HolidayLettings or sykes?
I have been with sykes for last 3 years , they do bring the bookings in but I think under charge which means the increase in bookings . I'm seriously thinking about closing for low season next year through sykes because once you have taken out gas and electric, washing etc etc there's not a lot of profit left ! Ihave just had my own website designed which is being launched next week in the hope of getting more of my own bookings , I think the commission charges are high too, the other thing is they show a dim view on you taking a damage deposit which has caused me problems this year . They ok but when you had some of the issues I've had they don't want to know.
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charles cawley
- Posts: 1205
- Joined: Tue Sep 21, 2010 1:53 pm
- Location: Herefordshire, Shropshire, Borders
Sykes is often accused of setting rates low.
This can happen with banding systems where, almost inevitably, many cottages are either too cheap or too expensive and few conform to the average used to create the band in the first place. This is a major reason why we do not use banding.
Over the last 4 years, in response to difficult market conditions, discounting and haggling has become the rule for many owners. Headline prices are very often 'up to' prices. We have advertised on Owners Direct and find that the habit of hoping for reductions is the rule rather than the exception.
As we suggest prices to suit the market with the agreement of owners, CHL prices are not used as a starting point in negotiations.
Agencies to take a fair chunk of income and they should try be as helpful as they can. It is not always possible to assist, but we try to make things as easy and the least fraught for owners as possible. This is easier if you are locally based.
This can happen with banding systems where, almost inevitably, many cottages are either too cheap or too expensive and few conform to the average used to create the band in the first place. This is a major reason why we do not use banding.
Over the last 4 years, in response to difficult market conditions, discounting and haggling has become the rule for many owners. Headline prices are very often 'up to' prices. We have advertised on Owners Direct and find that the habit of hoping for reductions is the rule rather than the exception.
As we suggest prices to suit the market with the agreement of owners, CHL prices are not used as a starting point in negotiations.
Agencies to take a fair chunk of income and they should try be as helpful as they can. It is not always possible to assist, but we try to make things as easy and the least fraught for owners as possible. This is easier if you are locally based.
No web-site for now.
Advice about holiday letting
Advice about holiday letting
Sykes definitely charge much lower than equivalent cottages
Hi All,
This is my first post, but I have been reading the forum for almost a year (btw: thanks for all the great advice you post which I have found invaluable in setting up and organising my first year). We have a cottage on a large site with lots of other cottages all vying for the same business. The majority of rentals are manged by the site management company on behalf of Hoseasons. When I was starting out I approached Sykes but they weren't interested as they said that they already had enough properties on the site. As the management company charge 36% commission (inc VAT) I thought I'd go it alone using my own website and Owners Direct. So far this tax year I have done really well (28 weeks in first year, in spite of building work nearby which I tell potential guests about). I would agree with all posts about Sykes. They do underprice especially in peak season. Sykes charge less than half what Hoseasons do for the same cottage type. I charge about £200 more than Sykes in peak and have 20 bookings already for this year and have almost filled the school holidays already. Yes, Sykes will get you a lot of bookings because many people book on price alone but there is going to be more wear and tear and you will get less money back. Using OD I really like the direct contact that I have with my guests and the high degree of autonomy that I have in controlling my pricing, deposits and everything else to do with rental. So far doing it independently has been great for me, but I wouldn't understimate the work.
This is my first post, but I have been reading the forum for almost a year (btw: thanks for all the great advice you post which I have found invaluable in setting up and organising my first year). We have a cottage on a large site with lots of other cottages all vying for the same business. The majority of rentals are manged by the site management company on behalf of Hoseasons. When I was starting out I approached Sykes but they weren't interested as they said that they already had enough properties on the site. As the management company charge 36% commission (inc VAT) I thought I'd go it alone using my own website and Owners Direct. So far this tax year I have done really well (28 weeks in first year, in spite of building work nearby which I tell potential guests about). I would agree with all posts about Sykes. They do underprice especially in peak season. Sykes charge less than half what Hoseasons do for the same cottage type. I charge about £200 more than Sykes in peak and have 20 bookings already for this year and have almost filled the school holidays already. Yes, Sykes will get you a lot of bookings because many people book on price alone but there is going to be more wear and tear and you will get less money back. Using OD I really like the direct contact that I have with my guests and the high degree of autonomy that I have in controlling my pricing, deposits and everything else to do with rental. So far doing it independently has been great for me, but I wouldn't understimate the work.
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johnandtahra
- Posts: 92
- Joined: Sat Dec 27, 2014 9:50 am
- Location: United Kingdom
This is really interesting. We had the Sykes rep view our 'work in progress' and we received some guideline prices, which were a little lower than we expected. They also don't take into account 'occasions' that we are primed to benefit from, being a short train journey away from central Edinburgh (Festival is a big pull as you'd expect) and a short drive or train from St. Andrews (the Open is there this year).
With a third party (and the corresponding fees) I worry that we would end up busting our asses off for little more than break-even, once their commission and the VAT is deducted.
On the other hand, it does look like we'd have to really work hard to establish ourselves if we went it alone...
Decisions, decisions.
With a third party (and the corresponding fees) I worry that we would end up busting our asses off for little more than break-even, once their commission and the VAT is deducted.
On the other hand, it does look like we'd have to really work hard to establish ourselves if we went it alone...
Decisions, decisions.
We had Sykes come round last year. When we received their figures they were anticipating making the same money x30 weeks of bookings which we achieved the previous year letting out for x20 weeks.
It was a no brainer for us if we'd gone with them there would have been an least an extra £750 to pay for changeovers.
If you drop the tariff enough you're bound to get bookings which is what they seem to do!
It was a no brainer for us if we'd gone with them there would have been an least an extra £750 to pay for changeovers.
If you drop the tariff enough you're bound to get bookings which is what they seem to do!
Makes the most it's not a rehearsal
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