London 2012 Olympics Visitor Accommodation
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London hosting the 2012 Olympic Games is projected to bring in excess of 7 Million visitors to the capital.
If you have a private home, rental property, rent a property with spare rooms or other accommodation in London available for short-term stay. The 2012 Olympic Games presents you with a fantastic opportunity to earn considerable revenue by renting out your property.
Does it seem too early to be talking about the Olympics? Absolutely not if you’re a landlord!
With a potential rental period covering July, August and into September, there is an extended timescale within which spectators, families of competitors, journalists and support staff will need accommodation, and these people are already looking.
If you’re letting a UK holiday home currently then your property might be ideally suited already. Many landlords, however, have found that tenants will be away for the Olympic Games – student properties in particular are likely to be empty. If you’re forecasting an empty property then get letting.
Although we know that demand for accommodation during the Olympics will be enormous and rents will rocket. It’s too early to say what level of rents we are looking at but clearly this will be influenced by factors amongst which are property’s size, location and standard.
Our process is simple, flexible & there is no fee to advertise & rent your property with us and no restrictive contracts to sign.
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If you have a room, flat or house to rent, you simply;
Email to olympics@archingtons.com as comprehensive as possible property details & pictures if available.
Email or Fax acceptance of Archingtons terms & conditions & select what service you would like Archingtons to provide.
Archingtons will list your property on all major property portals and will handle all enquiries on the property.
Archingtons will process all reservations, thereafter service will be according to service package selected.
It goes without saying that any letting of your home must be considered carefully and done properly otherwise the venture could end in tears instead of producing the healthy profit you had hoped for. Please read these helpful guidelines to help avoid the common pitfalls.
Important Dates:
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Guidance
Avoiding problem tenants
As with any letting the key to minimising problems is having the right tenant. If you are letting your home rather than an investment property more care needs to be taken since your home will contain your personal belongings and furniture. There may be practical difficulties in carrying out an extensive vetting of a visitor from abroad but some investigation should be made into their profile and suitability. The nature of the property may be relevant as to the extent of the enquiry want or need to make. If you have an agent they carry out appropriate checks for you. Whilst you can, protect your position by taking a security deposit – see below – this is unlikely to fully compensate you either in monetary terms or emotionally if your home is trashed. Such major problems with foreign and overseas visitors renting property is rare but there is no point in taking unnecessary chances.
Security deposit
It is essential that a security deposit be taken which would be refunded to the tenant at the end of their letting assuming there had been no damage. On standard residential lettings there are special rules which have to be followed to protect a deposit paid by a tenant in a regulated tenancy deposit scheme but these do not apply to holiday lettings. The level of the deposit you can ask for will depend upon the nature and location of the property, the amount of rent and the value of furnishings.
Inventory
An inventory of the contents of the property should be made which should be as detailed as possible even down to the last teacup! This should be agreed and signed by the tenant when they arrive and any damage to any item or décor noted.
How much rent to charge?
The Olympic market is a special one therefore it is difficult to assess the level of rent compared to standard letting. It is too early for the market to have established itself and whilst it is difficult to predict the way things may go there is likely to be some last minute surge in demand and consequent effect on prices. Of course, the rent will also depend on the size, location and desirability of the property. A rough guide may be obtained by checking, for example, the level of rent being sought for properties in Wimbledon during the tennis tournament in 2011. Otherwise speak to agents in the locality and see if you can find out what rent is being asked on similar properties to yours.
How long can I rent my property for?
This is completely up to you, a short let tenancy is normally for a period of one to three months and a holiday let is for a minimum period of one week. Given the costs involved we recommend that you only consider tenancies with a minimum period of two weeks.
Insurance
You should check your buildings insurance policy to see whether temporary lettings are covered. For a standard policy this is probably unlikely. Many people will take a pragmatic approach as they would not wish to become involved in the hassle of changing insurance cover and paying an additional premium (assuming the insurer is willing to provide cover).
Should services be offered?
In this type of short term letting clearly the property must be furnished. You will then have a choice as to whether it is let with any services for example cleaning or replacement of towels etc, more like a hotel, or on the basis that the tenant deals with these matters. Many visitors would like to receive “hotel” type services and offering these may make the letting more attractive but the cost of providing them needs to be factored into the rent as well as the practicalities – e.g. cleaners are likely to be in short supply during the Olympic week.
