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I would be looking more like 140 - 180 a night. Perhaps less the first year until we built up a record and obviously more in festival time
We have a gas fake log burner - not going to carry logs up those stairs!
How big a TV? ours is 40" and anything bigger would be tricky
IIRC the agent simply charges the 30% - no flat fees.
Our flat is also significantly bigger than the one I linked to - about 50% bigger. Again the flat I linked to has no parking nor a lift but is one floor lower. There is a one bed opposite us going for 120 a night!
Parking space or I’m off searching the interweb.
I would be looking more like 140 – 180 a night. Perhaps less the first year until we built up a record and obviously more in festival time
IIRC the agent simply charges the 30% – no flat fees.
So a £300 skim for a changeover and placing it on Booking.com
Nice work if you can get it.
Parking space or I’m off searching the interweb.
Would you expect a parking space for a let in London?
The Shore isn't the same as London, but a car isn't necessary there either.
No but if I’m on holiday Id be driving so would want one and get a let with one. If I was coming on the train I’d just walk out the station to Travellodge or whatever it is I used last. For 6 months I’d just stick it out for a normal rental. Surprisingly easy compared to holiday let’s and its what I did when I went to South America.
Leave an account with money in and bank card with a friend for emergency repairs. Pack your bag and go.
Lots of mostly good advice above TJ but at the end of the day its your agent who should know exactly what's required to maximise revenue. Possible 26+ weeks of guests is a lot of different people, not all of whom will be nice upstanding citizens and some are very good at the complaining/refund scenario. Booking.com etc. very much side with the guest. At least the 100 steps should exclude most of the moaning old gits we experienced but beware of bookings for 2 who then appear with 1/2 dozen who 'don't mind sleeping on the floor'!
Also budget for replacing items. Alarm clocks, bed linen, towels and even batteries from remote controls will go 'missing' as will anything interesting.
Good luck.
No parking space rules out most edinburgh holiday lets I would think. Certainly most of the ones I have looked at that are comparable flats. On street parking is available. I could possibly negotiate off street parking tho ( the restaurant in the building has some)
So a £300 skim for a changeover and placing it on Booking.com
And the meet and greet ( altho from comments on here that may not have the value I thought) plus the twice weekly clean and bed and towel change plus they supply all linens, plus I actually trusted the guy
for 2 who then appear with 1/2 dozen who ‘don’t mind sleeping on the floor’!
Thats another reason why I like the meet and greet - should help stop that.
Yes it should but we had people sneak through a side door thinking we wouldn't notice. Certain nationalities are notorious for this.
how will the agents force you to pay tax? I doubt they'll be doing your tax return for you.
Anyway, you can legally pay no tax via airbnb if you're living in the place for part of the year and you're pulling in less than £7.5k, under the governments rent a room scheme.
If the letting agent only has 5 flats, they have no idea about occupancy rates. Get some proper advice from a proper agent, even if you choose to use your local one
Thats another reason why I like the meet and greet – should help stop that.
if I was turning up to an airbnb with meet and greet, and I wanted more people to sleep there than I had arranged, they'd just wait in the car until the handover person had gone. Same way I get my kids into hotels for free
They know the occupancy rates for their flats
yes, a sample size of 5 is not enough. Have you any way of verifying their data? as presumably right now the occupancy rate of the next 6 months is somewhere close to zero
Thanks folks. Plenty of good stuff for me to think about.
Its a year or more away but obviously I need to get the flat ready and I do like to plan ahead. ie am going to have to do a load of work in the kitchen - its 20 years old so its nice for me to be able to think about the stuff I need in it.
I wonder how much you lot are typical of the market I want to aim for? maybe not far away 😉
Thanks again
We would be competing with this sort of thing more but without the overblown decor. £235 a night. This is the top end around here – this and more expensive.
I have to say that I personally wouldn't call the linked flat top end. Beyond that though, please be honest / make sure the agent is honest in the descriptions. If claiming occupancy for six and availability for families, don't then show pictures with a table that looks cramped with four chairs and a 'huge' lounge with one small uncomfortable sofa and a chaise longue. Also, I know it isn't good for business but be honest about Leith being a taxi journey from the centre.
Another +1 on the dislike of meet & greet, unless you are offering a meet from the airport / station service.
Can you speak with the owners of the other properties the agent has on their books and check the real occupancy/experiences of the agent?
Outside the festival season (which admittedly is manic) where you might get full week occupancy, Im not sure there will be much call for a full week rental in Edinburgh. IANA holiday letting specialist. Lots of long weekends for sure - late Thursday arrival and early departure Monday or Tuesday. Thats the period I would probably want for a city break thing. Might affect the figures a bit?
if I read correctly week lets are what you are primarily basing your numbers on?
Edit - If you are looking at letting to family or groups of couples, how are the bathroom facilities? Will there be enough for everybody to use in a short period of time, assuming they are all going out at roughly the same time. Is it a combi boiler, electric shower, any en-suite etc