A short recorded discussion (YouTube) about getting started in serviced accommodation. Speakers emphasize doing research to define your marketplace, identifying the target client for each property, surveying streets/areas/amenities, and building relationships with letting agents rather than expecting immediate deals. A negotiation checklist called the "Coddles model" is offered as a takeaway.
You've got to pick what you think is your marketplace. So the first thing I'd say is do your research.
How can we go to finding our first property or first properties to agree to this rent to rent model? What sort of ideas can you shed here?
Right, so the first thing I would say, and it's the essence of all good marketing and that number one, is who is the client that you think is going to go into that property.
Doing a bit of research on those 10, what would you recommend? If they've got those 10, would they then go and look at maybe the streets, the areas, the amenities?
Absolutely, yeah. The next thing I would do when I'm looking at those properties, I'm then looking at. You're taking cues from what you're seeing. If you go in to see an agent, you go in and you go in with a sample of maybe one or two properties that are of specific interest to you. Make sure that you are relationship building with the agent. So don't expect the agent to give you a deal the first time you meet, because most agents, including when I was an agent, will see somebody once and that person will never be seen again.
How can people reach out to you if they want to find out more about this stage? How can people contact you? How can people find out more? How can people get on a call with you to find out more and how you can help?
I am going to give you a little checklist download that's called the Coddles model. And this is a way for you to remember when you are negotiating, whether you're negotiating with an agent or whether you're negotiating with a landlord. The Coddles model is a way for you to remember what you should be doing in that conversation or in that negotiation.
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