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With changes in UK tax policy, smart property investors are shifting to the vacation rental market to avoid the hit of a higher tax bill. The new law taxes long-term rental landlords on revenue, while short-term rentals—categorized as a business—are taxed on profit.

Originally from Australia, Matt Elder relocated to the UK to be closer to his wife’s family. Since the move four years ago, Matt has been a real estate investor focused on long-term rentals. Inspired by changing tax regulations, he recently expanded to the short-term rental market. With one successful vacation rental property under his belt, Matt is in the process of purchasing another with plans to renovate in the new year.

Today Matt shares the details of his Airbnb property, explaining why he chose the location and what short-term rental-specific considerations he made in the renovation process. He discusses why he chose to cater to families as his niche and how a channel manager facilitates his ability to list on multiple platforms. Listen in for Matt’s best advice around remote management and how to work with your competitors so that everybody wins!

Topics Covered

The changing regulations, taxes in the UK

  • Shortage of homes
  • Shift to tax on revenue rather than profit
  • Short-term rental considered business, changes don’t apply

Matt’s Airbnb property

  • Located in southeast (Broadstairs)
  • Refurbished to higher specs
  • Short-term rental considerations (e.g.: USB sockets, tile all bathroom surfaces, etc.)
  • 50 meters from beach, close to shops and train station

Matt’s vacation rental niche

  • Caters mostly to families
  • London bus bunkbeds
  • Toys, books, PlayStation

How Matt handles remote management

  • Key safe lock boxes
  • Channel manager for communication
  • Dropbox with local brochures, appliance manuals
  • Extensive guest guidebook

Airbnb vs. Booking.com

  • Airbnb inquiries ask for more info
  • com guests book instantly
  • More business clients on Booking.com

The benefits of using a channel manager

  • Sync calendars across platforms
  • Automated messaging
  • Respond to messages in one place
  • Staff access for cleaners

How Matt found his cleaners

  • Stayed with competitors as guest
  • Found company that employs moms

Connect with Matt

Ocean Outlook

Email matt@mattelder.com

Resources

Booking.com

TripAdvisor

Connect with Jasper

Email: jasper@getpaidforyourpad.com

Twitter: @GetPaidForUrPad

Instagram: @GetPaidForYourPad 

Facebook: www.facebook.com/getpaidforyourpad

This episode is sponsored by Hostfully.com where you can create a custom digital guidebook for your guests!

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