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5 Ways to Increase Profits from Your Holiday Let

13th February 2020

A holiday let can be a great investment, whether you let it out for part of the year and enjoy it yourself for the rest of the time, or you have paying guests year-round. When you own this kind of asset, you want to make the most out of it and boost your profits. Here are some ways in which you can do that, without compromising on quality.

1. Identify your low seasons

Most holiday lets won’t have much problem getting booked up during peak season, such as the UK school holidays, but low season is another matter.  If there’s no particular draw, such as skiing, during the low season, then focus your marketing to suit your holiday let. For example, show off its potential for a romantic hideaway or a group holiday. Offer getaways with cooking, surfing and other interesting courses to lure in groups and improve occupancy. 

2. Offer short breaks outside of peak times

Studies have shown that people now prefer to take several short breaks instead of a single long holiday every year.  While you may find it easy to get guests who want a seven-night stay in the summer, in the off-peak season, you’re more likely to find people who want mid-week breaks or long weekends. Therefore, if you break the weeks up, so that you have arrivals on Mondays and Fridays, you could potentially make more money than when you have weekly guests.

3. Don’t be afraid to charge for extras

While you may worry that charging for extras such as linen and towels will put people off, nowadays, most people expect to pay for these extras when they go on holiday. If they want to avoid the fee, they can bring their own towels and sheets, which saves you paying for a laundry service. 

4. Allow pets

If occupancy rates aren’t what you want them to be, then it might be worth considering allowing pets into the property. Lots of people taking staycation-type holidays will want to bring their dog, so you open up your let to a lot of potential customers. Worried about damage? Charge a pet fee and take a deposit when people arrive. That way, you can deduct for any broken items or extra cleaning that is needed due to the dog.

5. Ensure you have the best deal on your mortgage

If you can get your monthly mortgage costs as low as possible, you can boost your profits without needing to charge more. It’s worth visiting a broker who specialises in holiday let mortgages, as this will ensure that you get a product that’s designed for these types of lets, as well as a great rate. 
Running a holiday let is a fun and interesting way to make money, but in a competitive marketplace, it’s important to keep an eye on your profits. You can often improve the numbers by working on getting year-round occupancy, cutting costs without cutting quality, and ensuring that you are getting the best deal when it comes to making payments. This way, you can watch your occupancy rates go up and build your holiday let empire. 

Posted by Mark at 6:12pm

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