Short advice from Mark Simpson (YouTube, Feb 6, 2023) aimed at hospitality/property operators: don’t set prices solely by an optimistic nightly rate projection. Work out the property’s running costs across both good days and bad days to inform nightly rates and financial planning for corporate/hospitality (not long-term buy-to-let) use.
This is corporate, this is hospitality. We're not talking about buy to let properties where there's going to be someone in for six months, you've got to work out your nightly rate, you've got to work out what your running costs of that property are going to be, whether there's someone with a head in the bed or not. I see people doing it back to front and it's kind of like, well, I'm reckon on that property I could get 60 quid a night and therefore that. But you've got to work out your running costs on the good days and the bad days.
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