The Olympic Games are quickly approaching and it will be the summer before we know it, and so, although it may still seem like a while away now, many businesses and firms are preparing for the sheer influx of tourists to London’s streets, and if you are indeed a landlord, or a potential Olympic landlord, then you will no doubt be thinking ahead to the summer’s events too.
Location
Many landlords with properties in central areas of London will already have snapped up tenants for the few weeks that the Olympic Games are in town, however, the majority, as of yet, probably won’t have.
So, now could be the perfect time to begin trying to pull in tenants. It may be worth having a look at the Olympic website if you are wondering whether you are near the locations where events will be talking place. It’s important to remember that Olympic events will not just take place in East London, as there will be some taking place in Weymouth for example, along with other locations dotted around the UK. So it may well be worth looking to see if you are near any particular events which may pull in crowds, and with it, tenants.
Student Landlords
If you are a student landlord in London, then you may find yourself in luck, as it is likely that your property will be vacant during the summer which will leave it available for Olympic tenants.
If this is the case then it will be important to ensure your landlord insurance policy is valid at a time when you wouldn’t normally have tenants in your property.
Pricing
Furthermore, if your property is centrally located, then you will probably be able to charge whatever price you like and it is no secret that accommodation during the Olympics is quite a bit more expensive than normal.
However, if you own property elsewhere, then you will need to be careful with your pricing strategy; accessibility is a key factor, and you would not want to overprice a property that is just too far to justify the cost. Tenants will not want to have to travel for an hour to get to a particular venue or event whilst paying central London prices.
With the Olympics nearly upon us, many landlords will be excited about the prospects that could lie ahead as they will try to maximise revenue and profit.