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Are we mad to be buying a holiday let?
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Norfolk Canary



Joined: 07 Sep 2016
Posts: 57

PostPosted: Mon Jul 27, 2020 9:08 pm    Post subject: Reply with quote

smallblondehippy wrote:
Norfolk Canary wrote:
I doubt Airbnb would work unless you do changeovers yourself as the cost would be too high. I read a lot of complaints regarding websites like Sykes etc. I use an agent who is local to the area of our place. They are five minutes walk away in fact. When we first joined them their IT nouse wasn’t the best and their website wasn’t the best but they have improved a great deal and all the places on their books are now marketed via a few other holiday sites. It does give peace of mind having actual ‘humans’ locally as they can deal with any issues more effectively. It is also great being able to leave dealing with the bookings and money to them and just getting a direct payment every month. The owners area of their website allows me to download all the money transactions between any dates which helps at tax return time. We intend to retire near our holiday let in a few years but we are likely to stick with the letting agent set-up so we are free to enjoy our retirement.


I am thinking along these lines too. There are several sites that are specific to the peak district which I would prefer. However, do local agents bring in the same number of bookings that a national site like Sykes would?


I guess that is difficult to quantify. Best to have a chat with your local agents and ask about their marketing and whether their properties are linked to other websites such as HomeAway like ours are.
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zebedee



Joined: 12 Sep 2014
Posts: 1165
Location: yorkshire dales

PostPosted: Mon Jul 27, 2020 9:12 pm    Post subject: Reply with quote

https://www.laymyhat.com/forum/viewtopic.php?t=29372

Take a look at the above thread and the links. If you are still not convinced, do a search on Sykes on this forum.
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Norfolk Canary



Joined: 07 Sep 2016
Posts: 57

PostPosted: Tue Jul 28, 2020 12:00 am    Post subject: Reply with quote

zebedee wrote:
https://www.laymyhat.com/forum/viewtopic.php?t=29372

Take a look at the above thread and the links. If you are still not convinced, do a search on Sykes on this forum.


If your contract is with an independent letting agent who chooses to also market via other online sites I expect any problems with those online sites will be their problem, not yours.
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CSE



Joined: 06 Nov 2006
Posts: 4245
Location: Galicia

PostPosted: Tue Jul 28, 2020 6:28 am    Post subject: Reply with quote

A lot here mange to undertake the hosting.
AirBnB only advertise,like many other portals.
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declanja



Joined: 27 Mar 2008
Posts: 513
Location: Nice France

PostPosted: Tue Jul 28, 2020 9:13 am    Post subject: Reply with quote

A fundamental question is why buy a holiday let? You are going to pay an agent to organise bookings. I wonder will it be more profitable than just renting long term? I doubt it will but I don't know the market in the UK. In my mind the only advantage of having an unprofitable holiday let is the ability for personal or family use. As you live relatively close by, will this be a factor? Best of luck in your decision and read this forum from cover to cover for advice!
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greenbarn



Joined: 30 May 2009
Posts: 6127
Location: The Westmorland Dales, Cumbria

PostPosted: Tue Jul 28, 2020 11:45 am    Post subject: Reply with quote

The fact that you are considering Sykes, and that number of bookings is the key, rather suggests that you haven’t done much essential research into the business.
Are you fully clued up on all the legal requirements to which you’ll have to conform - a really good place to start is here

But in all this the key question is why you want a holiday let. Very high up the list of reasons has to be providing your Customers with the maybe once a year dream experience that they want - and that’s a significant responsibility to take on. If that’s what you care about, and what will give you a buzz, you’ll be good at it. If it doesn’t sound like something that appeals (and there’s no reason why it should) you’ll hate it.

Just coming on this forum and asking the questions shows you’re looking to discover the pros and cons and decide whether being a part of this industry is for you, and you’ll get lots of sound advice from people who’ve got the T-shirt. Nobody has the single answer that’s Right For You, we’re all individuals. Good luck with whatever you choose.

BTW, somewhere in this thread ASTs were mentioned. It might be worth pointing out that a lot of people who’ve been FHL owners for years are now switching to AST - and, of course, many are not!
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Cymraes



Joined: 07 Jul 2015
Posts: 479
Location: North Wales

PostPosted: Tue Jul 28, 2020 12:52 pm    Post subject: Reply with quote

smallblondehippy wrote:

I am thinking along these lines too. There are several sites that are specific to the peak district which I would prefer. However, do local agents bring in the same number of bookings that a national site like Sykes would?



Don't confuse bookings (occupancy) with profit. Agents that claim they can get you high occupancy often do it by offering rock bottom prices (one of the culprits features heavily already in this thread)

Fewer but higher priced lettings can ring in a much higher profit with less wear and tear on the property and your nerves.
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