Mark SimpsonHelping short-term rental hosts get the tools, tactics and training to grow direct bookings with confidence

Why Service Accommodation Should Be Regulated 🚀

15 Aug 2020 · 1 min

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A YouTube interview (Mark Simpson interviewing Paul Smith, recorded Aug 15, 2020) about moving into property to gain financial independence. Paul highlights the biggest mistake newcomers make in service accommodation—trying to do everything themselves—and predicts increased regulation of the industry within the next 20 years, emphasizing professionalism, compliance and tax efficiency.

Warren Buffett says, poor people invest in things, wealthy people invest in time.
Why did you come back into this? And why are you now sat in Doncaster in your offices now, sort of teaching people? What was the sort of progression from where you were. Sorry. To where you are now?
Like, what do I want to do the rest of my life? And we made a fairly fundamental decision. We don't want to work for anybody else ever. So we get and got into property.
What is the one big mistake that you see when you send your delegates out into the wide world? What is the one big mistake that you see that they're most commonly making when they're getting into service, accommodation and all of this jazz?
The single thing that holds them back the most is they try and do everything themselves.
Do you think this will become regulated to fall in line with a lot of B&Bs and guest houses have to have to do to get opened? Or do you think that it is just going to keep as is? I'd love to get your opinion on this, because this is like a pretty big topic at the present moment in time.
Any industry where there are super profits, those profits normalize over time. And one of the ways they normalize is by regulation. So it's inconceivable to me that there won't be more regulation within the next 20 years. If you're behaving illegally, you're not compliant, you're not paying vat, you're paying far too much tax. Those things are a bit more important than. Should you have one towel or two towels for me? Because that bit is kind of common sense. Our whole ethos, our whole mentality is about professional, compliant, tax efficient.