The challenges of starting your own service apartments

If you are interested in renting out accommodations, this is a great idea! There are many obstacles that you will have face in this new industry.

 

What is an apartment that has been serviced?

This is one of the biggest questions that the industry faced when it emerged. This market focuses on those customers who do not want to pay for hotel accommodations but rather stay in short term rental accommodation Singapore and this is the upcoming trend nowadays. It is very exciting when you are joining a new industry and you know that in the long run you will be able to make profit. Just like any business, you will always have your happy and sad moments too.

What rules should be followed?

There are no particular rules to be followed, however, you need to ensure that the property you are using adheres to all the safety regulations. Do not forget to check with the local council regarding terms for renting out properties as a business. You will also need to build relationships along the way that people will help you.

 

How you should you do your marketing?

Having a business plan and implementing it is not adequate. You need to brainstorm and have a few marketing strategies ready so that you know what your target market is. Another thing you need to consider is the platform you will be using. You need to also have a few social media accounts activated as well.

 

Get some help from a friend who knows marketing so that you will be able to develop a good marketing mix and what matches the location and the customer purchasing behaviour.

Agents

If you want to approach agents, you need to be ready to face the resistance. If you can get through all the questions asked and make them find your proposal attractive. They might not be comfortable when you first approach them, but if the business grows and becomes successful you will have agents walking right up to your doorstep.

 

The location

The location is important for tourists and businessmen so that they can move around within the city very easily and not spend a lot of money on transport. So, if you want to get an apartment for the business in the city make sure that you purchase one centrally located. If not, maybe there might be a few tourist attractions that are close by and that you can use that as a marketing tool.

 

Good luck with the new business!

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