way and I'll show you this slightly later on of how you do this. But that is one way of detecting credit card fraud because if someone's stolen in a card, they might have the card and the CVC number, which is the three-digit number on the bag. But they won't necessarily know well where this person lives in. Therefore, they won't be able to answer these questions. And if they make this up, we'll be able to detect this later on in this will fail our checks and therefore will prevent any sort of credit card fraud. So what you then do is you answer the billing address. You then also ask them for a picture of their government issued ID. You want their ID, and you also want them to upload a picture of their bank card. Now, very important to note here it says, please block out the first 12 digits of the card number. You don't necessarily want the full card number because of security reasons. You just want the last four digits. Most credit cards and debit cards have 16 digits. You just want to see the last four, and I'll show you why slightly later on when we do when we run all the checks. It then has some more information about why we require ID, why we required that picture of the bank card. Then it also says if you would like a receipt and they can just simply click yes or no and you can send them a receipt. Most people simply just select, know if they have any additional comments they can they can put this in here. Then there is a box to essentially sign and they can simply sign there. They can sign from that. They agree to the terms and conditions. Says plane sign here. If you accept the terms and conditions shown below, do you have then all the terms and conditions? And right at the bottom you have a button that says Submit. And they will simply submit this form. Now, once they submit this form, it even says scroll to the bottom of this form and hit submit because you want them to see the terms and conditions. Now, once they fill out this form, you essentially get the form here from the person. Now, I have blurred out a lot of the details for security reasons and data protection and so on and so on, which you essentially get their name, their email address, their phone number, phone number, and so on and so on. You get a picture of their ID. Again, this is blurred for security reasons and a picture of the card. And what you have is you have their last four digits, the first 12 he has hidden with a piece of paper. I can see the name on the card. I can see all those details. He's he's tying the card and essentially so on and so on. So once I have all these details on the form, I also have his details on my stripe page. The reason I the way I have this is purely because well, if the when the booking is made from booking.com or direct booking, I'll make I'll make an account for them. I'll make I'll add them as a customer on Stripe. If you have connected Booking.com to guess D, and you have connected stripe to guessed it. This will automatically be done for you. And you can simply go into striping. You'll see all the customers. You'll see where they came from in all their details. So in this case, if I, if I scroll down here and again, this is blurred for security reasons and because there's a lot of personal details about this person. About this client. But what is important to note here is this segment here, which is the payment method. Now the payment method has their card. And what happens is, again, this is slightly blurred, but what stripe shows you is only the last four digits of the card. So again it says visa dot, dot, dot, and then the last four digits and again the same here which is a number and the last four digits, it shows you the expiry. It shows you the origin of the card. And it says if the CVC is passed and failed, ignore the zip check for a second and I'll show you why this is important. So the CVC is basically the last three digits of the codon. They input the wrong details, for example, within within Booking.com and they're making the payment, this will fail automatically. And if it fails, it will actually not even show you the card. It will automatically detect there. Well, this is a stolen card and therefore it won't even show it to you. So this has to CVC has to pass. Otherwise you do not get these details. Now, this is where the whole credit card stolen card Prevention comes in. The first thing we need to do is we need to make sure the name on their ID matches the name on the bank card. So if I go back onto the form and again, you can see this exactly because it's blurred. But I'm looking for the name here, which is the name on their ID, and I'm looking at the name on their bank card. And in this case the names do match. The name on the ID is exactly the same as the name on the bank card. So that is absolutely fine. So I know that the person whose idea it is the carded Also there's the card also belongs to them. So the first check is absolutely fine. Sorry, the second check is the last four digits on the card has to match the last four digits on Stripe. So if I look at the picture on the card, it shows me the last four digits. Now, I want to make sure that these last four digits are exactly the same as these last four digits here on Stripe. Because what that means is that this person does actually have the physical card. So it might be stolen, but he does have the he or she does have the physical card. So it's not a picture of the card or anything along those lines that he does. Actually, this person does have the physical card. Therefore, it's less likely to be stolen. But at this stage, it could still be stolen because someone could have just stolen the card, but at least they have the card. So that's fine. The cars are exactly the same. What you don't want is that they send you their Lloyd's card, which has a different last four digits number. And here is something else. You want to make sure they have the physical at present with them, the one they have used to make the bookings. So that's fine. We then we want the next thing, which is the card origin, has to match the ID. So if I go up here, the ID, you can probably see even though it's blurred, that this is a UK driving license. They've submitted a UK driving license. So that means this person is UK based. Therefore, when I go on to Stripe, they are called origin really should be from the UK, and in this case it is. But if there is UK based in the card is from France to me, that would be a red flag. That why does someone who's based in the UK a card from another country? And I normally would not accept those. And I would highlight that we need a car which is registered in the same country or so on and so on. So that is, that is one massive red flag when the card is from a different country. And that is a big sign that the card might be stolen because a lot of these cards gets stolen from different places. They move countries and so on and so on. So this is check number three. You want to make sure that the origin is the same as the ID origin. If this person has submitted their passport and it was a UK possible, then I want to make sure that the card is also a UK based or if it was a German passport, I want to make sure that the card is has a German origin. The next thing is, the signatures also have to match. Again, this is not a big check, but this is, anyone can replicate this, but it's just helpful to know, for example, again, is blurred so you can't see, but there is a signature hero on their driving license, and that is the same as the signature which is posted here. Again, this is also blow so you can't see, but the signatures do match. Again, a small Jake, anyone can replicate this, but it is just, it is just helpful to see very quickly. Now, the final thing, which is the big thing here, in order to make sure that the cars are not stolen is if you go back on the form and you look at their zip code, zip code, post code, whatever you want to call this, this is their billing address. So when you ask them for their address, remember it was a billing address. If I go back to this, the billing address of the Payment Card, if someone has stolen someone's card is very unlikely. They will know that we're the card is registered. So if you take their billing postcode and go back to Stripe, and if you click this button here which says Edit, and then click More Options, there is a thing we said, zip and postcode again, it is blurred. But when I input that person's postcode in there and then click Update. What will happen is that stripe will check. So I just have to put in my password very quickly. And then click Update, and then they're loaded up. So again, this is slightly blurred so you can't see, but you can see this which says the zip check is passed. That means that this billing address is correct. So that would mean that is very, very unlikely this card is stolen because well, in this case, they have provided the Craig billing address. So now this person, in summary has provided a picture of their ID. The card has the card. They provided their ID, their name on the id and the bank card are exactly the same. So that means the person who's booking whose id and they're presented the id, the card also belongs to them. The card they're using to make the payment on Stripe is exactly the same as the one they submitted that picture up because the last four digits match. The card is from the same country as our ID is not from a different country. They have the same signatures and they also have the correct billing address. Now, one final check on this is if the booking was made by a business. Now, if this was made by a business, what can happen sometimes is that when they submit a picture of their card, their bank card, sometimes it has the company name on the bank card, and if someone has stolen and accompany card is very, very easy for them too, forge fake IDs and even find out what the billing address is because you just have to go and Companies House and find which company it is and where there are registered. So if it is through a company, if it is a company called, I will do one final check, which is I would make I would get them to email me from their company email address. And if we go back to here on the form enslaved business, then as you can see, one of the position z is they have to have their company email address filled out as well and I would get them to email me from the company e-mail. So just to verify that this person does work at the company as opposed to someone who's just stolen the card from someone within that company. That is a final check you would do if its accompanying, which is get them to email you from their business e-mail to make sure that that person actually does work at that company. And they're the ones who actually have that card. So that is essentially everything you need in order to make sure that you do not get a charge back. Beyond this, if if someone ever does give you a charge back, and if, for example, if a company does say, well, this is a stolen car, then you can submit all this proof. You can submit any communication. You can submit that they've they've signed your terms and conditions. They've submitted a picture of your bank card, of their ID that you have all the details and you have proof that this person did stay at your property. Now, this list is actually created using stripes own instructions when it comes to charge banks. And if you want to read more information on this tribe, Ashley has a whole segment on disputes and frauds, how disputes works, how the best practice when it comes to responding. So for example, if I go into this, it tells me it tells you exactly how to respond to them, how to submit evidence. Do you have the best chance of winning these disputes? So if anyone does say the card is stolen job all that prove that you need. So for example, here it says, including proof of customer authorization. And by the way, this is actually exactly how I created this form. I created this form, stripes own documents. So as you can see, it says you need the AVS. Avs is essentially their billing address, so the address road vacation. And if I go into stripe, the zip check is essentially AVS. You also need the CVC. Again, we've we've done the CVC check. It says it's passed. So sign receipts and contracts. And again, we have the sign received so contracts because that is why we have the form with the sine terms and conditions. And it also helps if you have the IP address which matches the billing address. The IP address is essentially where they were when they essentially completed your form. Now this might be hard to do with service accommodation in purely because it's traveled based and people are moving around when they book accommodation. They might live in one city, but they might be in a different town for work. And they are essentially putting the travel when they're already in a different place. So this one can be a bit harder with service accommodation. But essentially, if you read these documents and I will put a link to this below in the Task Guide and section. This will give you a lot more information about how disputes work and this is pretty much everything. Sure. One, you do not get bad guess in the first place and you can root out as much as you can when it comes to fraud and prevention and making sure you do not have people who end up booking with stolen cards. 34. Security Deposit: Other than just taking payments, one of the things we also need to do is make sure we take security deposits for our guests from our guests. So if you go on to, again, this is only for Booking.com rather than Airbnb. Because on Airbnb, airbnb takes a Deposits themselves. So for Booking.com, you need to go onto your listing on gusty. Under automation, you need to click auto payments. Now, once you're within auto payments, you need to focus on number three here, the first two are related to their normal payments, not a security deposit. The last one says authorization hold, capture 150 of the payment five days before check-in. So what happens is that essentially five days before the check-in, £150 is held from their card, so it's not necessarily charged and I believe there is an option if you want to charge it, you can. But what happens is you essentially put a hold of £150 on their cards, so it is almost frozen. Let's just say if you want to take that a 150, you can do so. Now, there is one problem with authorization hold, which is the authorization holders automatically released after seven days. So if you take authorization hold and this is five days before checking for two days into their stay. That authorization hold lone longer applies. And therefore, you can't automatically deduct those a £150 from their account. But there isn't really an amazing, amazing solution other than this, other than if you were to take £150 and refund the guest every single time. Now the reason I personally don't necessarily do that is because from almost four years of running services accommodation, there's only been two or three instances where I've actually had to charge the security deposit. It rarely ever happens once you've had a good screening and make sure you don't get any people who are likely to cause any problems. And again, at the end of the day, you do have their credit card details. So if you didn't need to charge the security deposit, you can just do so after the checkout. Now, you could argue that might not have any funds in their account and so on and so on. But this is one of those things where because it rarely ever happens, I don't necessarily want to go through the hassle of charging every single guest and refunding every single guest. So what I tend to do is I tend to use the authorization hold to make sure they do have sufficient funds on their account. You could. And then once you once you have done this, what will happen is that after seven days it gets released and if you do need to charge this, then essentially you will charge it at that stage. Now, if you look down here, it says currently these rules will apply to all sources except for Airbnb. Because on Airbnb, they will take the payment themselves. And you do not necessarily have to take the payment because that will be automatically done for you. Now, as you can see on this, what is happening here is that five days before the check-in, the amount of holdings, £150. If you want to then charge it, you can do so. And you essentially just charge that amount at chicken. And then all that would mean is you simply go in and you refunded once they have checked out. So again, you can do both things, both very easy to do if you at the start when you're starting out with subs combination, if you want to charge every 150, just to sort of get the hang of it. And while you still working out all the processes and procedures, you can do so. And again, you will have to reach out to gusty in order to set this up to make sure you have all the Craig settings in place. Or you can simply just copy the same settings. I have one thing to note here is that we have a security deposit of £150 across all our listings. So if you want to set this within Booking.com, you simply go on to property and then go into the policies segment, go all the way to the bottom and it says damage deposit, where you can simply add that you have a deposit of £150. And that is how you set up deposits for Booking.com on Airbnb. You don't need to do this since it is already set up for you. 35. Payment Processor Setup: So once you have a bank account, the next thing you need to do, you need to set up a payment processor. A payment processor is essentially something which allows you to take payment into your bank account. Now, this might be for a direct booking, it might be for future bookings through Booking.com. It might be for security deposits, it might be for extra services like early check-ins, late checkout, and so on and so on. But you need a mechanism which allows you to take payments and the platform we use the payment process of reuses called Stripe. So essentially you have to go to Stripe.com. And once you're on the website, there will be a button saying Start now, this is currently down here. It might be up there by the time you go on the website, but essentially you click Start. Now, this will take you to the Create an Account page. Now, once you're on that page, you simply fill in your email, your name, your password, and once you've made an account, you then link your company bank account to this account. And as soon as that is set up, it's very, very easy, very straightforward. And as soon as that is up and running, you can essentially start taking payments into your bank account. 36. Acquire: This screen recording, I'm just going to take you through some of the ways in which you can get service accommodation, serviced apartment units. So there's a number of different ways that you can obtain them. So one of the ways that you can obtain a service accommodation unit is directed landlord. So this is going directed to the owner of a particular apartment. And one of the ways you can do that is through a site called Open rent. So the gate to open rent or credit UK. So here I'm going to type in Wellington City. I'm going to filter for two bedroom apartments because that's what we are we tend to take on. And then we'll have a look at what comes up. So these are the flats that are in that map that's shown above. If we click on this apartment here, this is, it looks quite nice. I can imagine it doing quite well as a Service accommodation unit. It's a bit different. We just have a look at some of the photos. It's new, modern open planet kitchen diner. Good condition. This could work well. You just need to furnish it. Then we scroll down and have a look. So when in Garden City, two bathrooms, two bedrooms, maximum tenants for £1350 per month. No admin fees, no hidden charges. Next steps and message the landlord or requests to viewing. It actually says that the landlord is Luisa. So you actually got so this is one of the really good things about open rent is that you can basically contexts the owner directly. I've used open right in the past. When we've had a look, when we first started out, I met many landlords and I pitched that to them directly. So it's best to actually make make a viewing in a message the landlord or request or viewing. Rather than sending a message through the platform. You want to meet them in person, get to know them, see what they're looking for. You never know they might have a number of apartments that they're looking to rent out, if not in the same block, but maybe in the town that they live in. Really worthwhile viewing the property, meeting the owner, seeing how long he's been trying to let the apartment now, has he had any offers? What is he looking for? I'm going to be looking after the management and maintenance of the apartment. And then you can talk about what you do. That you run service accommodation. But you also need to make sure that you've done your research as well. So throughout this course, we said that when we first started, we had looked at the type of bookings that we wanted to achieve and receive and we wanted to target the corporate bookings. Corporate bookings, you know, who's coming, it's a corporate professionals. The nightly array that you can charge is usually higher. They tend to stay for a lot longer. They tend to be in the apartment very little. So these tend to spend most of their time at work and they generally come back to the apartment just asleep. In a lot of the corporate bookings as well with silver door, say CO prestige, the payment is guaranteed as well. So there's that risk that suddenly there's gonna be a chargeback once the guest is left. These are the type of corporate bookings that we tend to go for, and these are the types of areas that we target. We target areas that we know. We're going to receive the corporate bookings. We do it, we do our research. So for example, will contact companies in the local area. So in Welling Garden City, for example, there's Tesco's head office, there's PayPal. There's actually a shy or business park. And there's lots of other big businesses in the area. Tesco is head office. They actually have lots of staff come from India, IIT contractors from Oracle working on a lot of their projects. Now, when these guys come over, they tend to stay in apartments and they tend to be on-site, usually one to three years. So that's why they don't generally want to hotels, they want apartments. They tend to have their families come over, stay with them for short periods of time, maybe in summer holidays. And for some of them actually that we've had stayed with us, their family come over and they kind of look to it, settled down here in the UK. So this is what we do. We tend to focus on areas where we know as the corporate demand, the corporate bookings, the Nike rate is higher. Likelihood of getting any damages is a lot lower. And issues of noise complaints, drinking, smoking, anti-social behavior, all that kind of goes away. You're dealing with professionals. That's why when we know which area we're targeting, we have a look on open rent. We try and approach landlords directly. Open when is a really, really good way and it's free as well. So another way, if we, and we can use right move. So if we go to write move, we can do click properties or rent. In wanting gun city. Start search. Let's look at flats, find properties. So what this does is it just 16 results. So I want to have a look at who are the agents in the area. So you've got Beauvoir, hot portico, kernels, rights, rain and co. Bel bar again, contrary properties. William Brown, strats, Frost's, Ashton country properties, hunters rights. So I just want to have a get a feel for the different agents that are in the area. And then I want to have a look at which agent has the type of the types of apartments that I'm after really. It's if I go back up to the top and scroll down. So I know this development, that's Daniel's house. These are quiet. These are to be offices converted into apartments. Actually already nice. That's with heart. Today. This is with portico. Again, this is similar. I'm looking for modern apartments, maybe furnished, maybe unfurnished. Normally in around the town center or business parks. Let's see what else we come across. Yeah. So in this instance, what I'll do is I'll contact those two agents for those two apartments and I'll set up a viewing pitch over the phone. I'll actually want to meet the Asian at the property, have a look at the property, and then it depends on who I meet with the property. So for example, if I meet someone that is just literally, you know, someone who's quite junior, just is there, just open the door, then I won't pitch to him as such. What I'll do is subsequently I'll say I'll think about it. Thanks for your time. And then I'll go back into the office and speak to possibly in other lessons manager and explain to him what we do. We run service departments. We work with the local employees in the area. We provide them with accommodation. We've got demand from companies such as Tesco's pay Point and others in the area. Can they help us? And we normally say that we're after a number of apartments because we normally are. We've already done the research to show that there is a demand. We're going to have quite a few inquiries. Money gone City for example, we add Tesco's and they said that we need ten apartments. So we didn't have ten apartments. So that's how we started. We went out and worked with a local agent and said, look, we've got an inquiry for it for a number of departments. Can you work with us? Can you help us? On our first department? And they said, Yep, that's fine. We're happy with in principle with what you're wanting to do. But on the first department, you will have to put down 12 months rent in advance because you've got no trading history. At which point we say, Well, look, we can't do that. Then they said, Okay, fine, six months rent in advance. So it's just about building that relationship. I went in again, a good relationship with the branch manager. And eventually we agreed just on one month's rent in advance. So the normal rent in advance. And we went on to take on a seven or eight apartments through just that one agency. So a lot of people do get put off and get very nervous about having to pitch. But it's one of these things that maybe 80 per cent of the agents, or just say outright or sorry, we don't do that. We didn't do that. But it's just about meeting. The right person. So as I say, always go and view the property, never pitch on the phone. And depending on who you meet at the property, if you meet, say for example, at Branch Manager, which on some occasions you do, let them know what you do, which employers you work with, what type of bookings you receive, how long your bookings are? And that you'll look after things like that, minor maintenance, you'll keep the property in really good condition. You offer weekly cleans. Your corporate So the property has all will always be in immaculate condition. So that's what you need to bear in mind. Lot of agents, like a lot of the high street agents, such as kernels or just say no, Mainly because it will have the decision one has to be referred up. And because they are a franchise, they didn't have that level of power to make the decision. But I know one rain and code, for example, the one that are quite happy for you to run their apartments and service departments. We work with them in the past as well. Country properties generally not. But there are stress. Again, they're happy to work with us. You, what you'll find is a lot of the independent agents. Maybe those are just starting out or smaller. As long as they like you, they like the concept and you can back up what you're saying, they will work with you. So this is the particular agent and we used to work with in Wellington City, Martha and Co. And we've got quite a few apartments with them at the beginning. Just have a look at another location that evening. Again, you're just looking for a nice clean apartments that you think, oh, run well a service departments. So this, for example, nice open plan. Modern work. Well as a Service Department. This one, quite nice. And here it says furnished or unfurnished landlord is flexible so you can get them furnished even better. It just means that your initial outlay is a lot less. This has an outside area at the top. So yeah, there's development looks really nice actually. Again, just looking for a nice, clean, tidy apartments. And then again, brain encode, for example here that as I, as I mentioned earlier, that opened to the concept. And as you can see, you get these independent agents a top property lettings, complete residential, which is based in London. And you also find actually a lot of these online agents that are not necessarily based in the town that you're looking at. They tend to work quite well. With complete, for example, we used to run up quite a few properties from them. And whenever you organize a viewing, it was almost like it was painful for them to send someone to do the viewing. We have quality apartments with them. We started off with one, and we've got quite a few of them as well. Once you build, once you have one apartment and you let them know you're looking for more. They're quite happy to work with you. So you'll definitely find agents that are happy to work with you. So don't get put off when an agent knocked, knocks you back because you will get that the likes of kernels, Taylor's, these high street chains will knock you back, but it's just about being persistent. Being persistent, and then having that the rationale as well. For example, you need to have done your own research before approaching these agents, you need to have done your research. Know which companies are in the area, know what they're looking for. And one of the other things you can do is you can actually go into the local hotels and ask, I'm thinking of booking a wedding for next year. When do you tend to be busy? What we found in Stephen H, They used to say to us, we tend to be busy on Monday to Friday, Monday to Thursday and quiet on the weekends. We used to ask where who's coming Monday through Thursday. And they used to say, Oh, we got lots of people coming for staying with us from Glaxo, um, and NVDA, which is a defense company. And a lot of them were saying Monday to Thursday. So again, a good indication that there's corporate demand now. Again, LinkedIn is a good way as well to contact these companies. You can normally find the HR manager, connect with them and ask them to do that. People coming into the area for the comments for placements, people that are on a sandwich program, or people are coming for a particular project for a period of time. And can you help them? You can. Even if you start off with 0 apartments, you have to, you have to say, for example, that you're in the process of taking on a number of apartments in the area and just wanted to find out if you can help. How many employees do they tend to have come into the area? What type of apartments they tend to like? Are they able to share or not? We used to have quite a few apartments in one city and a lot of the oracle employees that they weren't allowed to share and apartments. We had a situation whereby we had individual people having two-bedroom apartments and we had about nine people staying with us. So we had nine two-bedroom apartments booked out. And there was only one person in each department, but for some reason they weren't allowed to share. So ask those questions, do the research contact your HR representatives? Have a look on Google, just Google companies in my area. Which companies are there? Try and contact them via LinkedIn. That's the kind of, you can do all that research and you can have that when you go to view these properties than anyone that you meet. For example, the branch manager is more likely to give you one of their apartments, maybe as a trial, but either through open rent, which is literary direct to the landlord, or through the agents. A final way is through family and friends. You probably know someone, family or friends that owns property in the particular area that you're looking at. Maybe he could joint venture with them and say, Look, you have the proper C, let me manage it and run it as a service department and we can go maybe 5050 on any profits. So that's always an option as well. 37. Pitching to Landlords: So when it comes to taking these properties on, regardless of if it's rent to random forest management. What you'd really have to do is you already have to explain the benefits to the person you're dealing with. So if you're dealing with a landlord, you have to tell them what the benefits are working with you. If you're dealing with a letting agent, what's the benefits to them of working with you? Because you can talk all about how much money you're gonna make and what you're gonna do with the property, so on and so on. But if you can't communicate that in terms of how that benefits them, then it might not necessarily work. So these are some of the benefits to the landlord. The first one is, obviously the property is going to be tenanted for a long time. We do a typical contracts. It might be one year, two year, three years. So you're taking this on for a long time. So what that means is there's no voids in the property because if the landlord has someone who's moving out every nine months, so that's sort of duration. Then obviously, there's a tenant fine fee, they've got to find someone else. There's a void in the middle, so on and so on. So you're getting rid of that. Another thing you're doing is you're maintaining the property to a very, very high standard. Because if you think about it, typically, a landlord, if the rent their property out, then to a normal house, a normal family or something, it's not exactly kept in the best day. Whereas when it's rented a service combination, it might be getting clean 123 times a week professionally cleaned. It's like how often the normal properties the I cleaned and obviously everything is kept in good condition because, you know, from your point of view, you're only going to get bookings if the property is kept in good condition. So that's another benefit to the landlord, which is that the property is kept in very good. See? Another one is the minor maintenance. So another thing you can say to the landlord is that you'll take care of all the minor maintenance. So for example, if there's an issue with a tab or a light bulb goes out, those small things. Obviously the border goes. Then that's a big expense which the lender will have to pay for and that's something there'll be responsible for. But when it comes to all the smallest sub, you can take care of that because say from a from a landlords point of view, one of the biggest hassled is those small, minor maintenance and the management of the property. If you can say to them though, you'll take care of all the stuff, you will take all the hassle away essentially because they're getting long-term rain, they're getting paid on time is well kept and you're also do the minor maintenance. Essentially, you reduce the hassle for them. And that's really all the benefits there are for them in, again, even though the list is only about four bullet points, if you can take away a landlords hassle and have a good long-term tenant. That's really all they want. They get their monthly cash-flow. That's pretty much all they're looking for. The reason I say high cashflows, the last point is if you're doing management, obviously if you're doing venture end, they just get the rent. If you're doing management, then they might possibly also make a lot more money in the process. If you, if you've done your numbers right, they should be making a lot more money in the process. So now they've got less hassle, approaches well maintained, and they're also making more money without them doing anything. Because he typically, when you're dealing with the landlord, the landlord is trying to save some money by not our letting agent. That's essentially what's happening there. They're trying to save that 10%. Well, in this case, the saving the ten per cent, but rather than them doing the management, you're doing the management. So there's additional and benefit in that. And they're trying to save money, but now you're making them extra money on top because you are running the property or service combination. So those are the benefits to landlords. 38. Pitching to Letting Agents: These are the benefits to learning agents. The first one is repeat business. The reason I like letting agents more than landlords is because see if you can think about it this way. I'm not against I'm not against pitching to landlords. Landlords pitch to nano, just fine. A lot of people do it. But now let's say, let's say you pitch to five. Landlords can be five, can be 50, whatever. If you put your five landlords and out of the 51 of them says, Yeah, cool, I like the model. Let's, let's go on with their blah-blah-blah. Then. How many deals you have? You've got the one deal, right? If you're within agent and you pitch to five agents and one of them says, cool, the rest say no, no, no, no, no. Like how many deals you have now? 102030. However, properties, yes. Because once the legend is, sorry, once an agent is on board with an idea, the next time I don't have to pitch the agent again. They already know how the model works, they already know you. So on and so on. That's getting another one is far easier. I've had agents who literally, because you got to think about it from this point of view. Imagine, imagine, imagine here's a building, right? Apartment block, bigger problem blog, and you've got this flat here. Another flight comes available. So in this building, this flat here comes available. If you have this relationship with an agent and you're paying the rent on time, engineering, everything like you said, when this flood comes available, who was the first person is going to send it to you? He's gonna he's gonna email you straightaway because he knows you've already got this one. Same block, same space. You might be interested. But if he did tend to be villains with ten different families, one might say kitchens facing the wrong way, bedrooms, two small burners to be kittens too small, so on and so on. But if he knows you've got one down the hallway, then you might potentially be interested in this 11 viewing. The whole thing is done rather than them doing ten different viewing Sheng all these people around. So repeat business for them is a massive one. Because again, from a agent's point of view, better one I do 1020 different viewings and or to lead a property out because it cost them time and cost them money. So the biggest benefit for letting agents is repeat business. And i'll, I'll talk about how you communicate and how you pitch that. But that is one of the big, big benefits. The second one is minor maintenance. Again, similar to letting agents. You can say you will take care of all the small minor maintenance, normal letting agent wants to do all these small things here and there and no one wants the email. Can you come and check this out? So if you say you'll do the minor maintenance, then again, it's better for them is better from them from that point of view. And the last one is no issues with tenants. So again, like you said, if you're making the payments on time and you're doing what you said. When the new one comes available, then they're going to send you the details for the new one is it's pretty much how it works. I've had agents literally chasing me. I had a property which I agreed to take on. So I had one. So for example, I had this one here. This red one came available. And I said I'll take the red one, then they send me this second red one. And I said, Well, I'll take the second red one because the second red one was better than this one. So in their head they thought I said I was going to take on both. But I sort of I switched from this one to this one thinking, well, I only want one for the time being and I'll switch this one. They sent me emails like almost complaining, arguing with me How I said I was going to take both. But the point of the story is that a lot of people think is very, very hard to pitch agents and get these deals or the mono, give me another one. But you got to realize from their point of view, they don't want viewing or one visit and they can rent two properties out with families. You've got to show them like ten times. The husband, my view, they might say, Well, I'm going to come back with my wife and that's essentially how we go. That's essentially how it works with letting agents that people want to do multiple viewing, so on and so on. But if they can rent out two properties, one viewing, then easy money for them. Easy, easy money. So like I said, I don't have a problem with there are two landlords. I just think getting one agent on board is a much better use of your time. Because once you go on agent, you never have to worry about how am I going to get another deal with landlords? You now go to find ten more landlords, do your ten pitches again, and so on and so on and so on. With an agent, you get one agent on board. And once you call the first one that says you're done in that in that area, you're done. Now it's a case of let's go to a different area. And again, if you have some of these branches. So we were dealing with the branch. I can't remember the name. They had a branch and working with them. And then obviously a lot of these are like franchises, right? So that person use someone else from another branch in a different town and we said we were looking at it pumps in that town. And he basically spoke to him. He connected us, we had a chat and he he was called with it because he knew someone else who was he knew that we were working with another franchise in a different area. So those are some of the benefits of working with agents. But if you do, the landlord cell is cool. If you get some deals, that's cool, but I just prefer this. Does that make sense? Okay, pitching to letting agents. So this is important. The first one that says new agents. I just feel some of the newer agents are less stringent. There's, there's, there's less requirements. There's less loopholes or hurdles, whatever you wanna call it. Whereas when you have some of the traditional ones like Foxconn's, they want to go through all these details and they asked you a 100 questions and 100 forms and so on and so on. Whereas I've just found that the newer agents are typically a lot more receptive to a lot of this compared to some of the old traditional ones. So that's one thing to consider. The second one is high supply areas. What I mean is if you're in an area where there's like some new build developments and there's a lot of rental class coming on at 1. It makes it much, much easier to get a deal because of letting agent probably has 30 on his books, virtue of the same apartments. So if you ask for if you're trying to rent some of those, obviously it makes their life easier as well because they've got 30 on their books. If you're in an area where there's only one apartment comes up every three months and is a 100 families lined up. That's a hard pitch because it's pretty much always going to go to the family because there's nothing in it for letting agent they want they've only got one. They know how it works with the families is a straightforward process. And it's pretty much always gonna go to the family, I think. Whereas if you're in an area where there's 50 apartments on the guy's books and he has targets and he has to rent those 50 out, then it's far easier. The pitch is far. You can mumble your way into it is it's just far, far easier. So something to consider when you're finding your area that cool the numbers work. But other evening deals here that I could possibly take on. One comes up every three months then not, not the best area from that point of view. Something to consider. Don't discount first deal. What that means is, for the first deal, if the market rate is £1300, just pay £1300. As long as your numbers work. Don't try to squeeze it down to 1250 or 1240 because you're trying to get a bit of a discount. Because the first one, you already just trying to get through the door. That's what we're trying to do. The first one, you're just trying to build that connection, just trying to get into the door. So you have future deals. Now. Once you've got the first one yeah, With the future ones, you can negotiate. You can say well, if I take on two more, can I have once we had one landlords through a leveling agent, the landlord the learning agent said he owns number 2829. If you take on both, then maybe we can work something out and we've got a bit of a discount because we took two. So again, those things you can do. But I just feel like it's much, much safer if you do that now for the first one. But for the ones down the line, future pace. What that means is when you're speaking to an agent, one of the things you want to do is you want to say that you're interested in for five properties as opposed to just one. Because see, even in your professional, whatever you do. If you have a set way of doing something and someone comes along or like I said, procedures set paperwork, set, model, and someone comes along and they say, well, you know, I wanna do something different. Now, even though the different thing might be fine. If someone is only going to do it once, it might just be too much hassle or too much effort for you to put your mind to it because, well, I've got 50 other families lined up who does do it the normal way. I know how that works. I'll just do it that way. You know what I mean? It might just be too much hassle for you to do this one-off thing. Whereas you can just do your normal routine stuff and you're gonna make the same money anyway. But what I've found is when you say to letting agents, how you're interested in 45 properties. To them, it's like multiple commissions, right? You're gonna be more incentivized to do something if you make five times the amount of money compared to just a one-off heavier there because of one of her there, you got to work out. Well, how does this work? You could ask questions, but that might be worthwhile if you're going to let five properties. Does that make sense? So I've always said I'm looking for 56456 properties because from their point of view they're thinking, well, I'm going to make 56 commissions here. So it's a bit more worthwhile listening compared to just a one-off deal. So that's what I mean by future base. That's one of the things you have to say. This gives me the phone could be in person. Next one is memorize big employees. The way I do serve as combination, I mainly tried to focus on the longer-term corporate bookings, like I'm going to mention in the marketing section later. And my play really is to get as many long-term company bookings. So what I tend to do is I tend to memorize the big employees names in the area. And when I'm speaking to the wetting agents, I say these are the type of clients that we're going to be hosting in our apartments, blah, blah, blah. Because I want to make the pitch very professional. I don't want to make it sound like some touristy one nice thing. You want to keep it as professional as possible. Because we're not letting agents point of view. Normal really likes the idea of people coming in for one night or tourists coming in for one night. So if you can try and make it as professional as possible. Saying, we're going to, we're looking to work with GSK, Fujitsu, and Tesco because they're accompanies, sorry, their clients come for a few weeks to a few months at a time when they're looking for accommodation. That sounds a lot better than saying, I'm going to put this on Airbnb, which doesn't sound very professional at all. So that's something to note which is memorize some of the bigger employees work, the bigger employs into your pitch because that's what you marked is going to be focused anyway, when we get into the marketing section that you are going to be trying to get those people into your marketing well, into your apartments. And the last one says, Don't pitch on the phone. The reason I say this is, have you guys ever watch a movie on your phone, laptop, or Netflix? Like could you all agree? Does everyone do that right? Now, here's my question. If you're watching a movie on your TV, laptop, and Netflix, and you're ten minutes into the movie and the movie sucks, would you normally do? Turn it off right? Now let's imagine you make a plan with your friends or your family. You make a plan. You get in your car, you drive to the cinema, you power curve, you get the Pokemon, whatever. And you sit down in the movie theater and you ten minutes into the same movie and the movie sucks. What do you do now? You just sit down and you just watch the whole thing. I've said that I watch a lot of Bollywood movies and they gone for three hours. And that's shaped like for three hours. Like it kills you. But you just sit down and you just watch it. And Bollywood movies even have an intermission. So you could even leave halfway. Technically, you don't because you'll take on here now. It's like it's like, Oh man has a muzzle, watch it. But that's basically what happens. Which is, it's weird because on your phone you turn it off. But at the cinema, you don't just leave you like I'm here now, our minds will watch it. When you pitch on the phone and the agent picks up the phone and they don't really get the hang of what you're trying to say. They say, let me switch to my manager. I'll speak to the landlord, the landlord woman like it and they put it down. Because think about it. There's no time invested. There is no time invested. One minute, maybe one minute. And that's all the time they've invested and they put it down because we don't do this. If you can book a viewing first, right? They've got to print the brochures. They've got to put the jacket on drive to the property per cup. Show you around, show you all the stuff. They might be 45 minutes, 15 minutes in. If you then start your pitch, they have to at least listen to you. They didn't just say no within three seconds or not. You can say no. I'm not saying it means you're gonna get a 100% of your deals. But what I can assure you is that percentage goes up significantly hundred percent, one hundred per cent. Because the point is, there is nothing invest in the phone. If you mess up one line and they don't like what you're trying to say. They don't have to go through with it. They've got other families done up, so on and so on. But once you get people that are viewing, they're willing to listen. They are, they are listen a lot more than it will on the phone. And it just goes back to being invested. Anything in life, the more you're invested in something, the more you want a result out of that thing. Think about it, relationships, all that sort of stuff. The more you invested in something, the more you have to get a result. On the phone, you're not invested. Someone called you for thirty-seconds, you didn't like it. You just put it down. But 45 minutes and 50 medicine. You can even take this a step further. You can maybe view for properties, walk around with them for a bit. You might be two hours then before you start your page, the percentage goes up. Now a lot of people tried to argue, argue with me and say, well, if I do this on a phone or by email, I can reach more people, you know, because I can reach 50 agents in one hour. But if I do this in person, I can only reach one agent, one arrow. This is you only have to get one agent. You're not trying to get 50 agents. And the success rate as a percentage goes up so much more. If you're in a small town or a small area where there's only about ten agents. You don't want to burn your leads. Can, because you can't keep going back to the same one again and again with a different pitch. You know, with a lot of them you only get one go unless you get a different guy in the day and so on and so on. But if I live in how fissure, There's only about ten agents. Like if you spend two days, you can probably speak to them in person. And that's probably worthwhile. I went to Paddington for one day. I'd never been to Paddington, never knew an agent in Paddington. One day, I looked about 15 viewings and I've got one deal. And we do a two-bedroom basement apartment in Paddington one day. Whereas I genuinely believe if I spend one hour and I've called 50 and agents, I probably wouldn't have gotta deal. I believe that a little bit upset though. He said, if you told me this before, I would've said, You know, we computed property, we just don't do it at all. Okay. So i is a common question. Do you have a similar question? Yes. A whole lot. The first thing the main thing is if I've never had it easy for family, I'll read it for yourself. Yeah. I say it is what? It is for me. Yeah. But I mean, it's a bit more than those four companies. And it says for a company, and I get this question a lot, which is well, agent say to me, Well, if you had told me before, blah, blah, blah, but I'm willing to guarantee you one thing. Every single letting agent in this country has two contracts. They have a normal AST contract for families and individuals and they have competing that agreements. They will do. They all do. I've never seen one which doesn't, I've never seen a lead engaging in this country which doesn't have some sort of company or corporate that agreement, say that we don't do that. But I don't think they I don't think they know what that even like maybe they don't know. We don't understand. But I've never come across in letting agent which hasn't had some sort of company lead, corporate less some sort of agreement. Because if a company later very common, like you know, because for example, you get a company, they say we're trying to house IE6, six clients or whatever. Yeah, they're very, very common company. Let's denote, it's noted some new thing. People in HMOs do this all the time. When we try to explain the company level, they said, Yeah, we have Company led, but it means that for your employees. Yeah. Okay. So again, let me go into this next step here. 39. Contracts with Agents: Which is contracts with the agents. My thing is, you should not submit your own contracts to agents. You should use their contracts and amended as opposed to sending your own contracts. Because think about it. If you send your own contracts and it's 20 pages, they now have to read through 20 pages of what's in here. There's only really 23 main things or you already concerned about one. Are you allowed to do shortlist? And second, who can stay at the property? A lot of the times it says employees, you have to e-mail them and you have to say, we have to change the word employees to clients because we work with these companies. And then all our employees or our clients, it is far, far easier to get them to change one word from employees, your clients, then submitting a brand new deck of contract with 1520 pages with all these words littered everywhere? Beyond that point? Yes. The company through their company and their employees or the landlord request specific basically one, you got to tell us which employees are staying there. You can. Yeah. Okay. So some companies will say you have to let us know which which employees are going to be staying there from different companies or and you have to submit their ID and so on and so on, all that sort of stuff. I feel like I have come across it as some point a while ago. But again, it might be a case of going to a different agent. Because again, in an area in this ten agents, you're only trying to get one agent. So if you can't get through to someone, you simply just have to move on. But this is why I like to play with the agents because all you're trying to do is get one in that town or city. You just want the one who said, Yeah, we'll change it from employees to clients. And I've done that many times. Just get them change one word. So we're looking at two main things here. It should not be restricted to employees, and it should allow short-lived. If a contract says minimum 99th, Let's then obviously that's not really going to work for you because you're gonna be having people in there for a few nights, at least. Sorry, at the minimum. Maximum. I don't know I don't know what that word is. But employees and short-lived, again, it says the disclaimer that you can always check with your solicitor because I don't want to get sued by anyone. But we just list so what's right? But the point is, charlotte employees and is far, far easier to have a contract amended, then a brand new contract submitted. Far easier. And if you do those steps of getting viewing first, as opposed to putting on the phone, you see some properties, you tell them a bit more about what you're doing, so on and so on. You tell them you're interested in for five properties, you name some of the big employees and say These are the people who are going to be working with making it the whole thing. Very, very professional. That is always worked for me. Now, like I said, the day I went to Paddington, I must have done about 15 viewings with maybe nine agents, 89 different agents. And I think a lot of fear when it comes to pitching is just about how you pitch. It's not even about what you say. It's just how you come across in the pitch. If you come across as like, you know, if you're a bit nervous or you're, you're mumbling your way out of it and so on and so on, then even they become a bit hesitant. But if you speak confidently about what you're doing in the business you run. I've never had business because I've never had I've never send them to our website. I've never won some sort of shirt or would like some professional staff or any of that. The first tool I took on my company was registered like seven days before we did the deal on. There was no email. There was no nothing. Because I feel like if you just explain it and you follow the steps and you're like, dude, with a bit of confidence and you don't believe in what you're trying to do here, then you'll be okay. Whereas if you come across as you're unsure yourself, then it just comes across the way you speak, just the way you say stuff. And it just makes the whole thing slightly harder. But that's what I would say is those are some guidelines which I will follow. And again, I'm saying don't pitch on the phone. And then people go in and pitch 20 agents on the phone. Then they say, Well, I haven't had any luck for X, Y, and Z reason, so on and so on. But again, I don't believe in pitching on a phone. I'm not saying it doesn't work because people have pitch on the phone and they haven't got deals. With most things. There's always exceptions and it's not like it's not black or white. There are gray areas and some things worked with some people, something worked for other people. Some people do cold calling, some people do email. Everything does work. But I just feel that by doing this in person and building, speaking to someone one-on-one and then seeing you face to face, so on and so on. Just makes it much, much easier because you can build rapport much easier in person as well. It just makes the whole thing easier. The person is a lot more invested compared to just being on a phone. And I find the conversion is much, much higher from personal experience. And it's the same reason you don't leave the cinema because you're so invested, huge amounts will stay. And it's the same play here, which is that the agent doesn't simply just get up and leave. They're willing to listen, and that's all you already want. They're not gonna be like, Okay, fine, done. But it's just I'm talking about percentage of 0. You only need one out of all the agents in your town and you're done, you're done, you've got all the leads. So that's how I would go on to acquire yourselves combination properties. So we've done four sections, we still have five to go. So we've got quite a bit. I guess we could have a lunch break now. I went to start the question. Yes. Yes. Would you recommend looking at actual viewing the agent running the streets and going in every agent in that area. Okay, So with agents, this is this is the process I would recommend. This is the post-sale would recommend for agents, right? In terms of finding a property in doing this whole process, the step one is find a property on right move, right move. So you find something and right mood that you're interested in. The second thing is you've called and a book I'm viewing. So you want to call them Book of view and I don't want to hear from somebody who just, I wanna, I wanna see it. Yeah, I wanna, I wanna see this property. You want to, you want to say I want to see this property and you'd have to get the viewing. You have to you have to book a viewing. I don't go into the lending agents shops because again, the problem is they're not invested the same way because they haven't spent any time doing anything. They were at their desk. You came along, they said We don't do that. It's the same as the phone. The principle is the same as a friend. Number three is viewing. And number four is you pitch at the viewing. So find the property colon book of viewing for that property. Do the viewing and then Pitch, Add the viewing. That is the process of how you would pitch letting agents generally at the end, you see the ODA every night? Yeah. You can say what we're looking for is for this. Yeah. You can, you can pitch at the end or you can start to explain the concept while you're viewing the property and so on and so on, which you generally, you would see the property first and then you can pitch at the end. Generally. You find that you you got the newbies who are doing the run around doing that? That's another reason I asked. Yeah. Okay. So the question is, what did they say? I don't understand what this means, which actually happens to a lot of people then I shouldn't probably mentioned this in the slide because here is the big killer word. Jargon, right? What that means is that if you say something to anyone in any industry, for example, if someone's an IT specialist and I don't know, there's thing called HDMI. If you talk about hate BMI or whatever, which basically means nothing to anyone. When they scan their head for a BMI, that means nothing, right? Is blank. What HDMI is, they have no idea what an HDMI it doesn't, it doesn't exist in the head. So now they're confused as to what the **** is HDMI. Because it makes no sense. Because see, what happens is people try to use all this complicated stuff because it makes them seem professional. They'll look at me, I'll know all this stuff will all it does is it confuses the other person. So you have to step them through whatever you're trying to explain. If you say to someone or we do rent to rent. The first thing they're going to say is, Oh, isn't as subletting. Because rent to rent implies subletting. Rent to rent. And they have no idea what that means. There are no ourselves combination means no idea. You go to most letting agents that you say, I'm gonna do service accommodation, they have no idea what that means. So now, already in their head, they're like, What the **** does that mean? Or like rent or anything elaborate of a scam or isn't a subletting. They know what company that means. They know what corporate that means. You have to use the information they know and play with that information. If you start saying so, which means nothing to them, their head goes blank. The whole thing is true, foreign, too scary, so on and so on. So the classic analogy in property is if you're trying to do lease options, right? So if you're trying to explain these options to an agent, is a confusing process because you're basically saying, I'm not going to buy this property using a mortgage. I'm going to pay I'm going to cover the sellers mortgage every single month. And then five years later I'll make one big of payment and I'll buy the house. But has since been messed up because no one does, then that's not a normal process. But if you say to a letting agent, you know how you can buy cars and finance, where you just make a monthly payment and five years later you just pay the whole car off and you get the car. Everyone knows what that means. Everyone knows what, everyone knows how finance works on a car. And then you relate that and say, well, that's basically what I'm trying to do with the property. At least they get it. Day because they understand what's happening here. So you have to you can't use words like rent to rent or service accommodation. You have to use words they understand. And when you do your pitch, it has to be based on those words and you will never get someone saying, I don't know what that means because it's just basic terminology. They all know what accompanying letters, they all know what a corporate that is. You can't confuse them. So yeah, that's a good question. Does he get the inexperienced one or the one that basically the viewings and the person who makes the decision, then let's expand your director in the office and I guess you explain it to them. Then it's up to them to go back to refer it to the referees and then you try and speak. Okay. So the question is if if I'm credit, if you get a person and the viewing who's like someone who's not the manager, I suppose. How would you sort of picture that? You will still have to pitch the normal way and they will have to communicate the message and you will have to go from there. Now, I've, I've had people like like the junior or viewing people and stuff. It's never really been a big issue. I mean, it might have been an issue for some people, I don't know, but it's never really been a big issue for me personally. So but that's where you actually have to pitch to whoever comes to the viewing. And this is why when it comes to the pitch, it has to be as simple as possible. And it should not include stuff like this. Because if you confuse the person of the viewing, who is just a messenger, is kinda like Chinese whispers there by the time the message goes round, by the time the last guy here is, is completely different to other first guy said. So this is why it has to be so simple in the terminology that they understand that even if it is someone who's like a new staff member or whatever or junior person, they can still go back and communicate that message. Does that make sense? So any other questions on that? You experience when you get them, you don't really have much feedback on. If you told me that before I set, you know, this lambda want to copy the we don't even do that as an agency. We just don't do it. If you told me before, I would appreciate that I did not come out, then confounders. Good. Okay. So okay. So this is my take on this approach or this is my take on this. When this is my take on when people say that, well, the scenario presenting basically that if you had told me before that this is where you're going to do, I wouldn't have shown it to you, blah, blah, blah. My take is every litigation has two contracts, AST and accompany that contract. So first of all, they do do it. They might not know they do it. But I've never come across a letting agent which doesn't have a company that agreement. I've not seen one yet. Maybe there is, but I've not seen one. So most of them do do it. The second thing is, I'm not saying you're playing games, but if you try to buy property in this country with any learning agent, and I've done this many times. You say to them, I'm looking for a two-bedroom x council sites. They will show you 72 of them will be two-bedroom x council flats, five will be private, one-bedroom flat and studios, right. Isn't that what they basically all do? Because they are players? Well, let me hang out with them. Let me show them basically everything we've got, so on and so on. They might buy something. So it's exactly the same thing that when you do step in viewings, they show you two you're interested in and five-year-old never going to buy, or they will sneak one in on the way. Or they say why we are where we're going this way. I happen to have the key is why don't we pop in and see it? So it's exactly the same thing. So like, I'm not trying to play their game or whatever. But my view is they all have this agreement if they don't do it, why did you have the agreement in the first place? Why did you have this piece of paper in your office which says complementary agreement if you don't do it. So I'm simply going by that. So if someone says to me, we don't do it, you just told me before. I assume that everyone does it cause I know that everyone at the company level, yeah. You can you can say that I assumed everyone does this since everyone has it. Or personally, I'm just not too fast. I don't get offended easily. You can say whatever you want to me. I didn't I'm not too fast from that point of view. I just want to do 20 viewings and I want to get one agent on board, because once that one agent was bored, you can get on with the next 11 thing, which has worked. Weirdly. I don't even know how this happened. I can't remember. It just was a weird, convenient coincidence. Even I went to Foxconn's ones and I I can't remember why. Like, I don't know if I was renting a property or for myself or if I was trying to oh, no, no. I was trying to buy a property or something. And I asked them Foxconn's brochures. So I had all these functions brochures. And then I was going to go and speak to them, letting agents to do this whole service combination stuff. Because I had all these functions, brochures. The guy thought I was working with toxins and every give me details as we go. So he he made a common referencing and four oxygens in somehow we just went really well because in his head, he told us where to get all these deals from Foxconn's because there are all these brochures from Boston. I didn't do this on purpose. We sort of just happened. But he clearly thought I was about to get all these Asia have flares from foxes. So he started showing me flats. They had to run Data Service accommodation. It was a weird one but that happened from them. Honestly, I can't remember. This is the Paddington one. We did get one that day, but I just can't remember now. It was so long ago but we got one that day but I just can't remember. But I remember I just remember the agent being just really interested because we had the functional brochure or they were just a lot more interests in for some weird reason because it's like competitive and stuff. But that's something to consider. Something to consider. But this is really where you're trying to do here. This is really where you're trying to do. I would follow these steps. Take a weekend doubt or Monday, Tuesday, and you can probably get 15 agents done. Doesn't take long. 59 is you can do one day and you're just trying to get one. And this is the reason I went to Paddington in Arjun, just call agents in Paddington because I knew if I spend one day and I get one agent on board, I've got unlimited deals and I'm done in Paddington. I never have to go patent and again and again until this time well invested. So I booked the views before I went to pattern tonight about 1015 viewings book before I went to Paddington and sort of went from there. 40. London 90 Day Rule: In this session, we're going to be covering the London 90-day rule. What is it, How does it work, how to avoid it? And essentially, what are the options when it comes to the London 90-day rule? Now, to first understand the 90 day rule, we first have to understand that planning system. So for example, if we look at the planning use class, there are essentially different types of properties. How the planning system works is that every type of building, every type of property is given a class use. So schools, hospitals, offices, homes, everything has a different type of class. A class is basically with in classifying what type of property this is. When we look at residential properties, these are the four main classes. So you have C1. Now, when it comes to C1, C1 properties means regular hotel's guest homes and bed and breakfast. That is what a C1 property is. A C2 property. A C2 class, that means is hospitals, schools, etc, etc. Those type of properties. You have S3. And S3 property means dwelling, houses and flats. So now what that means is the house you currently live in is essentially the house the flight you live in is a residential property, which is under the classification C3. So house or flat is basically a C3 property. Now, what's interesting is that serviced accommodation is also classified as S3. And last but not least, you have C4. And C4 is houses are multiple occupation, also known as HMOs. So if you have an HMO property that's generally considered a C4 property. So why am I going through these types of classes? So you have 1234 and services combination essentially falls into S3. No different to a normal house and our normal flat. So what that means is if you want to do service combination in your house or your flat or on a rent around property or someone else's property, you do not need planning permission, and therefore, there's no issues whatsoever except for if you're in London. Now, if you're in London, there is a thing which is called the London 90 day rule. And what are the London 90-day rule states is it's actually part of the Deregulation Act in 2015. And what it states is that short stays up to 90 days per year are not subject to planning. Now, let me explain what that means in English. What that means is that if you do short-term, let's, so that could mean 192, that could mean a threonine stay at ten night stay at 20 nicely, all the way up to 99th state. When you rent a property out for less than 99, that is considered a short-term lead. So now let's say you rent it out for 1099s. So almost three months or even 99s. So three months, anything, anything below that is considered short-term lead. And in London, you're allowed to do short-term leads up to 90 days. So let me give an example. Let's say you get let's say you get a one-night booking and then you get a five-ninths booking, and then you get a ten night booking and then you get a 49439 booking. When you add up all those bookings, every single year, you have 90 days per property. And once you've exceeded the 90 days, you know, you're not allowed to do short-term letting. You come then rental property are 419394. Nice. You have to let it out for longer than 90 days because you can only do 90 days worth of short stays every year. You can't do any more than 90. So if I show you this example, Airbnb, as you can see, this is one of my properties. And it says you have 53 nights boat and 37 nights still available this year. If you're lifting meets certain requirements, you may be able to host more than 90 days. So essentially, what's happening here is that this is only on a VMB, this is not on booking.com or any of the other portals. Essentially, what's happening is that every time you get a booking which is less than 90 days, it is, there is a meter on Airbnb and the matrix, pushing and pushing and pushing. And essentially like a loading bar or a progress bar is basically moving every single time you get a booking. And once it gets to 90 days of short stays, you're not allowed to list their property on a B&B. Airbnb is not going to generate you anymore bookings because the regulation states that you can do short-term, short lesson more than 90 days every single year, only in London. Hence it's called the London 90-day rule. Now, well, what exactly can you do by the 90-day rule if you still want to do properties in London. So these are essentially your four main options. Now some are more viable than others, but these are essentially the four main options. The first one is getting long term bookings. So these are your corporate bookings, your insurance bookings, your relocation bookings. And essentially will begin to read more of these in the marketing segments. So this will make a lot more sense. But you have a lot of people who are moving into the area are people who come into work and they need accommodations for three months, four months, five months. The longest we've had is 11 months. We had one person who booked for 23 months initially in their contract kept getting extended, extended, extended every single time. And what happened was they said for 11 months, now you don't get 11 months all the time. That is pretty rare. That's the longest we've had. We've had we've had 11 months, we've had nine months, we've had seven months. But that is again, pretty rare generally. It's a few months, but it's not as long as the lemon months. Now that does happen, but not all the time. So with a solution with long-term bookings, essentially, the solution is that every year you do 90 days or three months of short stays, and then you get three very long bookings. That could be three months, three months, and three months, which takes you off for the full calendar year. So by essentially getting long-term bookings, you you stay within lunch rule, you don't break any rules. And it is by far the best way of doing it. And it is by far the most viable way of doing chefs combination within London. The second solution is by renting rooms, but this does assume you're living in one of the rooms. So for example, if you're doing service accommodation within your own property and you happen to live in one of the rooms and you rent out the other room or the other two or three rooms, then there is no Nigeria rule night. The 90-day rule only applies for entire properties. It doesn't apply if you happen to live in one of the rooms and you're renting out the other rooms. So if you're doing that, then you're okay. But generally, if you're building a service combination business, that's probably not the case purely because well, you might that might be the case in one property, but it's very unlikely you're going to be living in every single property as you go along. So this can work on one property if you're doing this on your own property, but not very viable to build a business. The next solution is by complementing this with other strategies. So what that means is, let's say you are in Central London and you're around a student market. Now students for universities, they typically book for nine months. When I say BO coming, they take contracts ASTs for about nine months because the University of turnstiles end of September and it's already finished by around the June period, which is about a bit about nine months, and then leaves you with a three best months of the year this summer months in central London or in the outskirts of London. So what you could do is you could do three months of student needs. And then in the summer holidays, you could do shortlist when you're charging the highest premium anyway. So again, maybe not the most viable strategy for everyone. It does depend on what your previous strategies are and your, what your experiences with students in Latin, so on and so on. But that would be one way of doing it, which is leaving the three best month every year for short-term lids and then doing the rest of the year on student. Let's finally the last viable solution is by applying for planning permission. And so again, if I, if I go back to the Airbnb screenshot, you'll see it says that you have you have 53, nice boat, 37. I still available. If you're lifting meet certain requirements, you may be able to host more than 90 days. And what that is referring to is essentially planning permission. That if you get planning permission on your property as a C1 class. Now let me just revisit C1 class and show you again what a C1 class means. A c1 plus is a regular hotel or guest house, or a bed and breakfast. So what they're saying is, if you apply for planning permission and the council says, Yep, We'll give you planning permission for C1 property, then you can do more than 90 days a year. Now, apparently from what I've heard, it is very, very hard to get planning permission as a C1 property. And especially if you're doing a rental, rent or feuding management, most likely the landlord probably won't want you to get change of planning on their property because they will still won their property to be a house rather than a commercial building. Because now you're getting C1, it turned into a guest house or a hotel. If you're a residential landlord, you're most likely not going to want that option. So again, it is a possible option, but again, very, very hard. The best solution by far is by getting a long-term bookings. Now, well, what happens if you end up breaking the 90 day? Well, how does that impact you? So the problem really is that it is only a B&B which enforces the 90 day rule. So the way the nitrogen rule works is that the council's say that there is a rule that you can't do short-term letting more than 90 days. But the problem that councils have is only a, B and B has this limit whereby, which essentially says that you can only do short-term accommodation for 90 days. But if people end up using Expedia Booking.com and agencies and direct bookings. What happens is the council's don't really have a way of monitoring and controlling. Well, it has this property done more than 90 days or has this property done less than 90 days? That is essentially the problem. That doesn't mean it's legal or that doesn't mean this is a loophole because You still have to abide by the 90-day rule. But that is essentially why the nitrogen rule is kind of broken because it's very hard to monitor. So what will happen is that if the council finds out you've done more than 90 days, they will send you a letter saying you essentially have to stop because you're breaching your breathing planning because you're breaching regulation because this property does not have planning permission to be short-lived for more than 90 days every single year. So the council will essentially say you can't be doing this anymore. And if you're doing a rental rent, most likely you will have to get the property back or even if you own the property, you will have to stop doing sepsis accommodation or if you're in management, again, most likely you'll have to give the property bag because well, the Council saying you shouldn't be doing short-term accommodation for more than 90 days every single year if they find out. So now, well, where does that leave you with options? So the first option is while you stay within London and you sort of take the risks that you will get long-term bookings. Now, when we go through the marketing section, you also exactly how we get long-term bookings. Three months, four months, five months. And you will get those bookings by doing marketing, but you don't necessarily get those day one. You have to build up to that. Your, your marketing, your processes, your relationship with these companies, which gets you these bookings. That doesn't happen. Day one, that tastes a bit of time, so you will get there, but you won't necessarily get there on day one. So you have a bit of risk, which is, well, do I start doing this in the hope that I'm going to be getting long-term bookings down the road and there is a bit of uncertainty and that's something to think about. Or the second option is, well, you simply focus as sort of London. Now, if you focus anywhere as sort of the London just outside this M25 bubble, well, then you don't have any 90-day rule endure within the planning class. The council can't say anything because essentially you're playing by all the rules. You're fully compliant. It's all legal is all above board. And that is, in my opinion, a much, much easier solution. And it is a much, much safer solution purely because you don't necessarily have to rely on the long term bookings. Now, like I said, you will get them in London, but you won't necessarily get them day one. So you might get to a place situation where you've done three months of short legs, but you still need a bit more time together long term booking. So that is why I think focusing on London is generally the easier option. Now what I also find is that one of the reasons people don't want to focus our sort of London is because they think, well, I'm not going to be making as much money. Another thing that is true at all. So if I show you this study by a DNA, this is a tool we're going to be using later on to analyze our deals. This is by far the best Airbnb analytics, best Airbnb data tool you can possibly have. And they did this study, this reported last year or this is dated March 12th, 2019. And this is just over a year from the time I'm recording this, they did the 15 best places to buy a vacation rental properties in Europe. And so out of the 15 places, four of those rationally within the UK, somewhere in France and Portugal and Spain, Germany, so on and so on. For another 15 war within the UK, and none of the four were within London, they were all outside London. People have this a perception that because there's London is a big city, you know, everything is expensive, that you'll make the most money, but it's actually not necessarily true. And you can make just as much money, if not warm money as sort of London, then you can in some areas within London. So I think one of the reasons people want to stay within mountainous purely because of the higher profits, but that's not necessarily the case. So you shouldn't make your decision based on well, if I go outside of London, I'm not going to make as much money because that's not what the numbers show and that's not what my experience shows that either I've done properties are within London. I've done properties within outside of London as far the M25, and they've made I think on average, the properties outside have made more money over the course of a year. This analysis from a DNA shows a similar picture. Another in every single area is gonna do better than London. That's not true. But there are areas as part of London which make more money than within London. So going back to the two options, the first one is stay inside London and you sort of have this uncertainty. You have this risk of longer-term bookings. Or you can essentially focused outside of London and not have the risk and potentially make even more money in the process. It all comes down to find them right deal, finding the right area. So in this section, ready to think about, well, do I want to stay within London or do I want to focus our sort of London? And where do I want to build my business based on these advantages, pros and cons. 41. VAT: So if you're running a service accommodation business, I say through a limited company, but then at some point you will have to consider the VAT. We're going to discuss the three VAT schemes that could apply. One size doesn't fit all and also a scheme might fit at a particular point in time, but can change duty or circumstances or circumstances of your business as your business changes. Over time. We would recommend you get advice from a specialist who will be able to tell you exactly how your setup and circumstances fit the most appropriate scheme. So we would recommend speaking with your accountant, also a vat specialist, and make sure that the two are on the same page. And normal accountants, for example, they will probably have to consult a specialist themselves if you ask them. Because a lot of the time they won't know the detail. We have had instances whereby we've had an accountant tell us one thing and the VAT specialists tell us another thing. And there's sometimes a dispute between the two as to what the correct treatment is. So just make sure that you either use an accountant that's familiar with service accommodation, service departments. He's familiar with the Tom scheme and the flat rate scheme and maybe that they got clients that run service departments. So that's one way. Also, if you're quite happy with the current account and that you've got your other businesses maybe is to consult a vat specialists that deals with service combination service departments, and who can work with your accountant just to make sure from that perspective you are compliant. So the first scheme we're going to cover is the normal standard VAT scheme. So in terms of this scheme, you must register your business for that with HM RC, if your VAT tax or turnover is more than £85 thousand. So when you register, you'll be sent a vat registration certificate, which will have your mat number. And when you submit your fat, your first VAT, return and payment, your effective date of registration will depend on the date when you went over the threshold or the date you are asked to register if it was voluntary. So in terms of your VAT responsibilities from the effective date of registration, you must charge the right amount of that, pay any of that due to MR. HMAC, submit that returns, keep records and half of that account, most of that registered businesses that are over £85 thousand must also follow the rules for making tax digital for VAT. So if you register and you're still waiting on your VAT number or you cannot charge or show that on your invoices until you get your VAT number. However, you will still have to pay the VAT to HMAC for this period. So you should increase your prices to allow for this until your customers. Why? Once you've got your VAT number, you can reissue the invoices showing the van. In terms of how to register, most businesses can register online, including partnerships and a group of companies can register under one that number. By doing this, you'll register for VAT and create a VAT online accounts, sometimes known as the government Gateway account. You need this to submit your VAT returns to HMAC. You can use an agent so you can appoint an accountant or an agent. So it might be the vet specialist to submit your VAT returns and deal with HMAC on your behalf. When you receive you about number from HMOs that you can sign up for a VAT online account as well. When to register. So you must register for that if your taxable turnover goes over £85 thousand. So £85 thousand is the threshold. Or if you know that it will, you will that tax or turnover is the total of everything sold that is not exempt from that. You can register voluntarily before you reach the eighty-five thousand pound limit. But in terms of compulsory registration, you must register if you expect your turnover to be more than £85 thousand in the next 30 day period. Or if your business had a VAT tax or turnover of more than 85 thousand over the last 12 months. You might need to also register in some other cases depending on the kinds of goods or services that you sell and where you sell them, if you will exceed that threshold. And then next Thursday period, you must register. In the attached are given a couple of examples of when you might need to register. So you can read through those quite self-explanatory. The next thing I want to talk about is purchases made before registration. So in a lot of instances, people are buying furniture, for example, before they've registered for that. So there is a time limit in terms of backdating claims for VAT paid before registration just just to make you aware of its four years for goods that you still have, all that were used to make other goods, you still have six months for services. You can only reclaim that on purchases for business. For the business now registered for that, then they must relate to your business for business purposes. In terms of record keeping and in terms of your first about return, you will need to keep records such as invoices or receipts, a description of purchases to date, information about how they might relate relate to your business as well. So that's the first scheme, is that it's normally the scheme that most people or most business owners are familiar with. It's 20 per cent. We're going through a pandemic at the moment, so it's been reduced to five per cent currently. Normally, people tend to have an accountant to act as their agent who will submit their VAT return on a quarterly basis. So the VAT return, we'll look at all the VAT, But you've collected from your customers all the VAT that you've incurred. So for example, if you use a linen company that's not registered, you can claim the VAT back on that. If you buy supplies that have VAT on them, you can claim the VAT on those. If you use a cleaning company that is VAT registered, you can clean the cleaning. I'm the VAT element of that as well. Generally, however, the amount of input that you can reclaim tends to be quite low. In services, accommodation, businesses, generally, people tend to use local cleaners, maybe a number of different cleanings as well, just in case one cleaner is not well and nose clean, his tend to be sole traders and therefore not necessarily register for that. So the input about that you can reclaim, there's no VAT on the rent. So for example, if you didn't rent to rent, there's no VAT, so you can't claim the VAT on the rent. So the input that tends to be minimal, really. The second scheme we're going to talk about is the flat rate scheme. To join the flat rate scheme, you will, that turnover must be a £150 thousand or less, excluding that, you must apply to HMAC. You basically pay a fixed rate of VAT to HM RC. And you keep the difference between what you charge your customers and paid HMO. See, you cannot reclaim the VAT on purchases except for certain capitals assets over £2 thousand. So the issue or slight negative of the flat rate scheme is that you can't reclaim any input that, but again, this might not be an issue for your business. If you're using clean it cleaners that aren't registered, linen providers that aren't registered. There's actually very little you can actually reclaim. You don't pay any VAT on the rent either. So again, it depends on the number of apartments that you have and your business model really. In terms of leaving the scheme, you must leave the scheme if you will, no longer eligible to be in it. And so the metrics there are, it's whereby your turnover in the last 12 months was more than £230 thousand including VAT. Or you expect it to be in the next 12 months, you expect your total income in the next 30 days alone to be more than £230 thousand, including that, working out the flat rate scheme, the VAT flat rate you usually use depends on the type of business. You pay. A different rate. If you only spend a small amount on goods, you get a 1% discount in your first year as a VAT registered business. And if you spend a small amount on goods, then you're classified as a limited cost business. And the definition of a limited cost business is, is where the costs represent 2% of your turnover or £1 thousand a year. This means that you may pay a higher rate of 16.5. You can calculate it if you need to pay the higher rate and work out which goods counters costs. In terms of service accommodation, the flat rate, the percentage that applies is 10.5 per cent per annum. And there is a discount of one per cent in your first year. Again, there is an upper limit of £230 thousand includes that. As soon as you go over that, then you'll have to register for the normal standard scheme. The upper limit is tested once a year on the anniversary of Joining the scheme. If you're 12 months turnover for that period is over the limit, then you must switch to the standard fact. That's the flat rate scheme. Now we're going to talk about another scheme that's called toms or the top operators margin scheme. So this is another one, and this game is a lot more complicated. So if you have a look at the guidance on HMACs website, I think it covers maybe 50 pages. There's a lot of wording in there that's difficult to interpret. So this is one of the reasons why it's really important that you speak to a VAT specialists so that they can have a look at the structure of your business and to see what scheme you should be on. So Tom's, it's a special scheme for businesses that buy in and resell travel, accommodation and certain other services as a principle or undisclosed agent. And the guidance is in the attached link for that particular scheme. Again, if you try and print the details of that scheme, it the amounts to about 50 pages. So there are lots of I'm bits to it. Where does it apply? Where there's a supply of travel services such as accommodation? You buy in and sell on the services as principle and not as agent. You sell it to the end-user, either a traveler or a business that consumes the service itself. And there's no material alteration to the services. So Tom's can be used by service accommodation providers as long as they fall within these rules. The VAT using toms can be significantly lower than accounting for VAT on the full selling price. But again, the rules are complex. In particular, one of the issues is material alteration can be a sticking point under toms. And also as mentioned earlier, under Thomas, you can't reclaim any input, but also if you opt for Toms, you cannot issue VAT invoice and your apartment Blair for be less attractive to business customers who won't be able to recover the VAT. Again, I just want to and emphasize that I would recommend that you speak with a specialist and or accountant. They will probably have different views if you have an existing and accountant or your existing accounts may not be familiar with the scheme at all. The that will vary depending on how your business is structured and whether or not you're doing management, whether or not you didn't rent to rent, whether or not you're running your own personal properties or service accommodation. So this is one of the reasons it's so difficult to give generic advice. Everyone's setup circumstances are different. But here we can talk about the general concepts which will help you when you speak to a specialist or an accountant. So I wanted to cover a few other bits. So if you're on the standard scheme, we look at the VAT. Again, even within the standard scheme, which is the 20% scheme, VAT is normally charged for the first 28 days of any state after which there is no VAT on the accommodation aspect of the service. Again, after the 28 days, there's no VAT. However, then HM RC has a distinction between, for example, if you're charging a £100 or night, then HM RC will say, Well, an element of that will relate to the accommodation aspect and maybe the servicing aspect. So I think as a general rule of thumb, they tend to take 80% 8020. So they would say that £80 relates to the accommodation. So that means that if you're charging under pounds, then £80, you won't have to pay VAT on the £20, you will have to pay VAT on. So the benefit of this scheme obviously is that for long stays, it can greatly reduce the amount of that payable. And again, this only applies on the standard scheme and not in the flat rate scheme. So one of the other reasons to speak to a VAT specialist and your accountant is that once you receive the advice based on what you're looking to do, changed the way in which you structure your business. So you might operate more like a lettings business. So for example, you might have a separate client account where all the money that you have come in goes into your client account and then you pay off anyone that you owe the rent to so that your client account will always be minimal. So in the client account, in essence, what will, what will be left is maybe the margin that you're earning. And to then get to the £85 thousand limit or take a lot longer. Whereas we have seen in the past where if for example, you pull all your money into one account and obviously quite quickly, taking on to three apartments than the turnover will be more than £85 thousand quite quickly. So that's some of the issues would say like the guaranteed rent schemes is that all the income generated by your business so that the total amount is liable for that. If it was on say, on a management basis than only that portion will be liable for that. Again, VAT, probably one of the most complex issues when looking at service accommodation. Just again, because it depends on whether or not you're doing rent to rent, whether or not you deem management whether or not you're doing in your personal name, whether or not you're using a limited company and whether or not you're using your own properties as well and running them or service departments. So definitely well-worth the time upfront to speak to a VAT specialist and your accountant to make sure that your setup is correct and maybe there might be a more tax efficient way to structure your business. One of the things, for example, that we get a lot of the time is people saying, Well, why can't I set up a different limited company? Once my turnover comes close to say £80 thousand. Now, if you do set up another limited company, yes, your VAT starts afresh as it were. But if that limited company that you're setting up is weird, the same directory as the previous one. Hmac will understand what you're doing. It's called artificial separation. And they don't know in principle what you're doing. You basically set up another limited company so that you qualify for another £80 thousand allowance as it were. And you can have avoiding paying the VAT. Obviously, there are instances where that works. So for example, if you are setting up, say, a service accommodation business in London with one business partner and you have a completely separate business in Birmingham with a completely separate partner, so that you have two completely separate. So it's combination businesses, one in London, one in Birmingham. Then it's completely right for you to have two separate VAT allowances. But if you're setting up one in London and with the same business partner, you're setting up another limited company in Birmingham. Then from H and Marcy's perspective, it's one business and it looks like artificial separation. So just make sure you get the advice from a bat specialist. And also make sure you liaise with your accountant as well.