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Olympic Properties

January 25, 2012 | Comments: 0 | Views: 152

Below are Frequently Asked Questions about how your "Olympic Properties" should enable you to fully maximize from renting out your property during the Summer of 2012:

1. Who can I rent my property to during the Summer of 2012?

2. How much can I charge?

3. How should I prepare my place?

4. What sort of agreement do I need in place with the tenants?

5. Who can I get to rent my property?

6. When is the best time to rent?

7. What do I do if I have squatter?

8. How can I collect payment?

9. Where can I list my property?

10. When can I list my property?

1. Who can I rent my property to during the Summer of 2012?

The answer to this question will determine how much money you are looking to charge for your olympic stratford properties. If your target market is a company, know that companies need to accommodate for their staff, such as journalists, employees and they may even pay for athletes' family members. You may want to cater for families, groups, backpackers or even people of a certain religion. By identifying your audience/ target market and placing this information in your advertisement you can filter out the number of irrelevant inquiries and time-wasting appointments. You may also wish to share with a particular gender, a person of a certain sexual orientation, age or people with pets; the choice is yours. Start thinking now, but be careful not to discriminate against anyone. If you are catering for people with disabilities, make sure the accommodation is accessible to these people.

2. How much can I charge?

Setting your rent is extremely vital. Setting a fixed rate is the core objective in identifying who you are going to rent to. You may be one of those people nice enough to offer your property for free. In my opinion the benefit of this is that if you provide a good service, you will always score high on the rating system. If you are thinking of renting out your property you should be aware of the order of the prime locations and where your property falls. This allows you to determine what rate you could charge. You have identified what you are going to charge but you need to be able to justify the price. If you are charging a high rate, the interested tenant is obliged to ask you why you set the rate at that price. They want to know if they are getting value for money and if you cannot justify that with a few simple answers then you may not get the rate you quoted. You need to be able to justify your rate or else you may end up losing potential tenants as you may come across very greedy. Please refrain from justifying your reasons by saying "it's the Olympics Innit!!"

3. How should I prepare my place?

To prepare your place, there are 3 Objectives that you could set and meet:

First Objective: Generate commercial revenue by subletting my property For this objective I feel that I should be answering the questions below to understand how best to benefit financially from subletting my property during the Summer of 2012 period. WHO:Who are you looking to get money from?

WHAT:What type of Property/Service are you offering and what is the rate you are going to charge?

WHY:Why did you choose that price? Why did you choose the people and why are you renting out the property? Do you want this price to reflect on your service rating as affordable or expensive?

WHERE:Are you in a key location that would make people want to spend good money?

WHEN:When are you going to collect funds (e.g. deposit, rent) - daily or weekly?

HOW:How are you going to receive payment (BACs, PayPal, Merchant, Cash in Hand)? How are you going to ensure that you actually receive funds? How is subletting going to benefit you and your tenant?

Second Objective: To achieve a maximum rating for hospitality

WHO:What sort of people will benefit from your service? What age range & gender are you targeting? Do you cater for people with disabilities, a certain religion or nationality?

WHAT:What type of hospitality package are you offering (Continental breakfast, Local Tour of Stratford City, Cooking Classes)?

WHY:Why did you choose to provide the perks of hospitality? Being able to answer this will enable you to get the positive results you deserve. Are you choosing to do this for a 5-star rating or are you simply looking to add to your CV because events and hospitality is the arena in which you are looking to enter?

WHEN:When are you looking to commence your hospitality service? (If breakfast is included does it start at 6am and end at 10am? It's totally up to you)

WHERE:Where do you intend to perform your hospitality service? If you are cooking breakfast will it be served in the dining area? If a tour is being provided, where is the assembly point (e.g. at the front of the property)?

HOW:How is this service going to benefit you and your tenant? It may benefit you as a landlord as you may achieve a 5-star rating thus attracting more people to your accommodation. It may benefit the tenant as you may have provided them with an amazing experience and will relieve them of the laborious task of finding a property should they wish to return. You have to use your initiative to make this work.

Third Objective: To rent out property for a maximum of 6 weeks for the Summer of 2012

WHO:Who are you looking to rent out to? You don't want someone who will overstay their welcome, and you may certainly not be looking for a long-term tenancy. If you are only looking for short-term leasing, understand this, stick to your principles and you may find yourself running into fewer problems.

WHAT:What do you need to have to ensure the duration of the sublet is adhered to? A tenancy agreement would be useful.

WHY:Why set a maximum duration? This is totally up to you. You might choose to go on holiday for the duration of the Summer of 2012 and maximise income for that short time. Whatever the reason, you should clearly identify it.

WHEN:When are you going to be collecting rent - a week in advance or in arrears? When will you issue them with a notice? Be clear and concise and let them know well in advance to avoid confusion.

WHERE:Where will these reminders be made available for the tenant? Where do they check in or out? Where can their equipment be stored?

HOW:You need to identify how this agreement is going to benefit you. How do you get your home back if the tenant refuses to move out?

4. What sort of agreement do I need in place with the tenants?

A Holiday Letting Agreement is a short term contract or a lease between the landlord and the tenant. It specifies terms and conditions for both the tenant and the landlord. Whatever is agreed between the two parties, be it written or oral, becomes the terms of the Holiday Letting Agreement. This clearly outlines the role that both Landlord and tenant are to adhere to. Not to be confused with a Tenancy Agreement. Having a Holiday Letting Agreement will greatly reduce the number of problems that could occur. You need a Holiday Letting Agreement to clarify the official commercial agreement that you will have with the tenant. If you don't have one and should the tenant breach payment or overstay you will have your work cut out for you with no evidence to back up your claims. You may want to save money by not getting one. If problems do persist, you may end up spending a lot of valuable time and money remedying the situation and remember this is time that you cannot get back. Think this: "My time is worth money". Note:Holiday Letting Agreement is for short term leases to a tenant you are looking to rent your entire property. If you wish to rent out part of your place (Rooms or Sofa), a different version of an agreement is needed that covers lodging. If you are renting out space in your garden or tents in the garden, another agreement is further needed. Don't get caught out! 5. Who can I get to rent my property? As mentioned earlier, in relation to the Summer of 2012 there are companies that are willing to pay a premium for their staff members' accommodation. You may want to consider this before accepting just any tenant as you may be able to bolster your margin (pay more). Think of the following:

JournalistsMediaAthletic team supportLocal Business Staff

You may also want to think about large families and groups as they will need to accommodate for their parties. Tip: - If companies or big groups are not responding to you and you are running out of time, your CONTINGENCY will be to swallow your pride and take an individual or even adjust the price of your westfield stratford properties to accommodate for those who could not afford your initial rate. Don't be stubborn!

6. When is the best time to rent?

The best time that you should rent is on the Summer of 2012 because it is one of the only times you will be able to command extortionate rates and that is for approximately 4 - 6 weeks. It can be anytime however 2 weeks before to 2 weeks afterwards could be fine. Remember not all of their flights will leave on the end date of the Olympics.

7. What do I do if I have squatter?

Should you fall victim to squatters there are a number of ways to get out of this situation. Do not force them out, most squatters are extremely clever and you it would be wise not to under estimate them. You may also seek advice from the following areas:

Local Solicitor/Law firmLocal PoliceLocal Citizen's Advice Bureau

There are a number of companies who are specialists in this field however; it is down to you to do your research. Sometimes conventional methods may not be time effective. For those tenants that are coming to the end of their tenancy in your property, Tenancy Agreements will help prevent a number of those considering squatting.

8. How can I collect payment?

Some of you may prefer cash in hand daily, weekly or even monthly. You can also choose to set up a standing order or direct debit or the tenant can do a simple bank transfer. PayPal is a good secure online transaction resource and has global recognition.

9. Where can I list my property?

Search online to find the best deals. Ideally you want to sign up to more than one company to fully maximise. Your spend can be anywhere between 25 and 50. These are companies that allow you to keep any less in my opinion is deemed suspect unless they are doing a limited 100% of your earnings. I believe that anything less than 25 is deemed suspect unless they are doing a limited special offer of anything above 50 is too expensive. Look out to see if they are giving something to help ease your concerns about renting your property. This shows that they have your best interest at heart. I would also suggest that you avoid companies that are looking to take a commission of your earnings, its too complicated and you may end up spending more than 10 TIMES the amount you would of the fix payment set.

10. Where can I get further information about this guide and the Holiday Letting Agreement?

There are a number of different websites that provide good resources in the forms of FAQ's, Manuals and Guides. You should be able to get a full breakdown of the information you would need to assist you in renting out your Olympic property to fully maximise during the Summer of 2012.

I am a passionate creative individual who is lucky enough to do a job that I love. I like to read for research and nothing more. As mentioned my job is also my hobby where I get and opportunity to either generate a new article or work with some information given to make it more easy to read. For most that I distribute I cannot take all of the credit as I get to collaborate with a great team so that we can bring some useful to you. This year my main focus is writing material to help people whether they be Landlords, Visitors, Tourists and business make the most of the impact of the Olympics. Hopefully you can appreciate the "Wake Up and Smell the Coffee" approach." as I only intend to help using a different angle. If you want to learn more about renting your property, you can visit the Stratford Visit site and look for places to stay in London.

To Your Success Ben Dolemite

Source: EzineArticles
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