Mark Homer Live Serviced Accommodation Q&A: Brexit, Regulations & VR Feat Kevin Poneskis

Welcome to another episode of Mark My Words Podcast. In today’s episode, Mark is in conversation with Kevin Poneskis and talking about all things serviced accommodation at a Mastermind programme event. In front of a live audience, Mark takes a series of questions on a range of subjects related to serviced accommodation, from Brexit, personal development and how to scale your property business. Key Takeaways What changes to serviced accommodation (SA) regulations will we see in the future? There have been several recent changes to regulations of the HMO and SA property sector and there is likely to be more. After new innovations occur, we can expect a time lag in the introduction of associated regulations, but by five years’ time, there will be effective implementation of these new regulations. It’s therefore worth ensuring that you are in line with these regulations like fire safety, and room sizes. How will Brexit affect trends with serviced accommodation? No one knows exactly what is going to happen with Brexit but the uncertainty has already affected the market. When there is certainty again, ideally when Britain leaves in March, things should look more positive and there might be a sudden rush to invest. Brexit is important for the property sector, but it’s more important to the manufacturing and direct trading industries. Saturation of the serviced accommodation market? Someone, somewhere, always thinks that the market has become saturated. There might be quieter times in the summer but if your unit is better than the competition then the market takes care of itself. Even simple things like a lick of paint or lowering the rent can be effective methods to fill units in a quieter season. How do I scale up my property business? Focusing on one geographic area can have real positives for growth. With that kind of focus, you’re able to get to know your local agents and landlords better, and your staff don’t have to travel as far between properties. This is much more effective than a more scattergun approach, leaving you to knowing a lot less than your competition. How best to work with high net individuals. Often these individuals don’t want to and don’t have the local knowledge to run these businesses operationally. Doing stage work, improving your online presence, attending networking and auctions can be really effective ways of increasing your profile. Once you’ve done these kind of things over a couple of years high-net-worth individuals tend to find you. Next best thing? VR (Virtual reality) is probably the next growth area especially helping consumers choose which unit to rent. In addition, Blockchain has some interesting applications to automating arduous processes, such as making the land registry process to make it quicker and easier.    Personal Development. Both informal and formal mentoring can be incredibly effective personal development tools. Finding your peer group, other people doing similar things to you, can be a great way to share ideas and learn from each other. Best Moments ‘Brexit is important but maybe more important for manufacturing or people directly trading’ ‘You can save a lot more time and make a lot more money when you focus on one area’ ‘What does your SA look like? How good is it? Whats its location? Matters more than Brexit.’ ‘Take out all those non-incoming generation parts of your day.’ About the Host (and Guest) Bio - Kevin Poneskis Kevin Poneskis enjoys public speaking, travelling, exercising and keeping fit. He also enjoys working with a charity called STOLL which provides accommodation and training for homeless veterans. Kevin was in the British Army serving 24 years, mostly in a Commando unit and retired at the rank of Regimental Sergeant Major. He left the Army in 2011 and became a full-time property investor. During most of my Army career, Kevin was investing in property and has been a property investor now for over 27 years. Bio - Mark Homer Mark Homer is an entrepreneur investor.  He has worked with investment since he was 15 years old using the laws of wealth! He is a spreadsheet analyst with an impressive following from major publications including BBC Radio, The Wall Street Journal, The Independent, as well as co-authoring the UK’s best selling property books.  Mark has always looked for the best investment vehicle, and at the end of 2007 with Rob Moore the co-founder of Progressive Property his joint portfolio produced more profit than any of the other investments he’d tried in the last ten years, combined. Contact Method Facebook – Property soldier Email – [email protected] Email: [email protected]: https://www.linkedin.com/in/markhomer1Facebook: https://www.facebook.com/markprogressiveTwitter: https://twitter.com/markprogressive‘Brought to you by Progressive Media’: https://progressivemedia.uk/