Sometimes a failure can become an opportunity!
Let me explain…I have a number of properties across the UK and one of which is in a seaside town. Up to a year ago I had been renting it out as a buy to let and then the market seemed to turn. I’m not sure whether it was due to the agent or that there were no tenants around, but the property sat on the market for several months.
This was quite frustrating I will say because, as a property owner, there is nothing worse than having an empty property, so something had to be done. I will admit that it was my partner’s suggestion to venture down the holiday letting route, which is what I did.
The funny thing was, the first company I approached, which was by recommendation, they said they would not take my property on, as it was in the wrong area for them!
Not put off by this I made steps to find another holiday letting company and chose the one I am using now due to a good Google ranking – I thought if I can find them easily on the Internet then others would too. They met me at the property and we went through what each room should have in it in terms of furniture and what remedial things needed to be done in order to suit a holiday letting.
I then proceeded to spend somewhere between £5,000 to £10,000 on furniture and fixings. At this stage I this property had been vacant on the market for what had now become eight months. I wanted to catch the very fast approaching summer season, being that it was now mid May. This I did and the property was let out constantly for the whole of July and August and then since has been let extremely well with the current year looking very good too.
So the message in this article is that by thinking sideways and not accepting a failure and being prepared to spend a bit of time and money will see you through in the end.