27 Apr 2020
Words
ResortBrokers
Is This The Perfect Time To Upgrade And Renovate?
It’s been a whirlwind past month or so with millions of people's incomes heavily impacted by the pandemic crisis. For our short-term managers this is especially so, with occupancy rates for many complexes dropping into single digits in the space of a few weeks. With this in mind, we thought we’d share some feedback and advice from some of the most experienced accommodation operators in our network who are using this ‘down time’ to their advantage. After all, why not try to improve your business while riding out the next six months with the help of the government stimulus packages. The two key suggestions are 1. Spruce up your property with a cleaning and upgrade program on the units in your letting pool 2. Take it one step further and carry out more major works like pool, spa and sun deck refurbishment, by engaging with the BC committee to dip into your sinking fund.
As we move into traditionally quieter months, the message for your investors is "now is your chance to make the most of this opportunity to improve the overall offering of your unit".
|
By way of example, one of the industry’s most experienced short-term operators – Michael Tozer of Collective Hotel Management – is already well advanced with upgrade work at Tingirana on Hastings Street, Noosa. He is also is in advanced discussion with the committee at On the Beach (also on Hastings St) to commence common area work there. He’s been providing detailed and regular updates, along with photos, to his committee via email. Here’s an example email to his committee, detailing some of the recent work:
Plenty of other works also going on, will keep you posted. |
None of us know when all the restrictions will be lifted. Deputy Chief Medical Officer Paul Kelly has said we may not need to wait the six months that Prime Minister Scott Morrison has spoken about. If the travel bans are lifted early, will you be ready? |